10-08-13 HRA Agenda Packet AGENDA
Regular Meeting
of the
Housing and Redevelopment Authority
Golden Valley City Hall
7800 Golden Valley Road
Council Chamber
October 8, 2013
6:30 pm
Pages
1. Roll Call
2. Approval of Agenda
3. Approval of Minutes - July 9, 2013 2-3
4. Approval of Bills:
Reimbursement of City Expenditures 4
City of Galden Valley �51032,258.74
TOTAL $5,032F258.74
Bill Summarv:
General Fund $742.50
North Wirth
Capital Project Fund 675.00
Golden Hills
Tax Increment Fund 5,020,000.00
Capital Project Fund 10,841.24
TOTAL $5�032,258.74
5. Receipt of September 2013 Financial Reports 5-8
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HOUSING AND REDEVELOPMENT AUTHORITY
July 9, 2013
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 9, 2013 at 6:30 pm, in the City
Council Chambers.
The following members were present: Chair Paula Pentel and Commissianers Joanie
Clausen, Shep Harris, DeDe Scanlon and Steve Schmidgall. Also present were HRA
Director Thomas Burt, Finance Director Sue Virnig and Administrative Assistant Lisa
Wittman.
Approval of Aqenda
MOVED by Harris, seconded by Scanlan and motion carried unanimously to apprave the
agenda as submitted.
Approval of Minutes —April 9, 2013 Reqular Meetinq, Mav 21. 2013 Special Meetinq
and June 4, 2013 Special Meetinq
MOVED by Harris, seconded by Clausen and motion carried unanimously to approve the
April 9, 2013 Regular HRA minutes, May 21, 2013 Special HRA minutes and June 4, 2013
Special HRA minutes as submitted.
Approval of Bills
MOVED by Schmidgall, seconded by Scanlon and motion carried unanimously to approve
the bills as submitted.
Receipt of June 2013 Financial Reports
Sue Virnig, Finance Director, reviewed the Financial Reports and answered questions from
the Commissioners.
MOVED by Clausen, seconded by Scanlon and motion carried unanimously to receive and
file the June 2013 Financial Reports.
Adiournment
MOVED by Harris, secanded by Clausen and motion carried unanimously to adjourn the
meeting at 6:38 pm.
Paula Pentel, Chair
Housing and Redevelopment Authority
July 9, 2013
Page 2
ATTEST:
Lisa Wittman, Administrative Assistant
�'l��� ��' ,���
Housing and Redevelopment Authority
763-593-8002/763-593-8109(fax}
Executive Summary For Action
Golden Valley Hausing and Redevelopment Authority Meeting
October 8, 2013
Agenda Item
4. Reimbursement of City Expenditures
Prepared By
Sue Virnig, Finance Director
Summary
As of September 30, 2013 the following expenditures were paid by the City on various check
registers and need to be reimbursed by the HRA:
City Expenditures: Amount
1000 Wilson Development (Relocation-Mayfair Apts-July)* $624.24
1000 Best & Flanagan (June legal)* 1,21$.60
1000 Best & Flanagan (July legal) 2,35p.90
1000 Best & Flanagan (August legal) 8,065.00
City of Golden Valley (2014 Debt Service Payments) 5,020,000,00
$5,032,258.74
HRA Expenditures:
9000 General Fund $742.50
9160 Golden Hills Tax Increment Fund 5,020,000.00
9250 North Wirth #3* 675.00
9280 Golden Hills Capital Projects* 10,841,24
$5,032,258.74
*Asterisk items are reimbursed by deposits held for developers.
Recommended Action
Motion to approve reimbursing the City of Golden Valley for expenditures of$12,258.74 (check
#4056) and for debt service payment in 2014 for $5,020,000 (check#4057).
C1��1 t��
�-Iousing and Redevelopment.A.uthority
763-593-8002!763-593-81 Q�(fax)
Executive Summary For Action
Golden Valley Housing and Redevelopment Authority Meeting
October 8, 2013
Agenda Item
5. Receipt of September 2013 Financial Reports
Prepared By
Sue Virnig, Finance Director
Summary
Attached is the September 2013 Financiat Reports for Housing and Redevelopment Authority
(HRA) review. Staff will address questians from the HRA before or at the meeting.
Attachments
• HRA General Fund Budget Report (1 page)
• HRA Tax Increment District Projections for Golden Hills Tax Increment Funds (1 page)
• HRA 2013 Capital Project Funds Report (1 page)
Recommended Action
Motion to receive and file the September 2013 HRA Financial Reports.
HRA of Golden Valley
General Fund
September 2013 Budget Report
Percentage Of Year Completed 75%
Over °fo Of
2013 July-Sept YTD (Under) Budget
Revenue Budget Actual Actual Budget Received
Transfer from TIF Funds:
Golden Hills 159,000 0.00 159,QOO.QO 0.00 100.00%
Interest Earnings (3) Q O.OQ 0.00 0.00
Fund Balance 0 0.00 0.00 0.00
Totals $159,000 0.00 159,000.00 0.00 100.00%
Over % Of
2013 July-Sept YTD (Under) Budget
Expenditures Budget Actual Actual Budget Expended
Legal Services (1) $6,000 742.50 2,556.25 (3,443.75) 42.60%
Audit 12,000 0.00 12,000.00 0.00 100.00%
City Overhead (2) 14fJ,OQO 0.00 140,000.00 0.00 10Q.00%
Miscellaneous 1,000 0.00 0.00 (1,OOO.QO) 0.00%
Totals $159,000 742.50 154,556.25 (4,443.75) 97.21%
Notes:
(1) Includes August to date billings from Best & Flanagan.
(2) Transfers were made in July 2013.
(3) Interest will be allocated at year end.
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HRA Of Golden Valley Capital Project Funds
2013 Financial Report 9280 9250
Golden North
Hills Wirth #3
Cash Balance @ 07/01/13 $286,679.31 $0.00
Add:
Receipts:
Interest
Lease revenue
Increment on Depasit 0.00
Less:
Expenditures:
City of Golden Valley (1)
TIF Payment-Bank Mutual 0.00
Cash Balance @ 09/30/13 $286,679.31 $0.00
(1) Breakdown on City Expenditures Memo