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Motion carried. Voting Yes: Chairperson Olson, Commissioners Jeffrey, Gamec, Elvig, and Look. Voting No: None. Absent: Commissioners Dehen and Strommen Commissioner Dehen arrived at 5:33 p.m. HRA BUSINESS Case #1: Proposed Levy for 2008 Finance Officer Lund stated each taxing authority must adopt a proposed budget for payable 2008 and certify its proposed property tax levy for payable 2008 to the County Auditor by September 15 In December 2006, the Ramsey HRA/City Council adopted the 2007 HRA budget and HRA levy in the amount of $312,443. This amount represented the maximum levy amount. The levy was to be used to fund such expenses as personnel, consulting services and property acquisitions. Ms. Lund stated for budget year 2008, in keeping with the status of the General Fund and EDA levy in which 2007 levels are being maintained, the maximum HRA levy is not being requested. The maximum levy would have been $330,529 in comparison to the 2007 levy of $312,443. The levy would again be used to fund personnel, consulting and property acquisitions. An example of the effect on a property taxpayer with a market value of $200,000 would be $27.20. Since the HRA is the Council as a whole, this levy does not need to be brought back to the City Council. Chairperson Olson asked how much has been spent of the collected HRA levy. Finance Officer Lund replied basically what has been used to date has been 50% of Ms. Frolik's and Ms. Geisler's salaries and a small portion for consulting. They are looking at growing this fund for redevelopment needs in the future. Commissioner Elvig inquired about the current fund balance. Finance Officer Lund replied the current balance is $317,000. Commissioner Elvig requested discussion on what this fund could be used for. HRA Executive Director Frolik stated they are trying to build a fund and bank it for future projects where there might be participation on the part of the City. There has been discussion of some day including more affordable units in Town Center, possibly like Excelsior and Grand with the parking ramp surrounded by apartments and retail. Commissioner Elvig asked if the funds could be used for a potential project like Dysprosium Street where people may need to be relocated. HRA Executive Director Frolik replied the funds could be used for redevelopment. Commissioner Elvig indicated it would be prudent to have a conversation about what the levy approval would mean. Housing and Redevelopment Authority / August 14, 2007 Page 2 of 6