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01-10-17 HRA Agenda Packet AGENDA Regular Meeting of the Housing and Redevelopment Authority Golden Valley City Hall 7800 Golden Valley Road Council Chamber January 10, 2017 6:30 pm Paqes 1. Roll Call 2. Election of Officers 2 3. Approval of Agenda 4. Approval of Minutes - Regular Meeting - October 13, 2016 3-4 5. Approval of Bills: Reimbursement of City Expenditures 5 Bank Mutual $7,393.02 City of Golden Valley 1,431.30 TOTAL 8 824.32 Bill Summarv: General Fund $318.60 North Wirth Capital Project Fund 7,976.31 Golden Hills Capital Project Fund Winnetka/Medicine Lake Road Capital Projects Fund Highway 55 West 529.41 TOTAL 8 824.32 6. Receipt of December 2016 Financial Reports g_g 7. Adoption of 2017 General Fund Budget 17-1 9-10 8. Designation of Depositories 17-2 11-12 9. Adjournment city of ,, �1��1 E 1� � n� � �t�. �� Housing and Redevelopment Authority 763-593-8002/763-593-8109(fax) � .� , n<�;� �. :�,.. .. .. �: s <., . � .�. �. a. ti_ � Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 10, 2017 Agenda Item 2. Election of Officers Prepared By Timothy J. Cruikshank, 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. Listed below is the history of HRA Chair and Vice Chair appointments: 2012- Chair Pentel, Vice Chair Scanlon 2013 - Chair Pentel, Vice Chair Scanlon 2014- Chair Schmidgall, Vice Chair Snope 2015 - Chair Schmidgall, Vice Chair Fonnest 2016- Chair Schmidgall, Vice Chair Clausen Recommended Action Motion to approve a Chairperson and Vice Chairperson for 2017. REGULAR MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY October 13, 2016 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 13, 2016 at 6:30 pm. The following members were present: Commissioners Joanie Clausen, Larry Fonnest, Shep Harris and Steve Schmidgall; and the following was absent: Andy Snope. Also present were HRA Director Timothy Cruikshank and Administrative Assistant Judy Nally. Approval of Aqenda MOVED by Clausen, seconded by Fonnest and motion carried unanimously to approve the agenda as submitted. Approval of Minutes - Reqular Meetinp - Julv 12, 2016 and Special Meetinq Seatember 6, 2016 MOVED by Harris, seconded by Clausen and motion carried unanimously to approve the Housing and Redevelopment Authority minutes of the regular meeting of July 12, 2016 and the special meeting of September 6, 2016 as submitted. Approval of Bills MOVED by Clausen, seconded by Harris and motion carried unanimously to approve the bills as submitted. Receipt of September 2016 Financial Reports MOVED by Clausen, seconded by Harris and motion carried unanimously to receive and file the September 2016 Financial Reports. Winnetka and Medicine Lake Road Proiect Area - Resolution Relatinq to the Libertv Crossin� Proiect of the Citv and Approvina the InterFund Loan Timothy Cruikshank reviewed the agenda item and answered questions from the Commissioners. Commissioner Harris introduced the following resolution and moved its adoption: RESOLUTION 16-6 RESOLUTION RELATINGTOTHE LIBERTY CROSSING WINNETKA-MEDICINE LAKE TAX INCREMENT PROJECT OF THE CITY AND APPROVING THE INTERFUND LOAN THEREFOR Regular Meeting of the Housing and Redevelopment Authority October 13, 2016 Page 2 Winnetka and Medicine Lake Road Proiect Area - Resolution Relatina to the Libertv Crossinq Proiect of the Citv and Approvina the Interfund Loan - Continued 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: Clausen, 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. Adiournment MOVED by Harris, seconded by Fonnest and motion carried unanimously to adjourn the meeting at 6:33 pm. Steven T Schmidgall, Chair ATTEST: Judy Nally, Administrative Assistant city of ,;�� o�d�� t� � � 1 � � +t�. �,'� Housing and Redevelopment Authority 763-593-80021763-593-8109(fax) � ,, .�>x. 4. � . ��, � r�. y��=x, � ti � F:,_..� �� :�H, Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 10, 2017 Agenda Item 5. Reimbursement of City Expenditures Prepared By Sue Virnig, Finance Director Summary As of December 31, 2016 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 (September Legal)* $318.60 1000 Hennepin County (2016 TIF Fees)* 1,112.70 Bank Mutual 7,393.02 $8,824.32 HRA Expenditures: 9000 General Fund $318.60 9250 North Wirth #3* 7,976.31 9280 Golden Hills Capital Projects* 9300 Hwy 55 West* 529.41 9400 Winnetka-Medicine Lake * $8,824.32 *Asterisk items are reimbursed by deposits held for developers. Recommended Action Motion to approve reimbursing the City of Golden Valley$1,431.30 (check#4080) and issuing and Bank Mutual for a note payment for$7,393.02 (check#4081). city a,f y� o►l��e� E � �t�. �.'�T Housing and Redevelopment Authority 763-593-80Q2!763-593-8109(fax) zA�� .. �, w, a, Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 10, 2017 Agenda Item 6. Receipt of December 2016 Financial Reports Prepared By Sue Virnig, Finance Director Summary Attached is the December 2016 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 2016 Capital Project Funds Report (1 page) Recommended Action Motion to receive and file the December 2016 HRA Financial Reports. HRA of Golden Valley General Fund December 2016 Budget Report (unaudited) Percentage Of Year Completed 75% Over % Of 2016 Oct-Dec YTD (Under) Budget Revenue Budget Actual Actual Budget Received Transfer from TIF Funds: Golden Hills 0 0.00 0.00 0.00 Interest Earnings (2) 0 0.00 0.00 0.00 Fund Balance 19,000 0.00 0.00 (19,000.00) Totals $19,000 0.00 0.00 (19,000.00) 0.00% Over % Of 2016 Oct-Dec YTD (Under) Budget Expenditures Budget Actual Actual Budget Expended Legal Services (1) $6,000 318.60 4,154.20 (1,845.80) 69.24% Audit 12,000 0.00 12,000.00 0.00 100.00% City Overhead 0 0.00 0.00 0.00 Miscellaneous 1,000 0.00 0.00 (1,000.00) Totals $19,000 318.60 16,154.20 (2,845.80) 85.02% Notes: (1) Includes may to date billings from Best& Flanagan. (2) Interest will be allocated at year end. HRA Of Golden Valley Capital Project Funds 2016 Financial Report 9300 9400 9250 Hwy 55/ Winnetka North West Med Lk Rd Wirth #3 Cash Balance @ 10/01/16 $0.00 $0.00 $2,561.10 Add: Receipts: Interest Lease revenue Increment Received 5,415.21 Less: Expenditures: City of Golden Valley(1) Payment to Bank Mutual (7,393.02) TIF Payment-Hennepin County (529.41) (583.29) *will be paid with TIF in 2017 Cash Balance @12/31/16 ($529.41) $0.00 ($0.00) (1) Breakdown on City Expenditures Memo city of �,,�;e�, , ��'� � E � � � � � ��. �'�T Housing and Redevelopment Authority � 763-593-8002!763-593-8109(fax) �� Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 10, 2017 Agenda Item 7. Adoption of 2017 General Fund Budget Prepared By Sue Virnig, Finance Director Summary Attached is the 2017 Housing and Redevelopment Authority General Fund Budget. Attachments • Resolution Adopting 2017 General Fund Budget (1 page) Recommended Action Motion to adopt Resolution Adopting 2017 General Fund Budget. Resolution 17-1 January 10, 2017 Commissioner introduced the following resolution and moved its adoption: RESOLUTION OF THE HOUSING AND REDEVELOPMENT AUTHORITY (HRA) ADOPTING THE 2017 GENERAL FUND BUDGET BE IT RESOLVED by the HRA that the appropriations for the General Fund Program for the calendar year 2017 as follows: GENERALFUND Expenditures Proposed Budqet Legal Services $5,000 Audit Services 12,000 Miscellaneous 17 000 BE IT FURTHER RESOLVED by the HRA that the sources of financing the sums appropriated shall be: GENERALFUND Revenue Fund Balance 17 000 Chair ATTEST: Timothy J. Cruikshank, 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. eity of :� c�ld�en � �� C�. �'�T Housing and Redevelopment Authority � 763-593-8002!763-593-�109(fax) , �. ,;; , ��.. '�r. �.a ��° � �.,. - �: Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 10, 2017 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 17-2 January 10, 2017 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 following signatories 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: Timothy J. Cruikshank, 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.