10-13-09 HRA Agenda
AGENDA
GOLDEN VALLEY HOUSING AND REDEVELOPMENT AUTHORITY
REGULAR MEETING
October 13,2009 - 6:30 PM
Golden Valley City Hall
7800 Golden Valley Road
Council Chambers
PaQes
1 . Roll Call
2. Approval of Minutes - April 14, 2009 HRA Meeting
3. Approval of Bills:
City of Golden Valley (4031)
City of GoldenValley> (4032)
TOTAL
1 0-11
69-70
$1,875.95
4,437,000.00
$4,438,875.95
Bill Summary:
General Fund - 2009
818.75
Valley Square -
Capital Project Fund (transfer)
Tax Increment Fund
-428,000.00
2,000,000.00
Golden Hills -
Capital Project Fund - Central Area
Tax Increment Fund
1.95
2,865,000.00
North Wirth -
Capital Project Fund - District #3
1,055.25
TOTAL
$4,438,875.95
4. Receive and File September Financial Reports
71-73
5 Other Business
6 Adjournment
REGULAR MEETING
OF THE
HOUSING AND REDEVELOPMENT AUTHORITY
July 14, 2009
Pursuant to due call and notice thereof, a regular meeting of the Housing and
Redevelopment Authority of the City of Golden Valley, Hennepin County, Minnesota, was
held at 7800 Golden Valley Road in said City on July 14, 2009 at 6:30 pm,. the City
Council Chambers.
Approval of Bills
'ui-,r"b
the minutes of
The following members were present: Chair Paula Pentel and Commissio
Freiberg, Linda Loomis, De De Scanlon and Robert Shaffer. Also present
Director Thomas Burt, HRA, Assistant HRA Director Jeanne Andre
Assistant Christine Columbus.
Approval of the Minutes
MOVED by Freiberg, seconded by Loomis, and motio
the April 14, 2009 HRA meeting.
-\
',...,,,.-.,.,,-.,
MOVED by Loomis, seconded by Freiber~~)~'ElJi9.n carried unanimously to approve the
bills as submitted, reimbursing City exp / itures;forth~ HRA.
MOVED by Loomis seconded
Financial Reports.
. n carried to receive and file the June
recuse from this issue because of a conflict of interest.
) re a dressed the Authority with the history of the private agreement
Properties, LLC in 2006 and explained why the staff did not feel
alize GVEC Properties, LLC for failing to meet the provisions stated in
t due to the current market conditions.
The new agreement would modify the schedule for completion of Phase II, waive the
existing Event of Default and amend the Tax Increment Note with respect to the payment
of interest.
Commissioner Scanlon asked if GVEC Properties, LLC was in favor of the agreement and
if precedent had previously been set with any other corporations defaulting on agreements.
Assistant Director Andre stated that GVEC Properties, LLC was willing to agree to the
terms of the new agreement. City Attorney Barnard stated that in the past there were no
Regular Meeting of the Housing and Redevelopment Authority
July 14, 2009
Page 2
pay as you go agreements where the situation was exactly the same and corporations
defaulted.
Commissioner Loomis stated that she felt the agreement was a good solution and thanked
staff for working with GVEC Properties, LLC to amend the private development agreement.
MOVED by Loomis, seconded by Pentel and and motion carried to approv~!:First
Amendment to GVEC Properties, LLC Private Development Agreement and' mmissioner
Shaffer abstained from voting.
Christine Columbus, Administr
3j:,"<
Other Business
There was no other business at this time.
Adiournment
The meeting was adjourned at 6:42 pm.
ATTEST:
Jeanne Andre, A
Memorandum
Housing & Redevelopment
Authority
763-593-8002/763-593-8109 (fax)
7800 Golden Valley Rd. Golden Valley, MN 55427
763-593-8014
Date: October 13, 2009
To: Housing and Redevelopment Authority Commissioners
From: Sue Virnig, Finance Director
Through: Thomas D. Burt, Director
Subject: Reimbursement of City Expenditures for the HRA
As of September 30, 2009 the following expenditure amounts were owing to the City by the
HRA:
City Expenditures:
1000 Best & Flanagan (June legal)1
1000 Best & Flanagan (July legal)
1000 Best & Flanagan (August legal)
1000 Hoffman Bros (Vet clinic parking lot-D'Amico)
1000 Best & Flanagan (NW #3 Agreement)*
City of Golden Valley (Bonded Debt Payment) (Dee)
Amount
225.00
370.00
223.75
1.95
1055.25
4,437,000.00
$4,438,875.95
HRA Expenditures:
9000 General Fund
9120 Valley Square Tax Increment Fund
9160 Golden Hills Tax Increment Fund
9220 Valley Square Capital Projects (transfer)
9250 North Wirth Capital Projects
9280 Golden Hills Capital Projects
818.75
2,000,000.00
2,865,000.00
-428,000.00
1,055.25
1.95
$4,438,875.95
This reimbursement should be approved by the HRA as part of the normal bill paying
process. Those noted with an asterisk are coming from deposit accounts paid by the
Developer.
98475
98843
98996
98563
98129
4032
HRA of Golden Valley
General Fund
September 2009 Budget Report
Percentage Of Year Completed 25%
Over %Of
2009 July-Sept YTD (Under) Budget
Revenue Budget Actual Actual Budget Received
Transfer from TIF Funds:
Valley Square (3) $10,000 10,000.00 10,000.00 0.00 100.00%
Golden Hills (3) 159,000 159,000.00 159,000.00 0.00 100.00%
Interest Earnings (2) 0 0.00 233.92 233.92
Fund Balance 0 0.00 0.00 0.00
Totals $169,000 169,000.00 169,233.92 233.92 100.14%
Over %Of
2009 July-Sept YTD (Under) Budget
Expenditures Budget Actual Actual Budget Expended
Legal Services (1) $6,000 818.75 2,746.25 (3,253.75) 45.77%
Audit 12,000 0.00 12,000.00 0.00 100.00%
City Overhead (3) 150,000 0.00 150,000.00 0.00 100.00%
Miscellaneous 1,000 0.00 0.00 (1,000.00) 0.00%
Totals $169,000 818.75 164,746.25 (4,253.75) 97.48%
Notes:
(1) Includes August to date billings from Best & Flanagan.
(2) Interest is through 03/09.
(3) Transfers were made in June 2009.
City of Golden Valley - HRA - Tax Increment District Proiections
Vallev Sauare Tax Increment Fund:
2009 2010
Projected Cash Balance @ 1/1
$398,487 $1,566,472
Plus:
Area B Increment
Interest Earnings @ 2% of Beg. Ba!.
Valley Square Capital Projects Fund transfer
750,000
3,985
428,000
Less:
Transfer to HRA General Fund
(14,000)
Debt Service:
2003 Tax Increment Bonds (3.47%)
2003 Taxable Tax Increment Bonds (4.49%)
(1,091,800)
(466,875)
Projected Cash Bal. @ 12/31
$1,566,472
$7,797
Bond Principal & Interest Outstanding @ 12/31
$1.558,675
$0
The 2009 Bond Payments was transferred to the City in December. 2009.
City of Golden Vallev - HRA - Tax Increment District Proiections
Golden Hills Tax Increment Fund:
(Includes Tax Increment Fund and Debt Service)
2009 2010 2011 2012 2013 2014 2015
Projected Cash Bal. @1/1 $4,368,985 $5,227,182 $6,108,549 $7,084,866 $9,236,357 $10,420,771 $9,695,811
Plus:
Estimated Tax Increment 3,906,540 3,906,540 3,906,540 3,945,605 3,985,061 4,024,912
Interest Eamings (1% of Beg. Bal.) 43,690 52,272 122,171 141,697 184,727 208,415
Less:
Transfer to HRA General Fund (159,000) (159,000) (159,000) (159,000) (159,000) (159,000)
Debt Service:
1999 C Tax Incr. Bonds (5.09%) (Callable 02101/08) (870,320) (869,470) (866,970)
2004 A Tax Incr. Refunding Bonds (2.27%) (225,125) (226,562) (231,187)
2005 B Taxable Tax Incr. Refunding Bonds (4.69%) (417,442) (411,841) (412,766) (407,991) (402,710) (1,759,910) (1,686,475)
2005 A Tax Increment Refunding Bonds (3.50%) (109,071) (116,071) (123,971) (126,571) (128,915) (546,877) (533,282)
2006 A Taxable Tax Incr. Refunding Bonds (5.12%) (1,311,075) (1,294,500) (1,258,500) (1,242,250) (2,294,750) (2,492,500) (2,950,500)
Projected Cash Ba\. @ 12131 $5,227,182 $6,108,549 $7,084,866 $9,236,357 $10,420,771 $9,695,811 $4,525,554
Bond Principal & Interest Outstanding @ 12131 $20,062,785 $17,165,545 $14,293,355 $12,535,035 $9,755,255 $5,065,439 $0
HRA Of Golden Valley Capital Project Funds
2009 Financial Report 9280 9220 9250
Golden Valley North
Hills Sauare Wirth #3
Cash Balance @ 07/01/09 $286,795.58 $770,072.74 $358.26
Add:
Receipts:
Interest
Deposit from Developer 1,000.00
Less:
Expenditures:
City of Golden Valley (1) (1.95) (1,055.25)
Transfer to TIF (428,000.00)
Cash Balance @ 09/30/09 $286,793.63 $342,072.74 $303.01
(1) Breakdown on City Expenditures Memo