Laserfiche WebLink
City of Roseville - Housing & Redevelopment Authority Meeting Minutes for June 17, 20...Page 3 of 5 <br />Cathy Bennett reviewed the steps the HRA has taken to get to the Housing Plan. She <br />explained the relationship between the 2003 City budget and a possible new HRA levy. <br />She explained: <br />Gross HRA revenues914,000 <br />Restricted Federal Funds370,000 <br />Future Est. Levy Revenue380,000 <br />Net Unrestricted Revenues$ 164,000 <br />Sources of funds <br />Cash120,000 <br />LDC/CBDG370,000 <br />Investment Income20,000 <br />Interest/abatement14,000 <br />Proposed HRA levy380,000 <br />Home/Garden Fair10,000 <br />Misc. Revenue Grant0 <br />Gross Revenue$914,000 <br />Unrestricted$164,000 <br />Uses of funds <br />Home/Garden Fair10,000 <br />Housing Replacement211,000 <br />Rental Rehab211,000 <br />Ownership Rehab78,000 <br />First Time Buyers307,000 <br />Neighborhood Improv.15,000 <br />General HRA81,000 <br />Total Costs$914,000 <br />Proposed Use of Funds <br />HRA Top Priorities$870,000 <br />Program costs covered by CDBG$422,000 <br />Unrestricted Use – Minimum levy$284,000 <br />Unrestricted Cash$164,000 <br />Cathy Bennett explained that a comparison of other City HRAs showed a similar source <br />and use program. Grants cannot be relied on, but an opportunity list was discussed. Most <br />programs previously providing grants now provide loans with a matching fund <br />requirement. <br />Many HRAs have used Tax Increment Revenues from past projects to build up their <br />housing program funds. However, TIF is project based where revenues are generated <br />after the project is completed. The HRA could ask the Council to transfer the TIF revenue <br />generated from the Arona project to the HRA for future funding of housing programs. <br />Revenue bonds could also be used with the levy as partial security. <br />Chair Majerus challenged the HRA to use diligence on whether to request a levy (from the <br />City Council). <br />Member Kelsey asked if there were explanations for "professional services" in each line <br />item. Bennett explained the line items outlined in the draft budget. Member Kelsey <br />requested that when a program is reviewed, that the HRA be able to structure the <br />http://archive.ci.roseville.mn.us/council/hra/minutes/2003/hram030617.htm3/25/2010 <br /> <br />