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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 HRA Meeting Minutes — Tuesday, August 18, 2015 Page 11 At the request of Member Majerus, Ms. Kelsey confirmed that Fund 724 could be used for parcel assemblage as we1L Member Majerus asked the HRA Finance Subcommittee how they determined the amount allotted for economic development efforts. Chair Maschka responded that if the HRA intended to get into economic development, specifically in Twin Lakes as clearly directed by the Ciry Council, Mr. Bilotta thought this offered a great opporiuniry to leverage dollars for rehabilitation of existing warehouse facilities similar to those already revitalized. Chair Maschka identified $300,000, with Ms. Kelsey noting the $26,000 was allotted for managing the program. Member Majerus asked the anticipated retum on investtnent (RIO); with Chair Maschka responding that projection would be forthcoming in the near future. Member Majerus noted that if the private sector wasn't going to get involved, this appeared to be the best way with the HRA taking the charge in prompting that redevelopment. In the joint meeting of the HRA and Ciry Council, Member Etten noted several Councilmembers expressing interest in the HRA getting more involved with sector opporiunities and beyond housing; noting that, as a member of the HRA Finance Subcommittee, this was a reaction to that directive. If this budget is approved, Member Etten noted the plan would provide the HRA the abiliry to step up with a program with the intent to move quickly in creating parameters as to that might be achieved. Member Majerus applauded Chair Maschka and gave him credit, noting this had been his brainchild for a long time, and expressed appreciation that it was now finally coming forward. Member Wall expressed discomfort in this preliminary budget infortnation coming to the Board at the eleventh hour; with Ms. Kelsey apologizing and explaining that it had been in process for some time. Member Wall stated his need to look at and absorb these figures; and as much as he favored economic development having served in the past as president of both the Roseville and Suburban Chambers of Commerce, he felt the $300,000 was a little fuzzy without a clear picture of how much ROI the HRA could expect from those efforts. Member Wall asked how much if any carryover there was from the previous budget. Ms. Kelsey responded that, at this point projected from the 2015 budget for 2016 was approximately $70,000 by yearend. Member Wall noted another concern he had was with administrative costs coming on the tails of discussing the contract, with the cost coming down substantially. Member Wall sought clarified that if the preliminary levy was adopted tonight, that number could be further reduced but not increased; and asked when the next opporiuniry would be available to look at this for further reduction. Ms. Kelsey responded that if adopted by the HRA Board tonight, it would move to the Ciry Council for their review and approval on August 24, 2015— as noted in an earlier e-mail to the Board today — providing for their approval by the statutorily required preliminary levy adoption date for the HRA. Ms. Kelsey noted her request that the HRA be in attendance and available for discussion at that meeting. Ms. Kelsey advised, that if the Ciry Council passes the prelitninary HRA levy, they will most likely also provide instruction to the HRA — as they had done consistently over the years — that they provide all due diligence to reduce the 2016 levy request between now final Ciry Council approval and 2016 levy adoption. Ms. Kelsey noted that this provided the HRA with an opporiuniry at their September, October and November meetings to gain a better idea of the actual cash cartyover and budget elements for