The URL can be used to link to this page

01-13-15 HRA Agenda Packet AGENDA Regular Meeting of the Housing and Redevelopment Authority Golden Valley City Hall 7800 Golden Valley Road Council Chamber January 13, 2015 6:30 pm Pages 1. Roll Call 2. Election of Qfficers 2 3. Approval of Agenda 4. Approval of Minutes - Regular Meeting - October 14, 2014, and Special Meeting - November 12, 2014 5. Approval of Bills: 3-6 Reimbursement of City Expenditures 7 Bank Mutual $9,858.21 City of Golden Valley 30,597.32 TOTAL $40,455.53 Bill Summarv: General Fund $1,148.30 - North Wirth Capital Project Fund 9,858.21 Golden Hills Capital Project Fund 18,746.14 Highway 55 West 10,702.88 TOTAL $40,455.53 6. Receipt af December 2014 Financial Reports 8-11 7. Adoption of 2015 General Fund Budget 15-1 12-13 8. Designation of Depositories 15-2 14-15 9. Adjournment t;l�� tl� " ` �F �yp Housin and Redevelo ment Authorit � � Y 763-593-8002/763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 13, 2015 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 2015. REGULAR MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY October 14, 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 October 14, 2014 at 6:30 pm. The following members were present: Chair Steve Schmidgall, Commissioners Joanie Clausen, Larry Fonnest, and Shep Harris; and the following was absent: Andy Snope. Also present were Assistant City Manager Chantell Knauss; Attorney David Schelzel; and Administrative Assistant Judy Nally. Approval of Aqenda MOVED by Harris, seconded by Fonnest and motion carried unanimously to approve the agenda as submitted. Approval of Minutes - April 8, 2014 MOVED by Harris, seconded by Clausen and motion carried unanimously to approve the Housing and Redevelopment Authority minutes of April 8, 2014 as submitted. Approval of Bills Sue Virnig, Finance Director, anserwd questions regarding the Financial Reports. MOVED by Harris, seconded by Clausen and motion carried unanimously to approve the bills as submitted. Receipt of September 2014 Financial Reports MOVED by Fannest, seconded by Clausen and motion carried unanimously to receive and file the September 2014 Financial Reports. Hiqhwav 55 West Tax Increment Financinq District No. 1 (Renewal and Renovation) Resolution Expressinq Intent to Modifv the Tax Increment Financinq Plan for Highwav 55 West Tax Increment Financinq District No. 1 (Renewal and Renovation) in Order to Prepare for the Golden Villa Development Proposal and Set Special HRA Meetinq and Call for Public Hearinq - Modifv the Tax Increment Financinq Plan - ^ 11/18/14 Jason Zimmerman, City Planner, introduced the agenda item and answered questions from the Commissioners. Housing and Redevelopment Authority October 14, 2014 Page 2 , Commissioner Fonnest introduced the following resolution and moved its adoption: RESOLUTION 14-5 RESOLUTION EXPRESSING INTENT TO MODIFY THE TAX INCREMENT FINANCING PLAN FOR HIGHWAY 55 WEST TAX INCREMENT FINANCING DISTRICT NO. 1 (RENEWAL AND RENOVATION) IN ORDER TO PREPARE FOR THE GOLDEN VILLA DEVELOPMENT PROPOSAL The motion for the adoption of the foregoing resolution was seconded by Commissioner Harris and upon a vote being taken thereon, the following voted in favor thereof: Glausen, Fonnest, Harris, and Schmidgall; and the following was absent: 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. MOVED by Harris, secanded by Fonnest approve a Call for Public Hearing at a Special HRA meeting on November 12, 2014 at 6 pm, to Modify the Tax Increment Financing Plan for Highway 55 West Tax Increment Financing District No. 1 (Renewal and Renovation). Adiournment MOVED by Harris, seconded by Fonnest and motion carried unanimously to adjourn the meeting at 6:42 pm. Steve Schmidgall, Chair ATTEST: Judy Nally, Administrative Assistant SPECIAL MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY November 12, 2014 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 12, 2014 at 6 pm. The following members were present: Chair Steve Schmidgall, Commissioners Joanie Clausen, Larry Fonnest, Shep Harris and Andy Snope. Also present were HRA Director Thomas Burt, HRA Attorney Allen Barnard and Administrative Assistant Judy Nally. Public Hearinq - Modification No. 2 to the Tax Increment Financinq Plan for Tax Increment Financinq (Renewal and Renovation) District Within Hiqhwav 55 West Redevelopment Proiect Area (Hiqhwav 55 TIF Renewal and Redevelopment Proiect) - Resolution Approvinq Modification No. 2 to the Tax Increment Financinq Plan for Tax Increment Financinq (Renewal and Renovation) District No. 1 Planning Manager Jason Zimmerman introduced the agenda item and answered questions from the Commissioners. Finance Director Susan Virnig and HRA Director Thomas Burt answered questions from the HRA. The Chair opened the meeting for public input and persons present to do so were afforded the opportunity to express their views thereon. Hearing and seeing no one, the Chair closed the public hearing. Commissioner Harris introduced the following resolution and moved its adoption: RESOLUTION 14-6 RESOLUTION APPROVING MODIFICATION NO. 2 TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING (RENEWAL AND RENOVATION) DISTRICT NO. 1 The motion for the adoption of the foregoing resolution was seconded by Commissioner Fonnest and upon a vote being taken thereon, the following voted in favor thereof: Fonnest, Harris, Schmidgall and Snope; and the following voted against the same: Clausen, whereupon said resolution was declared duly passed and adopted, signed by the Chair and his signature attested by the Director. Other Business Commissioner Snope stated that a number of homes near the Bottineau Transitway have been up for sale and he asked about the possibility of the HRA purchasing properties in the area. Thomas Burt stated if the HRA/City Council were interested that would have to be discussed during the budget process in 2015 for 2016. Housing and Redevelopment Authority November 12, 2014 Page 2 Adiournment MOVED by Harris, seconded by Snope and motion carried unanimously to adjourn the meeting at 6:19 pm. Steve Schmidgall, Chair ATTEST: Judy Nally, Administrative Assistant �"t�� N �"��.��, �� , � . - � , , , Housin and Redevelo ment Authorit � � y 763-593-8002/763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 13, 2015 Agenda Item 5. Reimbursement of City Expenditures Prepared By Sue Virnig, Finance Director Summary As of December 31, 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 Bachman Printing* $465.60 1Q00 Springsted* 2,090.68 1000 Best & Flanagan (September Legal)* 8,039.60 1000 Best & Flanagan (October Legal)* 18,368.50 1000 Best & Flanagan (November Legal)* 1,632.94 Bank Mutual 9,858.21 $40,455.53 HRA Expenditures: 9000 General Fund $1,148.30 9250 North Wirth #3* 9,858.21 9280 Golden Hills Capital Projects* 18,746.14 9300 Hwy 55 West* 10,702.88 ------------------------------ $40,455.53 *Asterisk items are reimbursed by deposits held for developers. Recommended Action Motion to approve reimbursing the City of Golden Valley $30,597.32 (check#4064) and issuing and Bank Mutual for a note payment for$9,858.21 (check#4065). C;l��r t?� � � �� . � �-�� 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 13, 2015 Agenda Item 6. Receipt of December 2014 Financial Reports Prepared By Sue Virnig, Finance Director Summary Attached is the December 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 2014 Capital Project Funds Report (1 page) Recommended Action Motion to receive and file the December 2014 HRA Financial Reports. HRA of Golden Valley General Fund December 2014 Budget Report (unaudited) Percentage Of Year Completed 100% Over % Of 2014 Oct-Dec YTD (Under) Budget Revenue Budget Actual Actual Budget Received Transfer from TIF Funds: Goiden 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 2014 Oct-Dec YTD (Under) Budget Expenditures Budget Actual Actual Budget Expended Legal Services (1) $6,000 1,148.30 3,461.45 (2,538.55) 57.69% 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 1,148.30 155,461.45 (3,538.55) 97.77% Notes: (1) Includes November to date biilings from Best & Flanagan. (2) Transfers were made in July 2014. (3) Interest will be allocated at year end. Citv of Goiden Vailev - HRA - Tax Increment District Proiec#ions Goiden Hiils Tax Increment Fund: (Includes Tax Increment Fund and Debt Service) 2014 2015 Projected Cash Bal. @1/1 $12,531,540 $12,654,486 Revenue: Estimated Tax Increment 5,159,229 Interest Earnings (.05% of Beg. Bal.) 50,126 Total Revenues: 5,209,356 0 Expenditures: Transfer to HRA Generai 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 $12,654,486 $7,349,226 Bond Principal & Interest Outstanding @ 12/31 $5,052,628 $0 HRA Of Golden Valley Capital Project Funds 2014 Financial Report 9280 9250 Go�den North Hilis Wirth #3 Cash Balance @10/01/14 $286,767.41 $0.00 Add: Receipts: Interest Lease revenue Increment on Deposit 9,858.21 Less: Expenditures: City of Golden Valley (1) TIF Payment-Bank Mutual (9,858.21) Cash Balance @ 12/31/14 $286,767.41 $0.00 (1) Breakdown on City Expenditures Memo Gl�� C� '� r Housing and Redevelopment Authority 763-593-8002/763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 13, 2015 Agenda Item 7. Adoption of 2015 General Fund Budget Prepared By Sue Virnig, Finance Director Summary Attached is the 2015 Housing and Redevelopment Authority General Fund Budget. Attachments • Resolution Adopting 2015 General Fund Budget (1 page) Recommended Action Motion to adopt Resolution Adopting 2015 General Fund Budget. Resolution 15-1 January 13, 2015 Commissioner introduced the following resolution and moved its adoption: RESOLUTION OF THE HOUSING AND REDEVELOPMENT AUTHORITY (HRA) ADOPTING THE 2015 GENERAL FUND BUDGET BE IT RESOLVED by the HRA that the appropriations for the General Fund Program for the calendar year 2015 as follows: GENERALFUND Expenditures Proposed Budget Legal Services $6,000 Audit Services 12,000 Miscellaneous 1,000 19 000 BE IT FURTHER RESOLVED by the HRA that the sources of financing the sums appropriated shall be: GENERALFUND Revenue Fund Balance 19,000 19 000 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. C'-1�� t�� r n�" � � �..: ' , �.. �: �. � � Housin,g and Redevelopment Authority 763-593-8002/763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 13, 2015 Agenda Item 8. 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 page) Recommended Action Motion to adopt Resolution Designating Depositories for HRA Funds. Resolution 15-2 January 13, 2015 Commissioner introduced the following and moved its adoption: RES�LUTION 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 following signataries or alternates are authorized to be signatories on checks drawn on funds deposited to the general checking account: the HRA Chair or 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.