5.0. HRSR 08-12-1993 ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY
•
TO: HOUSING AND REDEVELOPMENT AUTHORITY
FROM: WILLIAM RUBIN, ECONOMIC DEVELOPMENT COORDINATO I .
DATE: AUGUST 5, 1993
SUBJECT: 1994 HRA BUDGET AND LEVY
Based on a maximum levy, staff estimates that the HRA will have
revenues of approximately $55,200 in 1994 . These revenues,
combined with the HRA's expected fund balance at the end of
1993, will result in the availability of approximately $166,300
for projects in 1994 .
The proposed 1994 HRA Budget is outlined as follows :
1994 DEVELOPMENT ACTIVITIES:
Main Street, CBD Projects, Etc. $ 25,000
Evans/Main Street Parking Lot Improvement $ 12,000
Reserve for Future Projects $128,800
TRANSFER TO GENERAL FUND: $ 500
TOTAL BUDGET $166,300
ACTION REQUESTED
The HRA Commissioners are asked to approve the 1994 HRA Budget
in the amount of $166,300 .
The HRA is also asked to adopt a resolution requesting that the
City of Elk River levy a tax against the taxable market value
in the City in the amount necessary to generate $55,200 to be
used for economic development and redevelopment purposes by the
Housing and Redevelopment Authority. A draft of this
resolution is included in the HRA agenda packet.
P.O. Box 490 • 13065 Orono Parkway• Elk River, MN 55330-1743 • (612) 441-7420• Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
• RESOLUTION 93 -
RESOLUTION OF THE ELK RIVER
HOUSING AND REDEVELOPMENT AUTHORITY
A RESOLUTION FOR THE ELK RIVER HOUSING AND REDEVELOPMENT
AUTHORITY ESTABLISHING THE TAX LEVY FOR THE HOUSING
AND REDEVELOPMENT AUTHORITY FOR COLLECTION IN 1994
WHEREAS, Minnesota Statute Section 469 .033, Subdivision 6,
authorizes a Housing Redevelopment Authority to levy
an amount not to exceed . 0131% of the taxable market
value of property within the area of operation for
redevelopment purposes; and,
WHEREAS, the Elk River Housing and Redevelopment Authority
anticipates expenditures in 1994 for various
redevelopment activities; and,
WHEREAS, the Housing and Redevelopment budget must be approved
before a special tax can be levied.
NOW, THEREFORE, BE IT RESOLVED by the Elk River Housing and
Redevelopment Authority that the Authority' s 1994
• budget is hereby approved.
BE IT FURTHER RESOLVED that the Housing and Redevelopment
Authority present to the City Council of the City of
Elk River, Minnesota, a special tax levy not to exceed
the statutory limit of .0131% of taxable market value
for the benefit of the Authority to be used for
purposes as provided in Minnesota Statutes . Upon
adoption of the special levy of the City Council, said
tax rate and levy will be certified to the Sherburne
County Auditor as required by law.
Passed and adopted by the Elk River Housing and Redevelopment
Authority this 12th day of August, 1993.
Richard Hinkle, Chairman
ATTEST:
111 Patrick D. Klaers, Executive Director