My WebLink
|
Help
|
About
|
Sign Out
Home
2006-11-21_Agenda
Roseville
>
Commissions, Watershed District and HRA
>
Housing Redevelopment Authority
>
Agendas and Packets
>
2006
>
2006-11-21_Agenda
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/25/2011 8:05:06 AM
Creation date
3/24/2010 1:53:16 PM
Metadata
Fields
Template:
Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Type
Regular
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
52
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
HRA Budget & Levy Request - Page 1 of 1 <br />Request for HRA Action <br /> <br />Date: 11-21-06 <br />Item No: 8.d. <br />Director Approval: Agenda Section: <br /> CB Action <br /> <br />Item Description: Consider Modifica tion of 2007 HRA Levy Request (HF_51) <br /> <br />1.0 Background: <br /> <br />1.1 On August 15, 2006, the HRA adopted the 2007 Preliminary Program Budget and <br />approved Resolution No. 22 requesting a levy for 2007 in the amount of $255,750 to <br />support programs and administration of the HRA. The approval of the requested levy <br />was contingent upon the Council’s preliminary support to provide $100,000 grant <br />for the renovation of Har Mar apartments by Central Community Housing Trust <br />(CCHT) in 2007. The HRA noted that if the Council was not supportive of <br />providing funds to this project, the HRA will modify their request for 2007 for an <br />amount of $155,750. <br /> <br />1.2 HRA staff has been informed by representatives of CCHT that they were not successful <br />in securing the needed tax credits from the state in this year’s round of funding. <br />(attached email from CCHT) Therefore, based upon this information, they will be forced <br />to delay the plans for full renovation until 2008 with the hopes that they will secure tax <br />credits in the 2007 funding round. <br /> <br />1.3 CCHT still requests the need for both HRA funding in the amount of $350,000 and tax <br />increment assistance for the project to proceed. However, the earliest that they will need <br />those funds is 2008. <br /> <br />2.0 Suggested HRA Action: <br /> <br />2.1 Based upon this information, it is suggested that the HRA inform the City Council that <br />the additional $100,000 in levy funds requested for 2007 would not be needed until 2008. <br /> <br />2.2 The result of this information may be that the City Council certifies the final levy for an <br />amount $100,000 less than requested or $155,750. However, the City Council may <br />choose to retain the same levy amount with the understanding that the additional <br />$100,000 be held in a separate fund for the renovation of Har Mar Apartments in 2008. <br />The advantage of retaining the funds is to show strong City’s support for the Har Mar <br />renovation project which strengthens any future application for tax credits. <br /> <br />Attachments: Email from CCHT <br />Prepared by: Cathy Bennett (651-792-7015)
The URL can be used to link to this page
Your browser does not support the video tag.