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2021-07-27 HRA Agenda PacketPLEASE TURN OFF CELL PHONES & PAGERS IN COUNCIL CHAMBERS. AGENDA MOUND HOUSING & REDEVELOPMENT AUTHORITY REGULAR MEETING TUESDAY, JULY 27, 2021 6:50 P.M. MOUND CENTENNIAL BUILDING CITY COUNCIL CHAMBERS Page 1. Open the meeting 2. Action approving agenda, with any amendments 3. Action approving minutes: January 12, 2021 1 4. Catherine Pausche, Administrative Services Director, requesting action on 2-4 a resolution amending Resolution No. 09-15H: Resolution authorizing interfund loan in connection with Tax Increment Bond secured by tax increment derived from the Mound Harbor Tax Increment Financing District 5. Administrative Services Director Catherine Pausche requesting action 5-7 on Resolution Authorizing the Levy of a Special Benefit Levy Pursuant to Minnesota Statutes, Section 469.033, Subdivision 6, and Approval of a Budget for Fiscal Year 2022 6. Adjourn MOUND HOUSING AND REDEVELOPMENT AUTHORITY Tuesday January 12, 2021 The Mound Housing and Redevelopment Authority in and for the City of Mound, Minnesota, met in regular session on Tuesday, January 12, 2021, at 6:55 p.m. in the Westonka Schools Performing Arts Center. Members present: Chair Ray Salazar, Commissioners Phil Velsor, Sherrie Pugh, Paula Larson, and Jason Holt Members absent: None Others present: City Manager and Director of Public Works Eric Hoversten, Finance Director/Clerk/Treasurer Catherine Pausche, City Engineer Brian Simmons, Community Development Director Sarah Smith, Building Official Scott Qualle, Orono Sergeant Tim Sonnek, James Dolan, Tracy Reimann, Katie Holt, Pat O'Flanagan, Michael Bang, Michelle Herrick Public Present: None 1. Open meeting Chair Salazar called the meeting to order at 6:57 p.m. 2. Approve agenda MOTION by Velsor, seconded by Holt, to approve the agenda. All voted in favor. Motion carried. 3. Approve minutes MOTION by Velsor, seconded by Larson, to approve the minutes of the October 13, 2020 regular meeting. All voted in favor. Motion carried. 4. Action on Resolution approving Paula Larson as Actinq Chair of the Mound Housinq an by Holt, to approve the following resolution. All voted in favor. Motion carried. RESOLUTION NO. 21-01H: RESOLUTION APPROVING PAULA LARSON AS ACTING CHAIR OF THE MOUND HOUSING AND REDEVELOPMENT AUTHORITY 5. Action on Resolution making a selection not to waive the Statutory Tort Limits for Liability Insurance Purposes MOTION by Larson, seconded by Pugh, to approve the following resolution. All voted in favor. Motion carried. RESOLUTION NO. 21-02H: RESOLUTION MAKING A SELECTION NOT TO WAIVE THE STATUTORY TORT LIMITS FOR LIABILITY INSURANCE PURPOSES 5. Adjourn MOTION by Velsor, seconded by Holt, to adjourn at 6:59 p.m. All voted in favor. Motion carried. Chair Raymond J. Salazar Attest: Catherine Pausche, Clerk n MEMORANDUM Date: July 22, 2021 To: HRA Board Chair and Commissioners From: Catherine Pausche, Administrative Services Director Subject: Mound Harbor TIF District 1-3 Interfund Loans Tax Increment received from the Mound Harbor TIF District continues to be insufficient to repay the debt service on the bonds. In 2009, the HRA and City Council authorized interfund loans to make up for the shortfall. The City Council will be asked to authorize an additional interfund loan that will result in the principal exceeding the current cap of $3,000,000 and this resolution effectively raises the cap to $3,250,000. ..ym snnoinl uoet I.-,, $ 1 m shcial unnna mm� O.::IC P 12 2013-Aaa 281 um" u5 uF 13 Oebt snc Hccum_ Lmi Lana9Ip Reenue $ 500,C0000 3 Intro ,d Ln ,, $ 3,D63,HDD 00 Attached is the projected debt service that assumes the Mound Artessa project will be completed and paying property taxes beginning in 2024. In that instance, a projected $1.3M will be available to repay the interfund loans before the TIF district expires in 2031. Ifitwere not completed, an additional $80K interfund loan would be needed with no prospect of repayment. Staff recommends approval of the attached resolution raising the interfund loan limit to $3,250,000. Please let Catherine know if you have any questions regarding this matter at (952)472-0633. tityofMomW,M1V Callable2/l/19andafla TFI-3 FaM 375 100%mate y2/1(9 Decati6es 12,31/31 Ell (ORG)Snia'20090,$4,omA00GOTaslm�t MurdhgAoms REFI Sa ia' M18A $19ID,m0 GO Refmding EoNs Lon Laps Pay 3]5 475 Coltrtian Debt Tax StiP Otln9 ToW AoN AmW Aged ToW Der DmA Year La.•3 hc�rmts Ramer' Ninat Raell Prhvipa Waai 01 Experal CasM1 Cash 2009 - 129248 - - 129248 - - 173,921 2010 - 121,,742 (1,25A 120,492 - IG8315 1,333 IG9648 IW,"166 2011 120,349 99,140 (IyGA 217,5S9 - 154,"735 1,199 155,934 246,421 2012 125,W8 6W - - 125,652 "IgGGG 153,685 1,24"1 224,932 ISg942 2013 214,400 39962 2$4G] - 282,"169 95GGG 151,21G 1,202 247,412 185,"151 2014 2GgGGG 31,456 4"1,853 - 285,309 IGgGGG 148,285 2,"169 251,G54 22g006 2015 2Gg0GG 341W 4"1,4G3 - 283$G] IIgOGG 145, 135 "185 255,920 24S597 2016 2GgGGG 6g66] 4g285 - 3GGy52 ISS,GGG 141, 160 1,684 291,W4 251,705 2G1"1 1"IS,GGG "i1,314 31,4"19 - 289293 165,GGG 135,ofS 2,343 303,291 240S94 201E 650,000 106,419 348,5/3 2,009281 3,114,"i13 170,000 13gG85 35,293 335,383 3G20,332 2019 130,162 - 130,162 3,155,000 1119ID I,090 326$G60 (116,539) 2020 1Gg000 14"I,Sl6 - 24"I,Sl6 105,000 69,513 1,500 (16G13 (44j13) (142,5P 2021 529G0 150,000 619G0 120,00 65,013 1,500 1SO513 448H0 2022 150,000 150,000 125,00 60,113 1,500 1S0613 411,505 2023 150,000 - 150,000 130,000 55,013 1,500 1SO513 374,993 Sal e of Lana m ula be 20A 322',711 used m repay It ans a r- 322=711 145,000 49,513 1,500 196G13 501,691 2025 322,,711 mak e Improvements to 322=,711 165,000 43,313 1,500 2G9013 614,590 2026 322,,711 public spaces - 322,,711 170,000 36,613 1,500 2G8113 "129100 2Gn 322,,711 - 322,,711 10g000 29,613 1,500 211,113 0402S/ 2G2a 322,"111 �Howmuch 322,,711 105,000 22313 1,500 2G0013 954,605 2029 322,,711 repTll` yingey PnYl4 322,,711 190,000 15,,763 I,500 207,263 1,0/0134 2031 322,,711 loans - 322,,711 205,000 9231 I,500 211,230 1294,43/ 2G31 322,"111 - 322,"111 2GS,GGG 3,331 I,SOG 209,S31 1,294,431 Amofmtassulable wrepaylmetund 2,513,SOO 4,0100S2 550000 2006,631 9G09,313 5940000 1,W0421 66950 7,M7,379 loans UPDATED TLFOUGH 7/15/21 SurnPffid2019-2031OLD 4,073290 surnPffi12019-2031NEw 2,400952 FwW%5 Le✓v Rff 1-2) Wnfwtl Lour 2004-200 S64003 Asof1231-20 2,534,,797 HARBOR DISTRICT SITE 2010-2017 315000 2021 Traeu4a 529,003 pSTIMAT[o 2022T nwe Took Liny 10 Total 3G0, 201STrans 6500 Puea 3GG0000 021Tams 529003 Overage 63,8GG Hat 0 MOUND HOUSING AND REDEVELOPMENT AUTHORITY RESOLUTION NO. 21- H RESOLUTION AMENDING RESOLUTION NO. 09-1511: RESOLUTION AUTHORIZING INTERFUND LOAN IN CONNECTION WITH TAX INCREMENT BONDS SECURED BY TAX INCREMENT DERIVED FROM THE MOUND HARBOR TAX INCREMENT FINANCING DISTRICT WHEREAS, The Board of Commissioners (The `Board") of the Housing and Redevelopment Authority in and for the City of Mound, Minnesota, approved Resolution No. 09-15H at the regular meeting held on October 27, 2009, and WHEREAS, Section 2.02 limited the advance of funds constituting an Interfund Loan to the aggregate principal amount of all Interfund Loans authorized under this resolution to $3,000,000; and WHEREAS, Principal on all Interfund Loans for the Mound Harbor Tax Increment Financing District will exceed this amount if an additional Interfund Loan is authorized, NOW THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority of and for the City of Mound, Minnesota, hereby adopts a resolution amending City Resolution No. 09-86 to increase the aggregate principal amount of all Interfund Loans to $3,250,000 from $3,000,000. Adopted by the HRA this 27th day of July, 2021. Chair, Raymond J. Salazar Attest: Kevin Kelly, City Clerk MEMORANDUM Date: July 22, 2021 To: HRA Board Chair and Commissioners From: Catherine Pausche, Administrative Services Director Subject: HPA Special Levy for 2022 Section 469.033, Subdivision 6, of the HRA Act permits the HRA to levy and collect a special benefit levy of up to.0185 percent of tenable market value. The HRA/City have used this levy to pay for the parking deck debt service which was refinanced in 2015 and will expire in 2035. The excess funds above debt service are credited to Fund 285 Harbor/Transit District to help with redevelopment activities and begin to establish reserves for the transit district and Lost Lake dredge/slip maintenance. Thebudgetfor Fund 285 is attached and Staff recommends approval of the resolution. The City Council will act when the preliminary budget is discussed in August/September. Please let Catherine know if you have any questions regarding this matter at (952)452-0633. 2018 2019 2019 2020 2020 2021 2022 Percentage Account Number Description Actual Budget Actual Budget Actual Budget Requested Change HarborMansit DistricVHRA 285-46300-31010 Current Ad Valorem Taxes -HRA Levy 49,954 57,135 57,135 75,955 75,955 75,955 75,000 285-46300-34705 LMCD Fees Lost Lake Slips - 700 - 700 5,011 700 700 285-46300-34737 Lost Lake Slip Revenues - 77,000 74,235 75,000 74,758 75,000 75,000 285-46300-33160 Grants from other Govt. Units 4,626 - - - - - - 285-46300-36240 Refunds and Reimbursements - - 2,012 - - - - 285-46300-39210 Interest Earnings - - - - 231 - - TOTAL REVENUES 54,580 134,835 133,382 151,655 155,955 151,655 150,700 -0.63% Harbor/Transit DistricbHRA 285-46388-210 Operating Supplies 1,528 1,500 364 1,500 327 1,500 1,500 285-46388-300 Professional Srvs - - - 1,800 25,000 - 285-46388-301 Auditing and Acctg Services - 769 - 782 800 800 285-46388-307 Admin/Finance/Computer Chgs 3,600 3,600 3,600 3,780 3,900 3,900 285-46388-315 Service Charges - - - 112 - - 285-46388-361 General Liability Ins 13,075 18,940 18,8061 7,000 6,1971 7,210 7,426 285-46388-381 Electric Utilities 27,408 24,000 22,532 18,000 18,526 18,000 18,000 285-46388-400 Repairs & Maintenance 3,000 8,965 3,000 - 3,000 3,000 285-46388-401 Building Repairs 2,500 - 2,500 - 2,500 2,500 285-46388-430 Miscellaneous(LMCD) 100 3,000 1,279 3,000 1,276 3,000 3,000 285-46388-440 Other Contractual Services 18,201 13,000 5,431 13,000 3,031 8,000 8,000 285-46388-500 Capital Outlay FA 9,500 - - - - - TOTAL EXPENDITURES 60,312 79,040 61,746 51,600 35,831 72,910 48,126 -33.99% CHANGE IN FUND BALANCE 5,732 55,795 71,636 11 100,055 120,124 78,745 102,574 (80,718) BEGINNING FUND BALANCE (74,986) (80,718) (9,082) (9,082) 111,042 189,787 INCREASE/(DECREASE) IN FUND BALANCE 5,732 55,795 71,636 100,055 120,124 78,745 102,574 ENDING FUND BALANCE 80,718 24,923 9,082 90,973 111,042 189,787 292,361 S:\FINANCE DEPT\BUDGET\2022\BUDGET WORKING FILE AND GEN ERAAOTES\2022-BUDGET COMBINED WORKING FILE 7-22-21 285 HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MOUND RESOLUTION NO. 21- H AUTHORIZING THE LEVY OF A SPECIAL BENEFIT LEVY PURSUANT TO MINNESOTA STATUTES, SECTION 469.033, SUBDIVISION 6 AND APPROVAL OF A BUDGET FOR FISCAL YEAR 2022 WHEREAS the Housing and Redevelopment Authority in and for the City of Mound (the "HRA") has been duly established and operates under Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act'); and WHEREAS, Section 469.033, Subdivision 6, of the HRA Act permits the HRA to levy and collect a special benefit levy of up to .0185 percent of taxable market value in the City upon all taxable real property within the City in order to finance housing and redevelopment activities authorized under the HRA Act; and WHEREAS, the HRA has reviewed a budget for its operations for fiscal year 2022, which budget earmarks the special benefits levy to pay debt service for the Mound Transit Center bonds and any other costs related to HRA administrative, operating and/or capital expenses; NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Mound as follows: 1. The budgets for the Mound Transit Center debt service and maintenance costs for fiscal year 2022 are hereby in all respects approved. 2. Staff of the HRA are hereby authorized and directed to file the budget with the City in accordance with Minnesota Statutes, Section 469.033, Subdivision 6. 3. The Board approves a special benefit levy for taxes payable in 2022 pursuant to Minnesota Statutes, Section 469.033, Subdivision 6, in an amount not to exceed $248,555, subject to the consent of the City Council of the City. 4. Staff of the HRA are hereby authorized and directed to seek the approval by resolution of the City Council of the City of the levy of special benefit taxes in 2022, certify such proposed special levy with the Hennepin County Auditor by September 30, 2021, certify the final levy with the County Auditor by the specified date and take such other actions as are necessary to levy and certify such levy. 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