CC_Minutes_2007_0820 - Laserfiche WebLink

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proposed funding. The final levy information is required to be submitted to the County by the end of December for taxes payable in 2008. 3.0 Pr®p®sed budget C®nsiderati®ns - Levy Fund 723e 3.1 Attached are two proposed HRA levy budget options thaf show expected revenue/expenses for 2007, proposed 2008 budget and change over 2007 budget. These proposed 2008 budgets are reflective of anticipated funds carried forward and potential project expenses for 2008. The HRA Finance Subcommittee met on July 17, 2007 to discuss the 2008 budget with the conclusion that further review of the Imagine Roseville 2025 goals should be considered. In. addition, the HRA met on August 7, 2007 in a special meeting to discuss the impact of Imagine Roseville 2025 Housing Goals and potential housing issues the HRA should focus on in 2008. The majority of the discussion at the special meeting focused on protecting neighborhood value in housing and providing focus to effectively and efficiently address code enforcement and the impact of the aging multi-family housing stock. The following is a summary of the HRA program and funding suggestions for 2008. a. H®n~e ~ Garden Fair -The 2007 show fully absorbed paying for staff time to coordinate the show. With a $4,156 loss associated with increasing exhibit space fee, the 2008 show will include evaluation of increasing fair fees to target a closer break-even program. b. Multi-Family Rehab -Most of the MF rehab is funded with restricted funds (720, 721). However, with committed funds to the Har Mar renovation in the amount of $250,000 and funding for the Senior Housing Regeneration Program in the amount of $200,000, the restricted fund balance is fully committed to these projects. In. 2008, the HRA discussed providing adequate funding to support a more proactive program to address the aging multifamily housing stock in the city. The following are budget options. i. The owners of Har Mar Apartments are again requesting $100,000 in levy funds to support the renovation in addition to the $250,000 in restricted funding. In 2007, this funding request was recommended by the HRA. However, the project did not receive funding from the State for tax credits and the project renovation was delayed. The owners are once again applying for tax a credit funding that includes a total of $350,000 in funding from the RHRA or which $100,000 is from the HRA levy. ii. The HRA. also discussed requesting a maximum levy (.01441% of the total city market value of $4.2 billion = $605,220). The additional funding will allow current programs to remain in effect, plus have the needed funds available to provide as a match to grant funding for renovation of multifamily complexes. With these hinds available, the HRA will have greater leverage in securing grant funding and persuading rental owners and developers to make needed unprovements. With the aging of multifamily housing the decline of larger properties can have a significant HRA Budget Adoptions_2008 - Yage z of 4