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HRA Regular Session 5. 3. <br />Meeting Date: 08/13/2012 <br />Submitted For: Kurt Ulrich By: Jo Thieling, Administrative Services <br />Information <br />Title: <br />Discuss use of Anoka County HRA Fund Balance <br />Background: <br />This item is to allow discussion with regard to the County's HRA fund balance. Funds are accumulating at a rate of <br />about $118,000 for each half year tax collection. One year of levy is required to be retained by the HRA for senior <br />housing use. If not used, funds roll into the fund balance. Bottom line - $575,000 is currently available for housing <br />and redevelopment activities in the city. <br />In order to access the money, the city must pass a resolution requesting the use of funds and identify the project and <br />dollar amount they want to request. The project must be an eligible activity within the statutory guidelines of the <br />state. <br />The Economic Development Authority (EDA) is currently exploring the option of requesting of the Council the use <br />of these monies for economic development activitiy, which would be allowed if the Council entered into a joint <br />powers agreement with the County. The EDA has asked staff to explore the pros and cons of such an arrangement.. <br />Observations: <br />Staff is obtaining a list of eligible activities from the County for this money. If eligible, the HRA can consider for <br />use on additional infrastructure to support housing development and possibly scattered site acquisitions to remove <br />or rehabilitate dilapidated housing. <br />Funding Source: <br />County HRA unencumbered fund balance of $575,000. <br />Council Action: <br />Based upon discussion, it is recommended that the HRA direct staff on the desired utilization of County HRA <br />monies. <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 08/09/2012 02:13 PM <br />Form Started By: Jo Thieling Started On: 08/06/2012 11:57 AM <br />Final Approval Date: 08/09/2012 <br />