04-16-19 HRA Agenda Packet
REGULAR MEETING AGENDA
Pages
1. Roll Call
2. Approval of Agenda
3. Approval of Minutes – Regular Meeting – January 15, 2019 2‐3
4. Reimbursement of City Expenditures 4
5. Receipt of March 2019 Financial Reports 5‐7
6. Adjournment
Apr 16, 2019 – 6:30 pm
Council Chambers
Golden Valley City Hall
7800 Golden Valley Road
REGULAR MEETING MINUTES
Call to Order
The meeting was called to order at 6:30 pm by Housing and Redevelopment Authority Chair
Clausen.
1. Roll Call
Commissioners present: Chair Joanie Clausen, Commissioners Shep Harris, Larry Fonnest, Gillian
Rosenquist and Steve Schmidgall
Staff present: HRA Director Cruikshank, HRA Attorney Cisneros and City Clerk
Luedke
2. Election of Officers
The HRA Bylaws provide for the annual election of the HRA Chairperson and Vice Chairperson
to serve a one year term.
MOTION made by Commissioner Rosenquist to nominate Commissioner Fonnest as the 2019
HRA Chair.
Commissioner Fonnest accepted the nomination.
MOTION made by Commissioner Schmidgall to nominate Commissioner Rosenquist as the 2019
HRA Vice Chair.
Commissioner Rosenquist accepted the nomination.
MOTION made by Commissioner Schmidgall, seconded by Commissioner Harris to approve
Commissioner Fonnest as the 2019 Chair and Commissioner Rosenquist as the 2019 Vice Chair
and the motion carried.
3. Approval of Agenda
MOTION made by Commissioner Harris, seconded by Commissioner Schmidgall to approve the
agenda of January 15, 2019, as submitted and the motion carried.
4. Approval of Housing and Redevelopment Authority Minutes - Regular Meeting - October 16,
2018
MOTION made by Commissioner Schmidgall, seconded by Commissioner Clausen to approve
the Regular Housing and Redevelopment Authority minutes of October 16, 2018, as submitted
and the motion carried.
Jan 15, 2019 – 6:30 pm
Council Chambers
Golden Valley City Hall
7800 Golden Valley Road
City of Golden Valley HRA Regular Meeting Minutes
Jan 15, 2019 – 6:30 pm
2
5. Reimbursement of City Expenditures
Finance Director Virnig presented the staff report and answered questions
MOTION made by Commissioner Schmidgall, seconded by Commissioner Clausen to approve
the following payments: Cornerstone Creek $21,582.28, Golden Villa, LLC $109,466.50, and City
of Golden Valley $161,941.79. HRA will reserve $4,287.20 for the payment of North Wirth TIF
until all documents are approved on the bank merger and the motion carried.
6. Receipt of December 2018 Financial Reports
MOTION made by Commissioner Clausen, seconded by Commissioner Schmidgall to receive
and file the December 2018 HRA Financial Reports and the motion carried.
7. Adoption of 2019 General Fund Budget
Finance Director Virnig presented the staff report and answered questions from Council.
MOTION made by Commissioner Fonnest, seconded by Commissioner Schmidgall to adopt HRA
Resolution 19-01, adopting the 2019 General Fund Budget upon a vote being taken the
following voted in favor of: Clausen, Fonnest, Harris, Rosenquist, and Schmidgall, the following
voted against: none and the motion carried.
8. Designation of Depositories
Finance Director Virnig presented the staff report and answered questions from Council. Chair
Fonnest stated he would abstain from the voting due to his spouse being employed at US Bank.
MOTION made by Commissioner Schmidgall, seconded by Commissioner Clausen to adopt HRA
Resolution 19-02, designating Depositories for HRA Funds upon a vote being taken the
following voted in favor of: Clausen, Harris, Rosenquist, and Schmidgall, the following
abstained: Fonnest, the following voted against: none and the motion carried.
9. Adjournment
MOTION made by Commissioner Schmidgall, seconded by Commissioner Clausen and the
motion carried to adjourn the meeting at 6:38 pm.
________________________________
Larry Fonnest, Chair
ATTEST:
_________________________________
Kristine A. Luedke, City Clerk
Executive Summary For Action
Golden Valley Housing and Redevelopment Authority Meeting
April 16, 2019
Agenda Item
4. Reimbursement of City Expenditures
Prepared By
Sue Virnig, Finance Director
Summary
As of March 31, 2019, the HRA has the following expenditures:
City Expenditures: Amount
1000 Cornerstone Creek 22,706.56
$22,706.56
HRA Expenditures:
9302 Cornerstone Creek 22,706.56
$22,706.56
Recommended Action
Motion to approve the following payments: Check 4092 Cornerstone Creek $21,582.28 for the
second half of 2018 property taxes. Hennepin County disbursed after the January meeting.
Executive Summary For Action
Golden Valley Housing and Redevelopment Authority Meeting
April 16, 2019
Agenda Item
5. Receipt of March 2019 Financial Reports
Prepared By
Sue Virnig, Finance Director
Summary
Attached are the March 2019 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 March 2019 HRA Financial Reports.
Percentage Of Year Completed 75%
Over % Of
2019 Jan-Mar YTD (Under)Budget
Revenue Budget Actual Actual Budget Received
Interest Earnings (1)0 0.00 0.00 0.00
Fund Balance 12,000 0.00 0.00 (12,000.00)
Totals $12,000 0.00 0.00 (12,000.00)0.00%
Over % Of
2019 Jan-Mar YTD (Under)Budget
Expenditures Budget Actual Actual Budget Expended
Audit 12,000 0.00 0.00 (12,000.00)0.00%
Totals $12,000 0.00 0.00 (12,000.00)0.00%
Notes:
(1) Interest will be allocated at year end.
HRA of Golden Valley
General Fund
March 2019 Budget Report (unaudited)
HRA Of Golden Valley
2019 Financial Report 9300 9302 9400 9250
Hwy 55/Cornerstone Winnetka North
West TIF (4)Med Lk Rd Wirth #3
Cash Balance @ 01/01/19 $22,706.78 $22,713.43 $0.00 $16,661.32
Add:
Receipts:
Interest
Lease revenue
Increment Received 0.00 0.00 0.00 0.00
Less:
Expenditures:
Payment to Cornerstone Creek (1);(22,706.56)
Payment to Bank Mutual (3)(12,374.12)
Payment to Bank Mutual (3)(4,287.20)
Cash Balance @ 03/31/19 $22,706.78 $6.87 $0.00 $0.00
(2)(2)(3)
(1) Breakdown on City Expenditures Memo
(2) Reimbursed when increment is received.
(3) Pay Go Note remaining $175,439.01; Amount reserved until new owner is approved.
(4) Lot split allowed property onwer to pay later-will receive in Dec 2018.
Capital Project Funds