Housing and Redevelopment Authority Packet - August 3, 2026
Housing and Redevelopment
Authority
Regular Meeting
&
Work Session
Agenda
Monday, August 3, 2026
5:30 PM
Elk River City Hall
▪ Regular meeting in Council Chambers
▪ Work Session meeting in Upper Town Conference Room immediately following regular meeting
1. CALL MEETING TO ORDER
2. PLEDGE OF ALLEGIANCE
3. CONSIDER AGENDA
4. CONSENT AGENDA
Considered to be routine and noncontroversial and will be approved by one motion. There will be no separate discussion of
these items unless there is a request to remove the item from the consent agenda to the regular agenda.
4.1 DRAFT Minutes - July 6, 2026
4.2 Check Register
4.3 Balance Sheet
4.4 Revenue/Expenditure Reports
4.5 Satisfaction of Mortgages - #19-015217 and #19-016564
5. OPEN FORUM
An opportunity to provide comments and feedback regarding items not on the agenda. Information provided in Open Forum
will not be discussed at this meeting; rather, the information will be referred to staff and/or scheduled for discussion at a
future meeting.
6. GENERAL BUSINESS
Items in which the information is presented by city staff or consultants, then deliberation and action occur. General Business
items are not opportunities to receive or provide public input. However, the presiding officer may, at its sole discretion,
solicit public feedback.
6.1 Presentation - Garden Gem Awards
6.2 Housing Rehabilitation Loan Program Update
7. OPEN DISCUSSION
This section is reserved for the board and staff to discuss relevant topics, updates, and other non-action items of the board.
8. MOTION TO ADJOURN REGULAR MEETING
9. WORK SESSION
Work Sessions are less formal meetings to encourage dialog. Official action or votes are not typically taken. At the
conclusion of a discussion, a simple consensus provides staff direction for execution of the item. This portion of the agenda
is audio recorded but not video recorded or broadcast. Work Sessions are open to the public; however, visitors who wish
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The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community
engagement that encourages and inspires prosperity
to provide input must be invited by the presiding officer, assume a seat at the discussion table and provide their full name
and address for the official record.
9.1 2027 Budget Workshop
10. MOTION TO ADJOURN
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Meeting of the Housing and
Redevelopment Authority
Held at the Elk River City Hall
Monday, July 6, 2026
Members Present: Commissioner Nate Ovall, Commissioner Lynn Caswell, Commissioner Mel
Beaudry, Mayor John Dietz, Commissioner Dave Klutch
Members Absent: None.
Staff Present: Economic Development Director Brent O'Neil, Economic Development Specialist
Joshua Mollan, and Recording Secretary Katie Porath
1. CALL MEETING TO ORDER
Pursuant to due call and notice thereof, the meeting was called to order at 5:30 p.m.
2. PLEDGE OF ALLEGIANCE
The Pledge of Allegiance was recited.
3. CONSIDER AGENDA
Moved by Commissioner Caswell and seconded by Commissioner Dietz to approve the
agenda. Motion carried 5-0.
4. CONSENT AGENDA
Moved by Commissioner Dietz and seconded by Commissioner Beaudry to approve the
following consent items as outlined in their respective staff reports. Motion carried 5-0.
4.1 DRAFT Minutes - June 1, 2026
4.2 Check Register
4.3 Balance Sheet
4.4 Revenue/Expenditure Reports
5. OPEN FORUM
No one appeared for open forum.
6. GENERAL BUSINESS
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Housing and Redevelopment Authority Minutes
July 6, 2026
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6.1 Placer.ai Updates
The staff report was presented.
Commissioner Beaudry asked if a hotel was one of Elk River's biggest needs. Mr. Mollan responded that
the metrics show that is true, and the City has been working with a user to find a suitable site for a
hotel.
Commissioner Dietz asked if staff could use Placer.ai to research how many residents visit Elk River
liquor stores versus liquor stores in other communities.
Commissioner Caswell asked about the occupancy rate of the hotels in Elk River. Mr. Mollan stated it in
the mid 50% range. Mr. O'Neil added that Placer.ai reports show that 45,000 nights are lost per year to
hotels outside of Elk River which indicates that there is an opportunity for another hotel in Elk River.
Chair Ovall agreed that was something the EDA could look into and that hotels draw other businesses
such as restaurants.
Commissioner Beaudry clarified that the information is gathered by cell phones which means it cannot
be 100% accurate. Mr. Mollan stated Placer.ai states their data is 95% accurate. Mr. O'Neil added that
trend data seems the most accurate.
Commissioner Caswell asked about people who have kept their cell phone number with a different city
or state area code number. Would Placer.ai think those people were not from the area? Mr. O'Neil
explained that Placer.ai uses the address of the person who pays the cell phone bill and that there is a
great deal of anonymity.
6.2 Housing Rehabilitation Loan Program Update
The staff report was presented. There have been no new loans received this month.
7. OPEN DISCUSSION
Mr. Mollan stated the new location of the red Adirondack chair was outside of the Granite Shores
apartment area. It may be moved back to the Main Street site once the parking lot project is
completed.
Mr. Mollan reviewed that there were 16 nominations for the Garden Gem award and the winners
would be recognized at the August HRA meeting.
Mr. Mollan stated that the letter sent to the owner of the 186th Ave property has not received a
response, therefore staff is determining next steps.
Mr. O'Neil stated that there has been no response to properties contacted in the "upper town" area.
He stated the Commission may want to review the downtown plan at their August or September
meeting. He also reviewed the plans for street reconstruction next summer, stating that, due to an
exception granted by the State, the sidewalks will be widened but the diagonal and parallel parking will
remain the same.
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Housing and Redevelopment Authority Minutes
July 6, 2026
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Mr. O'Neil stated that the August meeting will include a budget workshop with anticipation of budget
approval at the September HRA meeting. He asked Commissioners to contact him if there was anything
they would like to review in regard to the budget. He asked that the Commission also discuss their
goals regarding their fund balance amount.
8. MOTION TO ADJOURN REGULAR MEETING
Moved by Commissioner Caswell and seconded by Commissioner Dietz to adjourn the
meeting. Motion carried 5-0.
The regular meeting adjourned at 5:57 p.m. Chair Ovall called the work session to order at 5:57 p.m.
9. WORK SESSION
9.1 Review Agreement with Elk River Municipal Utilities for Downtown Coordination
Mr. O'Neil reviewed that there is an agreement being drafted geared toward the duties and any
associated fees between Elk River Municipal Utilities (ERMU) and the HRA, EDA, and Downtown Elk
River Business Association (DERBA).
Chair Ovall appreciated the formalization of contributions but was concerned that this could turn into
future expenses or partnerships. He appreciates the relationship with ERMU over the years.
10. MOTION TO ADJOURN
Moved by Commissioner Dietz and seconded by Commissioner Beaudry to adjourn the
meeting. Motion carried 5-0.
The meeting adjourned at 6:02 p.m.
Minutes prepared by Katie Porath.
_________________
Nate Ovall, Chair
_____________________
Justin Dunford, City Clerk
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CITY OF ELK RIVER
Balance Sheet
July 31, 2026
Fund 910 - HRA
Assets
910-1000 Cash - HRA 1,889,123.33
910-1190 Loans Receivable 210,357.26
910-1193 Forgivable Loan 75,000.00
910-1194 Allow for Forgivable Loan (75,000.00)
910-1195 Note Receivable 400,000.00
910-1310 Due From Other Funds 143,229.98
Total Assets 2,642,710.57
Fund Equity
910-2400 Fund Balance 2,464,862.29
Revenues over Expenditures - YTD 177,848.28
Total Fund Equity 2,642,710.57
Total Liabilities & Equity 2,642,710.57
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CITY OF ELK RIVER
Revenues with Comparison to Budget
For the Month Ending July 31, 2026
Fund 910 - HRA
Period Actual YTD Actual Budget Unearned PCNT
910-3-0000-3111 Property Taxes 240,692.69 240,692.69 469,450.00 (228,757.31) 51%
910-3-0000-3621 Interest Income - 32,116.70 40,000.00 (7,883.30) 80%
Total Fund Revenue 240,692.69 272,809.39 509,450.00 (236,640.61) 54%
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CITY OF ELK RIVER
Expenditures with Comparison to Budget
For the Month Ending July 31, 2026
Fund 910 - HRA
Period Actual YTD Actual Budget Unearned PCNT
910-4-6100-4101 Regular Pay 6,937.08 40,928.77 92,000.00 (51,071.23) 44%
910-4-6100-4103 Part-time Pay 300.00 2,175.00 4,500.00 (2,325.00) 48%
910-4-6100-4104 PERA 520.28 3,068.85 6,950.00 (3,881.15) 44%
910-4-6100-4105 FICA 430.10 2,547.37 6,000.00 (3,452.63) 42%
910-4-6100-4107 Medicare 100.59 595.55 1,400.00 (804.45) 43%
910-4-6100-4108 Insurance 1,008.00 6,048.00 20,750.00 (14,702.00) 29%
910-4-6100-4109 Workers Comp 87.00 261.00 450.00 (189.00) 58%
910-4-6100-4112 PFML 32.56 194.17 500.00 (305.83) 39%
910-4-6100-4201 Office Supplies - 82.30 100.00 (17.70) 82%
910-4-6100-4219 Operating Supplies - 5,932.00 - 5,932.00 0%
910-4-6100-4304 Legal Fees - - 3,000.00 (3,000.00) 0%
910-4-6100-4319 Professional Services - - 30,000.00 (30,000.00) 0%
910-4-6100-4331 Travel, Conferences & Schools - - 1,000.00 (1,000.00) 0%
910-4-6100-4349 Advertising/Marketing - 6,598.00 9,750.00 (3,152.00) 68%
910-4-6100-4359 Publishing - - 500.00 (500.00) 0%
910-4-6100-4401 Bldg Repair/Maint Services - - 500.00 (500.00) 0%
910-4-6100-4404 Software Services 5,443.68 5,443.68 7,500.00 (2,056.32) 73%
910-4-6100-4409 Contractual Services 3,001.14 21,086.42 27,000.00 (5,913.58) 78%
910-4-6100-4433 Dues & Subscriptions - - 2,500.00 (2,500.00) 0%
910-4-6100-4510 Land - - 200,000.00 (200,000.00) 0%
910-4-6100-4530 Improvement Project Contract - - 50,000.00 (50,000.00) 0%
910-4-6100-4721 Transfer-General Fund - - 40,550.00 (40,550.00) 0%
910-4-6100-4735 Transfer-EDA - - 4,500.00 (4,500.00) 0%
Total Fund Expenditures 17,860.43 94,961.11 509,450.00 (414,488.89) 19%
Net Revenue Over Expenditures 222,832.26 177,848.28 - 177,848.28 0%
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The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community
engagement that encourages and inspires prosperity
Request for Action
To
Housing and Redevelopment Authority
Item Number
4.5
Meeting Date
August 3, 2026
Prepared By
Joshua Mollan, Economic Development Specialist
Item Description
Satisfaction of Mortgages - #19-015217 and #19-
016564
Reviewed by
Brent O'Neil
Cal Portner
Action Requested
Approve, by motion, the Satisfaction of Mortgages for loans #19-015217 and #19-016564.
Background/Discussion
Two existing Rehabilitation Loan Program loans were paid in full in the last month.
On May 4, 2018, loan #19-015217 was issued by the HRA through the program for $21,640 for a roof,
concrete, and insulation project. It was paid off on July 1, 2026.
On July 15, 2019, loan #19-016564 was issued for $15,252.22 for a window and concrete project. It was paid
off on June 30, 2026.
With the mortgage and repayment agreements being fully paid and satisfied, this action authorizes the release
of the mortgages tied to each loan, as attached.
Financial Impact
N/A
Mission/Policy/Goal
Improve housing stock by offering incentives or programs to repair or maintain residential properties.
Attachments
1. Satisfaction of Mortgage - #19-015217
2. Satisfaction of Mortgage - #19-016564
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Form No. 2051-51M—SATISFACTION OF MORTGAGE
By Corporation or Partnership
Satisfaction of Mortgage
Date: 7/9/2026
THAT CERTAIN MORTGAGE owned by the undersigned, a corporation under the laws of Minnesota, dated
10/20/2017 executed by Kyle A. Torfin and Jennifer R. Torfin, husband and wife, Mortgagor(s), to the Housing and
Redevelopment Authority in and for the City of Elk River, Minnesota, as Mortgagee to, and filed for record on 5/15/2018
as Document Number 856048 (or in Book ________ of ________ Page ______), in the Office of the ☒ County Recorder
of Sherburne County, Minnesota, is with the indebtedness thereby secured, fully paid and satisfied.
City of Elk River, Minnesota
STATE OF MINNESOTA }
} ss.
COUNTY OF SHERBURNE }
The foregoing instrument was acknowledged before me on _________________, by
________________________, the ____________________ of _______________, a corporation under the laws
of Minnesota, on behalf of the corporation.
_________________________________
Signature of Notarial Officer taking acknowledgement
(Reserved for recording data)
THIS INSTRUMENT WAS DRAFTED BY (NAME AND ADDRESS)
Center for Energy and Environment
212 Third Avenue North, Suite 560
Minneapolis, MN 55401
NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK)
____________________________
(Signature)
By:_________________________________
(Name of authorized signor)
__________________________________
(Title of authority)
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Form No. 2051-51M—SATISFACTION OF MORTGAGE
By Corporation or Partnership
Satisfaction of Mortgage
Date: 7/9/2026
THAT CERTAIN MORTGAGE owned by the undersigned, a corporation under the laws of Minnesota, dated
7/15/2019 executed by JUDITH M WEBER, and DANIEL JOSEPH WEBER, spouses married to each other,
Mortgagor(s), to the Housing and Redevelopment Authority in and for the City of Elk River, Minnesota, as Mortgagee to,
and filed for record on 8/20/2019 as Document Number 877142 (or in Book ________ of ________ Page ______), in the
Office of the ☒ County Recorder of Sherburne County, Minnesota, is with the indebtedness thereby secured, fully paid
and satisfied.
City of Elk River, Minnesota
STATE OF MINNESOTA }
} ss.
COUNTY OF SHERBURNE }
The foregoing instrument was acknowledged before me on _________________, by
________________________, the ____________________ of _______________, a corporation under the laws
of Minnesota, on behalf of the corporation.
_________________________________
Signature of Notarial Officer taking acknowledgement
(Reserved for recording data)
THIS INSTRUMENT WAS DRAFTED BY (NAME AND ADDRESS)
Center for Energy and Environment
212 Third Avenue North, Suite 560
Minneapolis, MN 55401
NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK)
____________________________
(Signature)
By:_________________________________
(Name of authorized signor)
__________________________________
(Title of authority)
Page 12 of 82
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community
engagement that encourages and inspires prosperity
Request for Action
To
Housing and Redevelopment Authority
Item Number
6.1
Meeting Date
August 3, 2026
Prepared By
Joshua Mollan, Economic Development Specialist
Item Description
Presentation - Garden Gem Awards
Reviewed by
Brent O'Neil
Cal Portner
Action Requested
Recognize the 2026 Garden Gem Award winners with a photo and presentation of the award by Chair Ovall.
Background/Discussion
During the second annual Garden Gem Awards, the Beautification and Public Art Committee received 22
nominations for 16 properties wishing to participate.
In July the volunteer judging panel visited and scored participating properties and recommended the following
highest scorers to win their respective categories: Jilly Varty (rural), Martha Quesenberry (townhome),
Cassandra Miller (single family-before 2000), and Paul & Sandy Peterson (single family-2000 or later). The
neighborhood and commercial category winners will be recognized at the August 17 EDA meeting.
All winners will receive a personalized garden stone and a winners' sign to be temporarily displayed at the
property. The engraved stones have been donated by Plaisted Companies.
Financial Impact
Program expenses are under $500.
Mission/Policy/Goal
The Garden Gem Awards aim to recognize exceptional gardens and landscaping in Elk River, thereby
supporting the beauty of the neighborhood and the community as a whole.
Attachments
1. Garden Gem Award Winners HRA Presentation
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Start the Garden Tour
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The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community
engagement that encourages and inspires prosperity
Request for Action
To
Housing and Redevelopment Authority
Item Number
6.2
Meeting Date
August 3, 2026
Prepared By
Joshua Mollan, Economic Development Specialist
Item Description
Housing Rehabilitation Loan Program Update
Reviewed by
Brent O'Neil
Cal Portner
Action Requested
Receive updates on the Housing Rehabilitation Loan Program.
Background/Discussion
CEE reports that all accounts are current, and the HRA's portfolio is performing as expected with no
delinquencies or late payments. Two loans have been paid off during this period.
No new loans have been closed during this period, and $115,000 remains available for new loan
disbursements in 2026.
The Q2 report shows that there has been one non-HRA loan issued this year.
Financial Impact
N/A
Mission/Policy/Goal
Improve housing stock by offering incentives or programs to repair or maintain residential properties.
Attachments
1. CEE Monthly Loan Activity Summary
2. CEE Monthly Loan Servicing Report
3. CEE Loan Activity Report Q2 2026
Page 62 of 82
CEE Monthly Loan Activity Summary
8/3/26
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Data Set: July 1st, 2026
CITY OF ELK RIVER
LOAN SERVICING REPORT
June 2026
Page 64 of 82
CONTENTS
1 Invoice Report
2 Trial Balance Report (Loan Detail)
3 New Loan Count
4 Total Loan Count (Monthly Detail)
5 Trial Balance Report (Monthly Detail in USD)
6 Monthly Payment Collection Per Loan
7 Total Payment Collection in USD (Monthly Detail)
8 Total Principal Collection in USD (Monthly Detail)
9 Total Interest Collection in USD (Monthly Detail)
Page 65 of 82
POOL TOTAL COUNT OFACTIVE LOANSCOUNT OF NEWLOANSCOUNT OF ACTIVEAMORTIZING LOANSCOUNT OF ACTIVEDEFERRED LOANSCOUNT OF ACTIVEDELINQUENT LOANSCOUNT OF PAYOFFSRECEIVEDTOTAL AMOUNTRECEIVEDPRINCIPAL RECEIVEDINTEREST RECEIVEDLATE FEES ANDOTHER FEESRECEIVED3RD PARTY FEESCOLLECTEDNEW LOAN FEESDELINQUENCYMANAGEMENT FEESSATISFACTIONDRAFTING FEESSERVICING FEESTOTAL FEES TOSERVICERFUNDS TO THE CITYOF ELK RIVERHRA REHAB
Grand Total
12 0 12 0 0 2 $16,026.14 $15,194.73 $831.41 $0.00 $0.00 $0.00 $0.00 $60.00 $72.00 $132.00 $15,894.14
12 0 12 0 0 2 $16,026.14 $15,194.73 $831.41 $0.00 $0.00 $0.00 $0.00 $60.00 $72.00 $132.00 $15,894.14
CITY OF ELK RIVER
INVOICE SUMMARY
Detail for June 2026
Page 66 of 82
Source Company Loan #Address TOTAL AMOUNT
RECEIVED
PRINCIPAL
RECEIVED
INTEREST
RECEIVED
LATE FEES AND
OTHER FEES
RECEIVED
3RD PARTY FEES
COLLECTED
ELK RIVER 19-015204 1420 5TH ST NW
19-015209 609 GATES AVE NW
19-015217 1811 MAIN ST
19-016564 403 3RD ST NW
23-029012 18990 TWIN LAKES RD NW
23-029085 17931 GARY ST NW
23-029618 13366 181ST LN NW
24-032189 14270 191ST AVE NW
24-033299 17812 CONCORD CT NW
25-039214 18471 TROTT BROOK PKWY NW
25-040378 11137 167TH AVE NW
25-041322 9624 209TH AVE NW
Grand Total
$208.04 $191.82 $16.22 $0.00 $0.00
$187.63 $156.49 $31.14 $0.00 $0.00
$11,935.13 $11,842.08 $93.05 $0.00 $0.00
$1,710.39 $1,682.10 $28.29 $0.00 $0.00
$260.00 $152.91 $107.09 $0.00 $0.00
$306.00 $220.49 $85.51 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00
$142.69 $80.14 $62.55 $0.00 $0.00
$258.90 $148.29 $110.61 $0.00 $0.00
$240.66 $221.52 $19.14 $0.00 $0.00
$258.90 $138.90 $120.00 $0.00 $0.00
$517.80 $359.99 $157.81 $0.00 $0.00
$16,026.14 $15,194.73 $831.41 $0.00 $0.00
CITY OF ELK RIVER
PAYMENT BREAKDOWN PER LOAN
Detail for June 2026
Page 67 of 82
Loan #Address
2025
Q3
July August September
Q4
October November December
2026
Q1
January February March
Q2
April May June
19-015215 606 JEFFERSON LN NW
19-015204 1420 5TH ST NW
19-015209 609 GATES AVE NW
19-015217 1811 MAIN ST
19-016564 403 3RD ST NW
23-029012 18990 TWIN LAKES RD NW
23-028654 13222 179 1/2 AVE NW
23-029085 17931 GARY ST NW
23-029618 13366 181ST LN NW
24-032189 14270 191ST AVE NW
24-033299 17812 CONCORD CT NW
25-039214 18471 TROTT BROOK PKWY NW
25-040378 11137 167TH AVE NW
25-041322 9624 209TH AVE NW
Grand Total
$0.00
$3,212.56$3,413.35$3,613.72 $2,607.22$2,809.48$3,011.12 $1,997.97$2,201.78$2,404.71 $1,397.99$1,589.81$1,794.17
$4,268.51$4,445.76$4,622.59 $3,733.66$3,912.45$4,090.53 $3,194.91$3,375.42$3,554.75 $2,677.43$2,833.92$3,014.74
$12,795.48$12,911.66$13,027.42 $12,441.44$12,560.36$12,677.39 $12,082.26$12,205.25$12,323.56 $0.00$11,842.08$11,963.08
$6,579.64$6,711.27$6,842.45 $6,180.64$6,314.31$6,446.84 $1,977.03$5,913.32$6,047.21 $0.00$1,682.10$1,831.51
$30,369.34$30,525.64$30,681.40 $29,890.61$30,051.81$30,209.18 $29,403.91$29,573.16$29,732.15 $28,927.04$29,079.95$29,243.80
$28,728.96$28,930.68$29,131.71 $0.00$28,523.41
$24,439.70$24,661.92$24,883.38 $23,763.18$23,990.31$24,214.05 $23,077.40$23,311.87$23,537.91 $22,398.43$22,618.92$22,849.80
$17,405.25$17,555.23$18,003.93 $16,979.30$17,119.26$17,119.26 $16,268.46$16,715.33$16,836.98 $16,175.43$16,175.43$16,268.46
$17,907.32$17,988.90$18,070.20 $17,657.01$17,741.37$17,823.51 $17,402.30$17,491.31$17,574.30 $17,152.83$17,232.97$17,318.72
$32,493.60$32,641.61$32,789.12 $32,039.44$32,192.50$32,341.53 $31,577.31$31,738.83$31,889.39 $31,121.82$31,270.11$31,425.69
$7,509.76$7,721.65$7,935.35 $6,854.30$7,081.00$7,290.49 $6,198.19$6,421.26$6,644.44 $5,540.10$5,761.62$5,981.30
$34,715.62$34,848.50$34,848.50 $34,279.98$34,433.22$34,574.66 $33,851.97$33,990.87$34,137.54
$34,460.29$34,863.84$35,000.00 $34,015.22$34,375.21$34,460.29
$185,710.12$187,507.67$189,601.27 $186,862.42$188,621.35$218,595.81 $211,920.01$218,244.59$220,120.06 $193,258.26$208,452.99$210,289.10
CITY OF ELK RIVER
TRIAL BALANCE REPORT
Monthly Detail
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POOL Loan #Address Contract Date
HRA REHAB 19-015217 1811 MAIN ST 5/4/2018
19-016564 403 3RD ST NW 7/15/2019
Grand Total
$11,935.13
$1,710.39
$13,645.52
CITY OF ELK RIVER
Loans Paid in Full Report
Detail for June 2026
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2025
Q3 Q4
2026
Q1 Q2
JulyAugustSeptemberOctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJune0
6
12
Number of Active Loans12
11 11
12 12
11
12 12 12 12 12 12
CITY OF ELK RIVER
TOTAL LOAN COUNT
Monthly Detail
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2025
Q3 Q4
2026
Q1 Q2
JulyAugustSeptemberOctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJune0
1
2
COUNT OF NEW LOANS ADDED000100100000CITY OF ELK RIVER
NEW LOAN COUNT
Monthly Detail
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2025
Q3 Q4
2026
Q1 Q2
JulyAugustSeptemberOctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJune$0.00
$100,000.00
$200,000.00
Unpaid Principal Balance$189,601.27$187,507.67$185,710.12$218,595.81$188,621.35$186,862.42$220,120.06$218,244.59$211,920.01$210,289.10$208,452.99$193,258.26CITY OF ELK RIVER
TRIAL BALANCE
Monthly Detail in USD
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2025
Q3
July August September
Q4
October November December
2026
Q1
January February March
Q2
April May June
ELK RIVER 19-015204 1420 5TH ST NW
19-015209 609 GATES AVE NW
19-015215 606 JEFFERSON LN NW
19-015217 1811 MAIN ST
19-016564 403 3RD ST NW
23-028654 13222 179 1/2 AVE NW
23-029012 18990 TWIN LAKES RD NW
23-029085 17931 GARY ST NW
23-029618 13366 181ST LN NW
24-032189 14270 191ST AVE NW
24-033299 17812 CONCORD CT NW
25-039214 18471 TROTT BROOK PKWY NW
25-040378 11137 167TH AVE NW
25-041322 9624 209TH AVE NW
Grand Total
$208.04$208.04$208.04 $208.04$208.04$208.04 $208.04$208.04$208.04 $208.04$208.04$208.04
$187.63$187.63$187.63 $187.63$187.63$187.63 $187.63$187.63$187.63 $187.63$187.63$187.63
$173.42
$162.79$162.79$162.79 $162.79$162.79$162.79 $162.79$162.79$162.79 $11,935.13$162.79$162.79
$154.43$154.43$154.43 $154.43$154.43$154.43 $3,955.43$154.43$154.43 $1,710.39$154.43$154.43
$300.00$300.00$300.00 $28,639.09$300.00
$260.00$260.00$260.00 $260.00$260.00$260.00 $260.00$260.00$260.00 $260.00$260.00$260.00
$306.00$306.00$306.00 $306.00$306.00$306.00 $306.00$306.00$306.00 $306.00$306.00$306.00
$201.00$501.00$201.00 $201.00$0.00$402.00 $501.00$178.00$201.00 $0.00$201.00$0.00
$142.69$142.69$142.69 $142.69$142.69$142.69 $142.69$142.69$142.69 $142.69$142.69$142.69
$258.90$258.90$258.90 $258.90$258.90$258.90 $258.90$258.90$258.90 $258.90$258.90$258.90
$240.66$240.66$240.66 $240.66$240.66$240.66 $240.66$240.66$240.66 $240.66$240.66$240.66
$258.90$0.00$258.90 $258.90$258.90$258.90 $258.90$258.90$258.90
$562.00$259.90$0.00 $517.80$259.80$0.00
$2,422.14$2,722.14$2,595.56 $2,381.04$30,560.23$2,882.04 $7,044.04$2,617.94$2,381.04 $16,026.14$2,640.84$2,180.04
CITY OF ELK RIVER
PAYMENT COLLECTION PER LOAN
Monthly Detail
Page 73 of 82
2025
Q3 Q4
2026
Q1 Q2
JulyAugustSeptemberOctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJune$20,000.00
TOTAL PAYMENTS COLLECTED$2,595.56$2,722.14$2,422.14$30,560.23$2,882.04$2,381.04$2,381.04$2,617.94$7,044.04$16,026.14$2,180.04$2,640.84CITY OF ELK RIVER
TOTAL PAYMENT COLLECTION (USD)
Monthly Detail
Page 74 of 82
2025
Q3 Q4
2026
Q1 Q2
JulyAugustSeptemberOctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJune$20,000.00
PRINCIPAL RECEIVED$1,955.91$2,093.60$1,797.55$29,974.46$2,114.31$1,758.93$1,742.36$1,875.47$6,324.58$15,194.73$1,630.91$1,836.11CITY OF ELK RIVER
TOTAL PRINCIPAL COLLECTION (USD)
Monthly Detail
Page 75 of 82
2025
Q3 Q4
2026
Q1 Q2
JulyAugustSeptemberOctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJune$0.00
$500.00
$1,000.00
INTEREST RECEIVED$638.65$627.54$623.59$765.73$582.62$621.11$637.68$740.47$715.46$549.13$802.73$831.41CITY OF ELK RIVER
TOTAL INTEREST COLLECTION(USD)
Monthly Detail
Page 76 of 82
Source
Company Loan #Address DAYS PAST DUE AMOUNT DUE
30+ DAYS
TOTAL AMOUNT
DUE
ELK RIVER 19-015204 1420 5TH ST NW
19-015209 609 GATES AVE NW
19-015217 1811 MAIN ST
19-016564 403 3RD ST NW
23-029012 18990 TWIN LAKES RD NW
23-029085 17931 GARY ST NW
23-029618 13366 181ST LN NW
24-032189 14270 191ST AVE NW
24-033299 17812 CONCORD CT NW
25-039214 18471 TROTT BROOK PKWY NW
25-040378 11137 167TH AVE NW
25-041322 9624 209TH AVE NW
Grand Total
0 $0.00 $0.00
0 $0.00 $0.00
0 $0.00 $0.00
0 $0.00 $0.00
0 $0.00 $0.00
0 $0.00 $0.00
0 $0.00 $0.00
0 $0.00 $0.00
0 $0.00 $0.00
0 $0.00 $0.00
0 $0.00 $0.00
0 $0.00 $0.00
0 $0.00 $0.00
CITY OF ELK RIVER
AGING DELINQUENCY
Detail for June 2026
Page 77 of 82
Elk River Loan Summary Report
Activity for Period 4/1/2026 - 6/30/2026
Application packets requested/mailed:Year-to-Date: This period:0 0
Residential Advisor Visits:This period:Year-to-Date: 0 0
Applications received and processed in your City/Neighborhood this period:1
Closed Loans This period:Year-to-Date:
Elk River UnitsUnits
0 0
Closed End 0.00 0 135,000.00
0.00 0Total 35,000.00 1
Units UnitsYear-to-Date:This period:Leveraged Funds
MHFA FUF 119,950.0019,950.00 1
Total 19,950.00 119,950.00 1
% of Total#Types of Properties Financed YTD
Single Family Residence 100.002
Types of Improvements Financed YTD # of Projects % of Total
Solar-PV 100.001
Page 78 of 82
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community
engagement that encourages and inspires prosperity
Request for Action
To
Housing and Redevelopment Authority
Item Number
9.1
Meeting Date
August 3, 2026
Prepared By
Brent O'Neil, Economic Development Director
Item Description
2027 Budget Workshop
Reviewed by
Brent O'Neil
Cal Portner
Action Requested
Provide direction and feedback on the proposed 2027 HRA Budget.
Background/Discussion
The proposed 2027 HRA budget maintains its focus on existing activities and initiatives and does not propose
any major changes. The net change of $10,750 to the expenditure line would set the 2027 expenditures at
$520,200, which is a 2.1% increase year-over-year. With interest income projected to remain level at $40,000,
the levy is also proposed to increase by $10,750 to $480,200, which is 2.2% year-over-year.
Goals and performance measures remain consistent. However, a new goal has been added to guide target
levels of the fund balance. The fund balance accounts for operating reserves as well as maintaining cash levels
at sufficient levels to allow the HRA to pursue strategic objectives and be responsive to opportunities such as
property acquisition. This will be a key discussion point during the workshop as the budget continues to
allocate and levy $250,000 towards land acquisition and development improvements, which accrues in the
fund balance.
Financial Impact
N/A
Mission/Policy/Goal
Support the growth and development of the community.
Attachments
1. Proposed 2027 HRA Budget
2. Proposed 2027 HRA Performance Measures
Page 79 of 82
HRA
2023 2024 2025 2026 6/30/2026 2027 Increase/%
ACTUAL ACTUAL ACTUAL BUDGET YTD PRELIMINARY (Decrease)Change
REVENUES
Property Taxes 398,899 438,820 439,747 469,450 0 0 (469,450)-100.0%
Federal grant 0 0 0 0 0 0 0 #DIV/0!
MV Credit 236 215 230 0 0 0 0 #DIV/0!
Development Fee 0 0 0 0 0 0 0 #DIV/0!
Building Rent 0 0 0 0 0 0 0 #DIV/0!
Interest Income 7,651 13,581 49,921 40,000 27,312 40,000 0 0.0%
Refunds & Reimbursements 0 0 0 0 0 0 0 #DIV/0!
Miscellaneous Revenue 0 5,945 0 0 0 0 0 #DIV/0!
Sale of Assets 0 0 0 0 0 0 0 #DIV/0!
Transfers 0 0 0 0 0 0 0 #DIV/0!
Transfer - TIF 0 0 0 0 0 0 0 #DIV/0!
Total Revenues 406,786 458,561 489,899 509,450 27,312 40,000 -469,450 -92.1%
Personal Services
Regular Pay 77,319.31 83,234.70 87,179.90 92,000.00 33,991.69 107,850.00 15,850 17.2%
Part-time Pay 0.00 0.00 2,925.00 4,500.00 1,875.00 4,500.00 0 0.0%
PERA 5,798.93 6,242.58 6,542.72 6,950.00 2,548.57 8,100.00 1,150 0.0%
FICA 4,784.79 5,152.55 5,414.12 6,000.00 2,117.27 6,900.00 900 15.0%
Medicare 1,119.00 1,205.00 1,268.60 1,400.00 494.96 1,650.00 250 17.9%
Insurance 16,070.40 19,137.60 12,283.20 20,750.00 5,040.00 12,350.00 (8,400)-40.5%
Workers Comp 314.00 426.75 348.00 450.00 174.00 400.00 (50)-11.1%
PFML 0.00 0.00 0.00 500.00 161.61 550.00 50 0.0%
Total Personal Services 105,406.43 115,399.18 115,961.54 132,550.00 46,403.10 142,300.00 9,750 7.4%
Supplies
Office Supplies 27.00 0.00 154.64 100.00 82.30 200.00 100 100.0%
Fuels & Lubes 0.00 0.00 0.00 0.00 0.00 0.00 0 #DIV/0!
Operating Supplies 1,092.00 45.60 0.00 0.00 5,932.00 0.00 0 0.0%
Total Supplies 1,119.00 45.60 154.64 100.00 6,014.30 200.00 100 100.0%
Services & Charges
Legal Fees 975.00 4,251.00 2,461.50 3,000.00 0.00 3,000.00 0 0.0%
Professional Services 0.00 800.00 0.00 30,000.00 0.00 30,000.00 0 0.0%
Postage 1.30 10.69 2.86 0.00 0.00 0.00 0 0.0%
Travel, Conferences & Schools 52.27 0.00 83.83 1,000.00 0.00 1,000.00 0 0.0%
Advertising/Marketing 9,109.76 7,525.91 7,160.10 9,750.00 6,598.00 10,500.00 750 7.7%
Publishing 189.20 77.40 172.00 500.00 0.00 500.00 0 0.0%
Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0 0.0%
Utilities 176.50 0.00 0.00 0.00 0.00 0.00 0 0.0%
Bldg Repair/Maint Services 5,534.60 2,000.00 3,001.14 500.00 0.00 500.00 0 0.0%
Software Services 7,481.50 4,713.36 5,211.00 7,500.00 0.00 5,500.00 (2,000)-26.7%
Page 80 of 82
Contractual Services 91,685.80 30,035.00 24,724.56 27,000.00 18,085.28 28,000.00 1,000 3.7%
Dues & Subscriptions 2,464.00 0.00 0.00 2,500.00 0.00 2,000.00 (500)-20.0%
Miscellaneous 0.00 0.00 0.00 0.00 0.00 0.00 0 0.0%
Total Services & Charges 117,669.93 49,413.36 42,816.99 81,750.00 24,683.28 81,000.00 (750)-0.9%
Capital Outlay
Land 0.00 0.00 0.00 200,000.00 0.00 200,000.00 0 0.0%
Improvement Project Contract 0.00 0.00 0.00 50,000.00 0.00 50,000.00 0 0.0%
Total Capital Outlay 0.00 0.00 0.00 250,000.00 0.00 250,000.00 0 0.0%
Transfers Out
Transfers 0.00 0.00 0.00 0.00 0.00 0.00 0 0.0%
Transfer-General Fund 36,500.00 37,500.00 39,000.00 40,550.00 0.00 42,200.00 1,650 0.0%
Transfer-Capital Outlay Reserv 0.00 0.00 0.00 0.00 0.00 0.00 0 0.0%
Transfer-EDA 4,000.00 4,000.00 4,000.00 4,500.00 0.00 4,500.00 0 0.0%
40,500.00 41,500.00 43,000.00 45,050.00 0.00 46,700.00 (1,650)3.7%
TOTAL HRA EXPENDITURES 264,695.36 206,358.14 201,933.17 509,450.00 77,100.68 520,200.00 10,750 2.1%
TOTAL REVENUES OVER/(UNDER) EXPENDITURES 142,091 252,203 287,966 0 (49,789)(480,200)
Page 81 of 82
Performance Measures & Goals for 2027
Division:Housing and Redevelopment
Completed by:Brent O'Neil, Josh Mollan
Date:June 1, 2026
Performance Measure 2023 Actual 2024 Actual 2025 Actual 2026 Estimated 2026 YTD 2027 Projected
Number of HRA Rehab Loan
applications approved 4 2 2 5 1 4
Rehab Loan Funds Outstanding
(year-end)$162,000 $195,000 $187,000 $250,000 $210,000 $200,000
Residential Property Re-
investment (by permit value)$19,700,000 $8,500,000 $32,000,000 $10,000,000 $22,000,000 $25,000,000
Number of Multi-family Units
Added (completions)90 142 0 55 0 55
Division Goal Goal Objective/Task
Set target fund balance levels to maintain sufficient
reserves and availability of funds in anticipation of current
and future large expenditures.
Set a target HRA fund balance based on the following: minimum operating reserve - 50% of budget; property
acquisition; new programs (loans, grants) - $2,500,000. Target fund balance: $2,750,000. 5/31/26 fund balance:
$2,400,000.
Promote preservation of housing stock Promote investment in residential properties within Elk River and promote the HRA Rehab Loan Program. Identify
dilapidated properties and work with city code enforcement. Protect and strengthen rental properties.
Promote a vital downtown
Work actively with the Downtown Elk River Business Association (DERBA). Work with DERBA to develop a
beautification plan for the Main Street Corridor and/or engagement of redesign for Main Street. Promote and/or
modify the Downtown Facade Improvement microloan program. Pursue strategic acquisition and sale of downtown
redevelopment property, including Uppertown. Facilitate future use options for public property/King Ave. lot.
Enhance redevelopment opportunities for C/I properties
Identify business owners interested in redevelopment of blighted C/I properties. Work with the building department to
identify properties eligible for the blighted properties C/I program. Hold periodic discussions with various departments
(police, fire, building, and planning) to discuss potential redevelopment opportunities.
Acquire properties or short- and long-term redevelopment Monitor the market and identify properties for potential acquisition which align with the strategic objectives of the
HRA, including substandard structures.
Optimize use of studies, data, and research tools As needed, conduct studies and conduct research to best guide the HRA in its activities. Utilize tools such as
analytical software to better understand conditions and opportunities.
Page 82 of 82