Agenda - Economic Development Authority - 09/14/2017

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Economic Development Authority (EDA) Meeting Date: 09/14/2017 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services 4. 5. Title: Resolution #17-09-232 Requesting use of the Anoka County HRA Fund: Case of the City of Ramsey's New Business Park Purpose/Background: PURPOSE Consider approving the attached resolution formally requesting use of Anoka County Housing & Redevelopment Authority (ACHRA) fund dollars to help pay for arterial infrastructure located along Bunker Lake Boulevard and Puma Street, within the city's new business park. BACKGROUND This case is administrative. Staff is lining up funding sources for this project. The EDA and City Council have provided direction on this project in the past. Attached to this case is high-level background information on the project. Also attached is the assessment agreement for this project. For detailed background information, please contact staff. Anoka County HRA In order to utilize ACHRA dollars, the city must receive formal authorization from the ACHRA board. In order to be considered by the ACHRA board, the city must pass/ submit a formal resolution requesting dollars. The City has used the ACHRA fund in the past to help financially assist housing projects and to pay for the purchase/ clean up of blighted properties. Eligible uses of the program are economic development, redevelopment, and housing projects. The ACHRA fund is an elective program. City's choose to participate. If City's participate, Anoka County levies dollars from Ramsey residents on the city's behalf. Although the ACHRA cannot use said Ramsey dollars for their own initiatives, they do provide oversight of each individual communities' ACHRA fund, and they do have the authority to approve or deny requests from individual communities. The City of Ramsey has participated in the ACHRA for over 10 years, and levies roughly $300,000 annually. Notification: NA Observations/Alternatives: NA Funding Source: ACHRA: balance anticipated at year end (2017) $1.75M. SIDEBAR -- Staff would like to make a high level note regarding funding. As the EDA/ Council knows, several development projects recently reviewed by the city include some form of city financing. Below is the summary of sources/ uses of funding for various projects. These numbers are rounded preliminary estimates. Final numbers will vary. Cost of Projects (city):