Loading...
01-16-18 HRA Agenda Packet A G E N D A Regular Meeting of the Housing and Redevelopment Authority Golden Valley City Hall 7800 Golden Valley Road Council Chamber January 16, 2018 6:30 pm Pages 1. Roll Call 2. Election of Officers 2 3. Approval of Agenda 4. Approval of Minutes - Regular Meeting - October 17, 2017 3-4 Special Meeting - December 19, 2017 5 5. Approval of Bills: Reimbursement of City Expenditures 6 City of Golden Valley $9,056.21 Bank Mutual 8,244.07 TOTAL $17,300.28 Bill Summary: General Fund $6,855.51 North Wirth Capital Project Fund 8,830.29 Highway 55 West Capital Project Fund 549.04 Capital Project Fund (Cornerstone) 529.44 Winnetka-Medicine Lake Capital Project Fund $536.00 TOTAL $17,300.28 6. Receipt of December 2017 Financial Reports 7-9 7. Adoption of 2018 General Fund Budget 18-1 10-11 8. Designation of Depositories 18-2 12-13 9. Adjournment Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 16, 2018 Agenda Item 2. Election of Officers Prepared By Tim 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 2017 - Chair Snope, Vice Chair Clausen Recommended Action Motion to approve a Chairperson and Vice Chairperson for 2018. UNOFFICIAL MINUTES HOUSING AND REDEVELOPMENT AUTHORITY MEETING GOLDEN VALLEY, MINNESOTA October 17, 2017 Housing and Redevelopment Authority Chair Snope called the meeting to order at 6:30 pm. 1. Roll Call The following members were present: Chair Andy Snope, Commissioners Joanie Clausen, Larry Fonnest, Shep Harris and Steve Schmidgall. Also present was Housing and Redevelopment Authority Director Tim Cruikshank, HRA Attorney Berquist and City Clerk Luedke. 2. Approval of Agenda MOTION made by Commissioner Schmidgall, seconded by Commissioner Clausen to approve the agenda of October 17, 2017, as submitted and the motion carried. 3A. Approval of Minutes - Regular Meeting of July 11, 2017 MOTION made by Commissioner Fonnest, seconded by Commissioner Schmidgall to approve the Housing and Redevelopment Authority minutes of July 11, 2017, as submitted and the motion carried. 3B. Approval of Minutes - Special Meeting of July 18, 2017 MOTION made by Commissioner Fonnest, seconded by Commissioner Schmidgall to approve the Special Housing and Redevelopment Authority minutes of July 18, 2017, as submitted and the motion carried 4. Approval of Bills MOTION made by Commissioner Harris, seconded by Commissioner Clausen to approve the bills as submitted and the motion carried. 5. Receipt of Financial Reports MOTION made by Commissioner Clausen, seconded by Commissioner Schmidgall to receive and file the September 2017 HRA Financial Reports and the motion carried. 6. Consider Modifications to Development Agreement with Cornerstone Creek Limited Partnership Physical Development Director Nevinski presented the staff report and answered questions from the Commissioners. HRA Attorney Berquist answered questions from the Commissioners. MOTION made by Commissioner Harris, seconded by Commissioner Fonnest to approve the First Amendment to the Cornerstone Creek Private Development Agreement and authorize the Chair and Executive Director to execute the agreement and the motion carried. Housing and Redevelopment Authority Minutes October 17, 2017 Page 2 6. Modifications to Development Agreement Cornerstone Creek - continued MOTION made by Commissioner Harris, seconded by Commissioner Fonnest to approve the Amendment to the Assignment and Assumption agreement and authorize the Chair and Executive Director to execute the Consent and the motion carried. MOTION made by Commissioner Harris, seconded by Commissioner Fonnest to approve the Amended and Restated Reciprocal Maintenance Use and Easement Agreement and the motion carried. 7. Adjournment MOTION made by Commissioner Harris, seconded by Commissioner Fonnest and motion carried to adjourn the meeting at 6:48 pm. _______________________________ Andy Snope, Chair ATTEST: ____________________________ Kristine A. Luedke, City Clerk UNOFFICIAL MINUTES SPECIAL HOUSING AND REDEVELOPMENT AUTHORITY MEETING GOLDEN VALLEY, MINNESOTA December 19, 2017 Housing and Redevelopment Authority Chair Snope called the meeting to order at 6:30 pm. 1. Roll Call The following members were present: Chair Andy Snope, Commissioners Joanie Clausen, Larry Fonnest, Shep Harris and Steve Schmidgall. Also present was Housing and Redevelopment Authority Director Tim Cruikshank and City Clerk Luedke. 2. Approval of Agenda MOTION made by Commissioner Clausen, seconded by Commissioner Fonnest to approve the agenda of December 19, 2017, as submitted and the motion carried. 3. Consider Second Amendment to Development Agreement with Liberty Crossing Development Partners, LLC Physical Development Director Nevinski presented the staff report and answered questions from Council. MOTION made by Commissioner Schmidgall, seconded by Commissioner Fonnest to approve the Second Amendment to the Development Agreement with Liberty Crossing Development Partners, LLC and the motion carried. 4. Adjournment MOTION made by Commissioner Schmidgall, seconded by Commissioner Fonnest and motion carried to adjourn the meeting at 6:38 pm. _______________________________ Andy Snope, Chair ATTEST: _________________________ Kristine A. Luedke, City Clerk Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 16, 2018 Agenda Item 5. Reimbursement of City Expenditures Prepared By Sue Virnig, Finance Director Summary As of December 31, 2017, the following expenditures were paid by the City on various check registers and need to be reimbursed by the HRA: City Expenditures: Amount 1000 Legal Fees (Tennant) Best & Flanagan* $157.50 1000 Legal Fees (Tennant) Kennedy & Graven* 991.25 1000 Services (Tennant) Springsted* 5,706.76 1000 TIF Reimbursement (Bank Mutual) 8,244.07 1000 TIF Administration Fees –Hennepin County 2,200.70 $17,300.28 HRA Expenditures: 9000 General Fund (Developer Deposit)* $6,855.51 9250 North Wirth (TIF Fees) 8,830.29 9300 Hwy 55 West 549.04 9302 Cornerstone Creek (TIF Fees) 529.44 9400 Winnetka-Medicine Lake Rd (TIF Fees) 536.00 $17,300.28 *Asterisk items are reimbursed by deposits held for developers. Recommended Action Motion to approve transferring $9,056.21 to the City of Golden Valley and Check 4085 for $8,244.07 to Bank Mutual. Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 16, 2018 Agenda Item 6. Receipt of December 2017 Financial Reports Prepared By Sue Virnig, Finance Director Summary Attached are the December 2017 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 Capital Project Funds Report (1 page) Recommended Action Motion to receive and file the December 2017 HRA Financial Reports. Percentage Of Year Completed 100% Over % Of 2017 Oct-Dec YTD (Under)Budget Revenue Budget Actual Actual Budget Received 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 2017 Oct-Dec YTD (Under)Budget Expenditures Budget Actual Actual Budget Expended Legal Services (1)$5,000 0.00 246.00 (4,754.00)4.92% Audit 12,000 0.00 12,000.00 0.00 100.00% Totals $17,000 0.00 12,246.00 (4,754.00)72.04% Notes: (1) Includes December to date billings from Best & Flanagan. (2) Interest will be allocated at year end. HRA of Golden Valley General Fund December 2017 Budget Report (unaudited) HRA Of Golden Valley 2017 Financial Report 9300 9302 9400 9250 Hwy 55/Cornerstone Winnetka North West TIF Med Lk Rd Wirth #3 Cash Balance @ 10/01/17 $2,394.93 $0.00 $0.00 $0.00 Add: Receipts: Interest Lease revenue Increment Received 0.00 8,830.29 Less: Expenditures: City of Golden Valley (1) Payment to Bank Mutual (8,244.07) TIF Payment-Hennepin County (549.04)(529.44)###(536.00)(586.22) *will be paid with TIF in 2017 0.00 Cash Balance @ 12/31/17 $1,845.89 ($529.44) ($536.00)$0.00 (2)(2)(3) (1) Breakdown on City Expenditures Memo (2) Reinbursed when increment is received. (3) Pay Go Note remaining $187,813.13 Capital Project Funds Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 16, 2018 Agenda Item 7. Adoption of 2018 General Fund Budget Prepared By Sue Virnig, Finance Director Summary Attached is the 2018 Housing and Redevelopment Authority General Fund Budget. I have lowered the legal fees due to less meetings and the attorney not in attendance. Attachments • Resolution Adopting 2018 General Fund Budget (1 page) Recommended Action Motion to adopt Resolution Adopting 2018 General Fund Budget. Resolution 18-01 January 16, 2018 Commissioner introduced the following resolution and moved its adoption: RESOLUTION OF THE HOUSING AND REDEVELOPMENT AUTHORITY (HRA) ADOPTING THE 2018 GENERAL FUND BUDGET BE IT RESOLVED by the HRA that the appropriations for the General Fund Program for the calendar year 2018 as follows: GENERAL FUND Expenditures Proposed Budget Legal Services $3,000 Audit Services 12,000 Miscellaneous ______ $15,000 BE IT FURTHER RESOLVED by the HRA that the sources of financing the sums appropriated shall be: GENERAL FUND Revenue ______ Fund Balance $15,000 _____________________________ 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. Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 16, 2018 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 18-02 January 16, 2018 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 Stiffel 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.