07-08-14 HRA Agenda Packet AGENDA
Regular Meeting
of the
Housing and Redevelopment Authority
Golden Valley City Hall
7800 Golden Valley Road
Council Chamber
July 8, 2014
6:30 pm
Pages
1. Roll Call
2. Approval of Agenda
3. Approval of Minutes - April 4, 2014 2-3
4. Approval of Bills:
Reimbursement of City Expenditures 4
City of Golden Valley $168,358.75
Bank Mutual 11,417.79
TOTAL $179,776.54
Bill Summary:
General Fund $1,024.60
North Wirth
Capital Project Fund 11,417.79
Golden Hills
Tax Increment Fund 152,000.00
Capital Project Fund 15,334.15
TOTAL $179,776.54
5. Receipt of June 2014 Financial Reports 5-8
6. Adjournment
REGULAR MEETING OF THE
HOUSING AND REDEVELOPMENT AUTHORITY
April 8, 2014
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 April 8, 2014 at 6:30 pm.
The following members were present: Commissioners Joanie Clausen, Larry Fonnest,
Shep Harris, Steve Schmidgall and Andy Snope. Also present were HRA Director Thomas
Burt and Administrative Assistant Judy Nally.
Approval of Aqenda
MOVED by Harris, seconded by Snope and motion carried unanimously to approve the
agenda as submitted.
Approval of Minutes - January 14, 2014
MOVED by Harris, seconded by Snope and motion carried unanimously to approve the
Housing and Redevelopment Authority minutes of January 14, 2014 as submitted.
Approval of Bills
MOVED by Snope, seconded by Clausen and motion carried unanimously to approve the
bills as submitted.
Receipt of March 2014 Financial Reports
MOVED by Harris, seconded by Snope and motion carried unanimously to receive and file
the March 2014 Financial Reports.
Decertification of Golden Hills Tax Increment District
Sue Virnig, Finance Director, reviewed the agenda item and answered questions from the
Commissioners.
MOVED by Clausen, seconded by Fonnest and motion carried unanimously to request the
City Council to consider a resolution to discontinue collection of tax increment from the
parcels located in the Golden Hills Tax Increment Financing District.
Tax Increment Financinq Policy and Application Form - Rescinding Resolution 06-03,
Resolution Revisinq the Tax Increment Financinq Policv and Adoptinq a Tax
Increment Financinq Policv and Application Form
Jason Zimmerman, City Planner, reviewed the agenda item and answered questions from
the Commissioners. Thomas Burt, and Sue Virnig, Finance Director, answered questions
from the Council.
Housing and Redevelopment Authority
April 8, 2014
Page 2
Tax Increment Financinq Policv and Application Form - Rescindinq Resolution 06-03,
Resolution Revisinq the Tax Increment Financinq Policv and Adoptinq a Tax
Increment Financinq Policv and Application Form - Continued
Commissioner Harris introduced the following resolution and moved its adoption:
RESOLUTION 14-3
RESOLUTION RESCINDING RESOLUTION 06-03
RESOLUTION REVISING THE TAX INCREMENT FINANCING POLICY
The motion for the adoption of the foregoing resolution was seconded by Commissioner
Clausen and upon a vote being taken thereon, the following voted in favor thereof:
Clausen, Fonnest, Harris, Schmidgall and Snope and the following voted against the same:
none, whereupon said resolution was declared duly passed and adopted, signed by the
Chair and his signature attested by the Director.
Commissioner Harris introduced the following resolution and moved its adoption:
RESOLUTION 14-4
RESOLUTION ADOPTING A TAX INCREMENT FINANCING POLICY
AND APPLICATION FORM
The motion for the adoption of the foregoing resolution was seconded by Commissioner
Snope and upon a vote being taken thereon, the following voted in favor thereof: Clausen,
Fonnest, Harris, Schmidgall and Snope and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted, signed by the Chair
and his signature attested by the Director.
Ad�ournment
MOVED by Harris, seconded by Clausen and motion carried unanimously to adjourn the
meeting at 6:55 pm.
Steve Schmidgall, Chair
ATTEST:
Judy Nally, Administrative Assistant
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753-593-8002/763-593-8109(fax)
Executive Summary For Action
Golden Valley Housing and Redevelopment Authority Meeting
July 8, 2014
Agenda Item
4. Reimbursement of City Expenditures
Prepared By
Sue Virnig, Finance Director
Summary
As of lune 30, 2014 the following expenditures were paid by the City on various check registers
and need to be reimbursed by the HRA:
City Expenditures: Amount
1000 Best & Flanagan (March legal) $6,322.40
1000 Best & Flanagan (April legal) 9,439.70
1000 Best & Flanagan (May legal) 449.90
1000 Wilson Development (Globus relocation) 146.75
1000 City of Golden Valley 152,000.00
1000 Bank Mutual 11,417.79
$179,776.54
HRA Expenditures:
9000 General Fund $1,024.60
9160 Golden Hills Tax Increment Fund 152,000.00
9250 North Wirth #3 11,417.79
9280 Golden Hills Capital Projects 15,334.15
$179,776.54
Recommended Action
Motion to approve reimbursing the City of Golden Valley for expenditures of$168,358.75 (check
#4061) and Bank Mutual $11,417.79 (check#4062).
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763 593-8002/763-593-81 Q9(fax)
Executive Summary For Action
Golden Valley Housing and Redevelopment Authority Meeting
July 8, 2014
Agenda Item
5. Receipt of June 2014 Financial Reports
Prepared By
Sue Virnig, Finance Director
Summary
Attached is the June 2014 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 Capital Project Funds Report (1 page)
Recommended Action
Motion to receive and file the June 2014 HRA Financial Reports.
HRA of Golden Valley
General Fund
June 2014 Budget Report (unaudited)
Percentage Of Year Completed 50%
Over % Of
2014 Apr-June YTD (Under) Budget
Revenue Budget Actual Actual Budget Received
Transfer from TIF Funds:
Golden Hills 159,000 159,000.00 159,000.00 0.00 100.00%
Interest Earnings (3) 0 0.00 0.00 0.00
Fund Balance 0 0.00 0.00 0.00
Totals $159,000 159,000.00 159,000.00 0.00 100.00%
Over % Of
2014 Apr-June YTD (Under) Budget
Expenditures Budget Actual Actual Budget Expended
Legal Services (1) $6,000 1,024.60 2,100.65 (3,899.35) 35.01%
Audit 12,000 12,000.00 12,000.00 0.00 100.00%
City Overhead (2) 140,000 140,000.00 140,000.00 0.00 100.00%
Miscellaneous 1,000 0.00 0.00 (1,000.00) 0.00%
Totals $159,000 153,024.60 154,100.65 (4,899.35) 96.92%
Notes:
(1) Includes February to date billings from Best & Flanagan.
(2) Transfers will be made in July 2014.
(3) Interest will be allocated at year end.
City of Golden Vallev - HRA - Tax Increment District Proiections
Golden Hills Tax Increment Fund:
(Includes Tax Increment Fund and Debt Service)
2014 2015
Projected Cash Bal. @1/1 $12,531,540 $12,673,138
Revenue:
Estimated Tax Increment 5,177,882
Interest Earnings (.05% of Beg. Bal.) 50,126
Total Revenues: 5,228,008 0
Expenditures:
Transfer to HRA General Fund (159,000)
Debt Service:
2005 B Taxable Tax Incr. Refunding Bonds (4.69%) (not callable) (1,805,152) (1,730,649)
2005 A Tax Increment Refunding Bonds (3.50%) (not callable) (563,933) (550,348)
2006 A Taxable Tax Incr. Refunding Bonds (5.12%) (not callable) _ (2,558,325) (3,024,263)
Total Expenditures: (5,086,410) (5,305,260)
Projected Cash Bal. @ 12/31 $12,673,138 $7,367,878
Bond Principal & Interest Outstanding @ 12/31 $5,052,628 $0
HRA Of Golden Valley Capital Project Funds
2014 Financial Report 9280 9250
Golden North
Hills Wirth #3
Cash Balance @04/01/14 $286,767.41 ($578.95)
Add:
Receipts:
Interest
Lease revenue
Increment on Deposit 11,996.74
Less:
Expenditures:
City of Golden Valley (1)
TIF Payment-Bank Mutual (11,417.79) (2)
Cash Balance @ 06/30/14 $286,767.41 $0.00
(1) Breakdown on City Expenditures Memo
(2) Hennepin County billed fees after the TIF was sent to Bank Mutual.
The August payment was be lowered to make up the difference.