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01-14-14 HRA Agenda Packet AGENDA Regular Meeting of the Housing and Redevelopment Authority Golden Vailey City Hall 7800 Golden Valley Road Council Chamber January 14, 2014 6:30 pm Pages 1. Roll Call 2. Election of Officers 2 3. Approval of Agenda 4. Approval of Minutes - Regular Meeting - October 8, 2013, 3-5 and Special Meeting - November 8, 2013 5. Approval of Bills Reimbursement of City Expenditures 6 Bank Mutual $14,075.03 City of Golden Valley 61,681.65 TOTAL $75,756.68 Bill Summarv: General Fund $1,073.30 North Wirth Capital Project Fund 15,050.03 Golden Hills Capital Project Fund 59,633.35 TOTAL $75�756.6$ 6. Receipt of December 2013 Financial Reports 7-10 7. Adoption of 2014 General Fund Budget 14-1 11-12 8. Designation of Depositories 14-2 13-14 9. Adjournment This docum�r�t is�uai(a�t�l�in�lt�rnat�form�ts u��n a 72-�t�ur reques�,P��ase c�EN 7b3-59�-8�}�6 j1�`Y:7f3-593�3�E�8)to;make a r�qu�st. Examples�f alt�r�ate fc�rmat� ` may�nclu�ie large print,'�iectr�nic, Braill�,autliocass�tt�,etc. C'l�� Cl� Housing and Redevelopment Authority 7fa3-593-8002/763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 14, 2014 Agenda Item 2. Election of Officers Prepared By Thomas D. Burt, HRA Director Summary The Housing and Redevelopment Authority (HRA) by-laws provide for the election of two officers to the HRA, Chairperson and Vice Chairperson. The by-laws state these positions are to be elected for a one-year term. Recommended Action Motion to approve a Chairperson and Vice Chairperson for 2014. SPECIAL MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY November 6, 2013 Pursuant to due call and notice thereof, a special 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 November 6, 2013 at 6:01 pm, in the City Councii Chambers. The following members were present: Chair Paula Pentel and Commissioners Joanie Clausen, Shep Harris, DeDe Scanlon and Steve Schmidgall. Also present were HRA Director Thomas Burt, HRA Attorney Allen Barnard, and Administrative Assistant Judy Nally. Golden Hills Redevelopment Area: Global One Golden Vallev, LLC Private Development Aqreement - Site Plan Approval Mark Grimes, Director of Planning and Development introduced the agenda item answered questions from the HRA. Thomas Burt stated that MnDOT is requiring that the HRA indemnify MnDOT from any environmental problems on the site. Jeannine Clancy, Director of Public Works, and Allen Barnard answered questions from the Council. MOVED by Harris, seconded by Scanlon and motion carried unanimously to approve the Three•Nine•Four, Site Plan dated September 3, 2013, as the final site plan for the Global One Golden Valley, LLC Private Development Agreement. Ad1ournment The Chair adjourned the meeting at 6:10 pm. Paula Pentel, Chair ATTEST: Judy Nally, Administrative Assistant Housing and Redevelopment Authority October 8, 2013 Page 2 ATTEST: Judy Nally, Administrative Assistant REGULAR MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY October 8, 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 October 8, 2013 at 6:30 pm. The following members were present: Chair Paula Pentel and Commissioners Joanie Clausen, Shep Harris, DeDe Scanlon and Steve Schmidgall. Also present were HRA Director Thomas Burt, Finance Director Sue Virnig and Administrative Assistant Judy Nally. Approval of Aqenda MOVED by Harris, seconded by Scanlon and motion carried unanimously to approve the agenda as submitted. Approval of Minutes - Reqular Meetinq - Julv 9, 2013 MOVED by Scanlon, seconded by Harris and motion carried unanimously to approve the Regular Housing and Redevelopment Authority minutes of July 9, 2013 as submitted. Auproval of Bills Sue Virnig, Finance Director, reviewed the bills and answered questions from the Commissioners. MOVED by Harris, seconded by Scanlon and motion carried unanimously to approve the bills as submitted. Receipt of September 2013 Financial Reports Sue Virnig, Finance Director, reviewed the Financial Reports and answered questions from the Commissioners. MQVED by Scanlon, seconded by Clausen and motion carried unanimously to receive and file the September 2013 Financial Reports. Adiournment MOVED by Harris, seconded by Clausen and motion carried unanimously to adjourn the meeting at 6:38 pm. Paula Pentel, Chair Gl�� �� Housin and Redevelo ment Authorit $ r Y 763-593-8002 I 763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 14, 2014 Agenda Item 5. Reimbursement of City Expenditures Prepared By Sue Virnig, Finance Director Summary As of December 31, 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 Apartments- Nov)* $154.75 1000 Best & Flanagan (September Legal)* 22,674.20 1000 Best & Flanagan (October Legal)* 25,688.40 1000 Best & Flanagan (November Legal)* 13,164.30 Bank Mutual 14,075,03 $75,756.68 HRA Expenditures: 9000 General Fund $1,073.30 9250 North Wirth #3* 15,050.03 9280 Golden Hills Capital Projects* 59,633.35 --------$75,756.68 *Asterisk items are reimbursed by deposits held for developers. Recommended Action Motion to approve reimbursing the City of Golden Valley $61,681.65 (check#4058) and issuing and Bank Mutual for a note payment for$14,075.03 (check#4059). CZ��t t7� Hausing and Redevelopment Authority 763-593-8002/?63-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 14, 2014 Agenda Item 6. Receipt of December 2013 Financial Reports Prepared By Sue Virnig, Finance Director Summary Attached is the December 2013 Financial Reports for Housing and Redevelopment Authority (HRA) review. Staff will address questions 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 December 2013 HRA Financial Reports. HRA of Golden Valley General Fund December 2013 Budget Report(unaudited) Percentage Of Year Completed 100% Over % Of 2013 Oct-Dec YTD (Under) Budget Revenue Budget Actual Actual Budget Received Transfer from TIF Funds: Golden Hills 159,000 0.00 159,000.00 0.00 100.00% Interest Earnings (3) 0 0.00 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 Oct-Dec YTD (Under) Budget Expenditures Budget Actual Actual Budget Expended Legal Services (1) $6,000 1,073.30 3,629.55 (2,370.45) 60.49% Audit 12,000 0.00 12,000.00 0.00 100.00% City Overhead (2) 140,000 0.00 140,000.00 0.00 100.00% Miscellaneous 1,000 0.00 0.00 (1,000.00) 0.00% Totals $159,000 1,073.30 155,629.55 (3,370.45) 97.88% Notes: (1) Includes November 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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Increment on Deposit 14,075.03 Less: Expenditures: City of Golden Valley (1) TIF Payment-Bank Mutual (14,075.03) Cash Balance @ 12/31/13 $286,679.31 $0.00 (1) Breakdown on City Expenditures Memo ���� �� Housin and Redevelo ment Authorit � r y 763-593-8002/763-593-8109(fax) ���,�� Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 14, 2014 Agenda Item 7. Adoption of 2014 General Fund Budget Prepared By Sue Virnig, Finance Director Summary Attached is the 2014 Hvusing and Redevelopment Authority General Fund Budget. North Wirth fees such as fiscal disparities are taken from the Tax Increment payment (Option B) to the developer. Attachments Resolution Adopting 2014 General Fund Budget (1 page) Recommended Action Motion to adopt Resolution Adopting 2014 General Fund Budget. Resolution 14-1 January 14, 2014 Commissioner introduced the following resolution and moved its adoption: RESOLUTION OF THE HOUSING AND REDEVELOPMENT AUTHQRITY (HRA) ADOPTING THE 2014 GENERAL FUND BUDGET BE IT RESOLVED by the HRA that the appropriations for the General Fund Program for the calendar year 2014 as follows: GENERALFUND Expenditures Proposed Budqet Legal Services $6,000 Audit Services 12,000 Permanent Transfer 140,000 Miscellaneous 1,000 159 000 BE IT FURTHER RESOLVED by the HRA that the sources of financing the sums appropriated shall be: GENERALFUND Revenue Golden Hills - Tax Increment Fund 159,000 1 90 0 Chair ATTEST: Thomas D. Burt, Executive Director The motion for the adoption of the foregoing resolution was seconded by Commissioner upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same whereupon said resolution was declared duly passed and adopted, signed by the Chair and the signature attested by the Executive Director. Cl�� L�� Hausin and Redevelo ment Authorit � r y 763-593-8002/763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 14, 2014 Agenda Item $. Designation of Depositories Prepared By Sue Virnig, Finance Director Summary State Law requires cities to have depositories for Housing and Redevelopment Authority funds approved annually. The attached resolution states the depositories, accounts, and signature requirements for each account. Attachments Resolution Designating Depositories for HRA Funds (1 pagej Recommended Action Motion to adopt Resolution Designating Depositories for HRA Funds. Resolution 14-2 January 14, 2014 Commissioner introduced the following and moved its adoption: RESOLUTION DESIGNATING DEPOSITORIES FOR HRA FUNDS BE IT RESOLVED by the Housing and Redevelopment Authority (HRA) of Golden Valley that the following are named as depositories for HRA funds, subject to the furnishing of collateral for funds on deposit as provided in the Laws of the State of Minnesota: BNC National Bank Central Bank Piper Jaffray Companies RBC-Dain Rauscher US Bank Wells Fargo 4M Fund BE IT FURTHER RESOLVED that the tollowing signatories or alternates are authorized to be signatories on checks drawn on funds deposited to the general checking account: the HRA Chair ar Vice Chair and the HRA Director or Assistant Director; and that each check shall require two signatures. BE IT FURTHER RESOLVED that the following shall be authorized to make investments of HRA funds and shall be authorized to deposit the principal of said investments in the above named depositories as necessary and beneficial to the City: HRA Director, City Treasurer, City's Accounting Coordinator. The HRA Director and City Clerk are authorized and directed to furnish each of the depositories with certified copies of this resolution along with such signature documentation as is required by the depository and the authorizations set forth under 1 and 2 above. Chair ATTEST: Thomas D. Burt, Executive Director The motion for the adoption of the foregoing resolution was seconded by Commissioner upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same whereupon said resolution was declared duly passed and adopted, signed by the Chair and the signature attested by the Executive Director.