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HRA 07/10/2015 WORKSHOP ��`'bC/G July 16,2015 HRA Meeting Work Session Agenda 5•00 p.m. 1. Overview of City's Rental Property Inspection Program—Pat Wolfe, Inspector 2. Overview of Current CEE Program Offerings—Nate Phelps, CEE a. Other HRA Programs—Paul Bolin, HRA 3. Overview of HRA Fund Balances—Jim Casserly, MMB H:hPaul's DocumentsU-IRA�HRA Agenda Items�2015Uu1y 16,2015�Final July 16 Specia]Work Session 2015 Agenda Outline.docxH:�Paul's Documents�HRAV-IRA Agenda Items�2015Uu1y 16,2015�Final July 16 Special Work Session 2015 Agenda Outline.docx ` INFORMATION ITEM HRA WORKSHOP � F�� J U LY 16, 2015 Date: Juiy 10, 2016 To: Wally Wysopal, Executive Director From: Paul Bolin, Asst. Executive HRA Director Subiect• HRA Workshop — Overview of Existinq Proqrams As the City Staff begins to start working on the City's next Comprehensive Plan, and the Authority is beginning to see a number of large projects move forward, it is a good time °� for the Authority to review its ongoing programs and start thinking about the next round of redevelopment priorities. Because this is too much ground to cover in one meeting, we anticipate covering these topics in three different HRA workshops. The first workshop, to be held at 5PM on Thursday July 16�' will provide the background necessary to have further discussions about potential changes/additions to the HRA's ongoing programs and to begin to identify the next round of potential redevelopment sites in separate workshops to take place over the next few months. The first workshop will provide background in three key areas: Fridley's improved rental inspection M program, Fridley (& CEE's) current loan/home improvement programs, and the HRA's cash balances available for new programming and redevelopment projects. More detail is provided below. New & Improved Rental Inspection Proqram Since the Community Development Division took over the rental inspection program there have been many positive changes and improvements that have taken place with � the City's rental properties over the past 18 months. With rental properties now being inspected in a consistent manner and regular timeframe, property owners are now forced to maintain their properties. Inspectors are seeing changes and improvements. An attached memorandum from Scott Hickok provides a flavor of the information to be provided next week by Pat Wolfe. � Current Loan Proqrams / Propertv Improvement Proprams Before any discussion of changes or additions to our existing programs, it's important to review and compare, not only the types of programs, but the success of the programs ` with those offered by other communities. Overall market trends, interest rates, demographics of the community, and even weather can have an impact on our programs. Nate Phelps from CEE will be providing an overview of the loan programs accessible by Fridley residents. Related to this item, you will find attached a comparison of our CEE programs performance, compared with other communities that CEE works with. According to CEE our numbers are better than most of the other communities. Staff has also included a summary of all loan / property improvement programs offered by a number of our neighboring communities, as weU as a summary of all programs currently offered by the Authority. Overview of HRA Fund Balances Attached is a memo and spreadsheet provide by Jim Casserly and Greg Johnson. Before any in depth discussion of future programming changes and identification of potential redevelopment projects, it is necessary to know what funding is available to support these changes. As the Authority has always been careful in creating new programs and taking on redevelopment projects, there is money available should the Authority decide to expand on our existing programs. In conclusion, the meeting on Thursday night will be the first of three workshops, the purpose of which is to provide an overview of the existing work and programs being offered and the funds available to continue/expand the programs. The second workshop will be held to identify new loan programs or make changes to existing programs. The third workshop will be held to identify the next round of redevelopment priorities. � � AGENDA ITEM � ��°f HOUSING REDEVELOPMENT AUTHORITY Fridley MEETING OF July 16, 2015 To: Walter T. Wysopal, Executive Director Paul Bolin, Asst. Executive Director From: Scott J. Hickok, Community Development Director Pat Wolfe, Rental Housing Division Manager Date: July 10, 2015 Re: Rental Inspection Program Introduction In January 2014, Community Development assumed the role of managing rental inspections for the City of Fridley. In years prior, dating back to 1993,the Fire Department managed the rental inspection program for the City. The change came in part due to efficiency and also due to the fact that there were program improvements that needed to be made and the code enforcement model of the Community Development Department could be used to help make some of those improvements. Pat Wolfe has over 30 years on staff and is an expert in rental inspections as she served as the City's Section 8 Rental Inspector for most of those 30 years, as well as serving as an inspector for the Fire Department Rental Inspections Division since 2012. Pat's level of understanding and expertise in the rental housing arena made her a natural to manage the City's new Community Development Rental Inspections Division. One of the changes almost immediately evident in the transition from rental inspections under Community Development, rather than the Fire Department is that the inspections are far more thorough and comprehensive. Pat will attend the HRA Workshop Meeting on July 16, 2015 to talk directly about the changes that have been made in rental inspections over the last 18 months. The changes have been remarkable and we believe the HRA will be well-served by this discussion. Background and Anal� In 1993, then Chief Chuck McKusick recognized that his firefighters may be a target for staff/budget reductions if he did not have enough work for them to do when they weren't fighting fires. Consequently, he volunteered that the Fire Department could manage the inspections for the newly minted rental inspections ordinance/program. It became clearer over time that the Fire Department and rental inspections were not an ideal match. Chief Berg often commented, as McKusick's successor department manager,that he wished Community Development was managing the rental inspection program. Digging in beyond those seemingly tongue and cheek quips, you'd learn that he was very serious. For one, recruiting new firefighters is very difficult. Recruiting firefighters who-want to be enforcers in housing matters is an even more difficult task. Those interested in firefighting come to the profession expecting to train for and to use that training to manage incidents of fire, building collapse,to make rescues from confined spaces, or from a water body. They do not picture themselves telling someone they need to tighten their oven handle,fix the carpet that is loose at their threshold, insisting that the windows of their rental unit ha�e screens, andlor the glides on the deck door work so the door works properly. These items were not in the spectrum of duties they envisioned. Simply put,most fire personnel did not like doing rental inspection and consequently didn't have their hearts into doing it well. After 20 years it was clearly time for a change. Transitioning from a Fire Department manag�d to a Community Development managed rental inspection program began in 2013. Community Development agreed to take on the task and spent time in the last quarter of 2013 revising and reshaping the automated inspections record system to more directly correlate with the Code Tracking System(CTS) used by Community Development for code enforcement purposes. The department also restructured cubicles to place the inspection division close to the code enforcement staff and building inspection staff to encourage enhanced communication between those divisions. Position job descriptions were adjusted to recognize the new roles that would be added to some existing staff positions, and there was one new staff added to provide Pat with another inspector in the field along with her. A program to inspect a quarter of the units each year(each unit once every 4 years), was improved to take a year out and allow 1/3 of the units to be inspected per year meaning that once every 3 years an individual unit is inspected. Property owner accountability was a much bigger part of the new program focus. Owners of rental units would need to be licensed on time, be available for inspections when scheduled, would have their corrections made by agreed-upon deadline dates, and of course the list of conections may be much larger since the items needing correction are now clearly listed and frankly correction items more abundant than the standards they were held to in previous inspection years. Why this> why now this place has been inspected before, no one ever mentioned that before...that electrical outlet has been that way for years? This is an example of the type of comment that was heard often in the first year of the system(and sometimes yet now) of inspections by Community Development. In response, Pat and her staff respond that those were Fire Inspections and these are Rental Inspections. Rather than saying those were not thorough, she simply distinguishes then to now by saying that this is an inspection that focuses on the full unit, not just the unit's fire safety matters. Most owners have responded in a very positive way to the more comprehensive inspection process. Sure,there are some owners that haven't of course and some even say they are,selling their Fridley properties, because they do not want to make the type of investment required to fix their properties as required. In hearing this, please remember this is not now an over-zealous staff or over-zealous process. This is a process that assures properties are being kept up properly to meet a minimum standard that was defined in the City's Rental Code in 1993, The City's property maintenance ordinances, or that exist in the State Building Code. They are standards meant to keep properties safe and viable for both their owners and inhabitants. At the workshop Pat will describe in greater detail the process and the statistics to support that the rental inspections program changes have had a very positive impact on our rental housing stock. Recommendation Staff recommends that the HRA spend time taking in Ms. Wolfe's presentation and then obtain any answers or clarification they may need regarding the program and its many elements. Summary of City Financing Commercial Tax Increament City Business Other Business Total or Abatement Business Consulting Financing Programs Financing Financing Service Anoka x x x 3 Blaine x 1 Brooklyn Park x x xx 4 Columbia Heights x x 2 Coon Rapids x X 2 Fridley x x 2 New Brighton x 1 St. Louis Park x x 2 Residential Energy Efficient Deferred Single Family Low Other Upgrade Rental Financing Total Programs Loan Interest Loans Residential Assistance Anoka xxx xx xx � Blaine x x x 3 Brooklyn Park x x x X X S Columbia Heights � Coon Rapids x x 2 Fridley xx xx xx xxxx 10 New Brighton X � St. LouisPark xxx x xx x xxxx 11 s + City Financing City Type of Financing Explanation Funding Source Anoka � Commercial Tax Increment Financing The City provides development assistance through tax increment financing and tax **Offer a Bu5iness &Tax Abatement City Funds abatement financing under certain circumstances. Consultant Financing Sewer and Water Access The City may consider assessing,granting or borrowing the funds necessary for sewer City Funds Charge Assistance and water access charges. Case by case basis. • Maximum loan amount of$35,000 Anoka HRA Funds, Residential MN Fix Up Fund • 5.99%fixed rate (6.473%APR)* Administrated through • $96,500 maximum income limit per household CEE • Maximum loan amount of$20,000, No maximum income limit • Interest rate dependent upon term and improvements Anoka HRA Funds, CEE Home Energy Loan • 2.99%fixed rate(3.302%APR)or 4.99%fixed rate (5.011%APR) Administrated through • Maximum repayment term 10 years CEE • Eligible impr. include furnace,A/C,windows&doors, insulation, WH Anoka Low Interest Anoka HRA Funds, • 4%fixed rate (4.022%APR)* Income limits apply Administrated through Loan • $25,000 maximum loan, Most improvements eligible CEE • 25%of cost of project up to$1,000 Anoka HRA Funds, Anoka Mechanical/ • Grant given in the form of a rebate Administrated through Energy Grant • Eligible improvements include electrical, plumbing, heating,ventilation upgrades, CEE and insulation. Anoka Owner Occupied • 0%fixed rate (0%APR)* Income limits apply Anoka HRA Funds, Deferred Loan • $10,000 maximum loan, 1:1 match may be required Administrated through • Eligible improvements based on a site visit CEE Anoka Homebuyer Anoka HRA Funds Assistance Deferred ' 0�'o fixed rate * No income Limits, Loan deferred until time of sale Administrated through Loan • Funds may be used for down payment assistance or to repair foreclosed properties CEE Home Energy Squad A team of trusted energy consultants will come to your home,evaluate your energy Homeowner pays$25 and Enhanced saving opportunities, and install the energy-efficiency materials of your choice. City pays$25 City Type of Financing Explanation Funding Source Blaine Commercial City doesn't offer Business Financing: Refers its businesses to Anoka County's Financing or the CMDCs website Residential ACCAP Provides Loans to low income individuals to fix areas of their home to get it up to qnoka County code,or for it to become more safe. CEE Blaine: Manufactured Home This low interest loan requires monthly payments and can be used for most interior Improvement Loan and exterior maintenance or remodeling. EDA Funds Program CEE- Low-Interest Loan • Low interest loan requires monthly payments Blaine EDA Funds Blaine • Eligible improvements include most interior or exterior maintenance or remodeling. CEE-Community Fix-Up • Low interest loan requires monthly payments Program • Eligible improvements include most interior or exterior maintenance or remodeling. CEE City Type of Financing Explanation Funding Source Brooklyn Park • Used for fixed assets, including land, building, machinery and equipment(no working capital) EDA Money now Real Estate/ Equipment seperated into a separate • Loan amounts of$100,000—$250,000 non-profit Brooklyn Park loan . Must be for a "for-profit" business located in Brooklyn Park. Development Corporation •MKR Interest, Loan terms are equal with the life of the asset. Metropolitan • Loan amounts up to$50,000. 50/50 MCCD and Commercial Consortium of • Must be for a "for-profit" business located in Brooklyn Park. **Offer a Business Brooklyn Park Community Developers- • Used for working capital, inventory,equipment,and operations. Development Corporation Consultant Small Business Loans • Interest rate is fixed at 10%. Repayment terms generally range from 3-5 years. Brooklyn Park Development Corporation will issue a guarantee to your lender which Loan Guarantee Will help you borrow the money you need.To qualify,annual business sales must be Brooklyn Park Program $5 million or less. • Revenue bond financing program for growing manufacturing companies in Hennepin County Bond suburban Hennepin County. Hennepin County Fund • Owner-occupied manufacturing businesses expanding in or relocating to Hennepin County are eligible. City of Brooklyn Park � County handles paper Residential Home Improvement The City of Brooklyn Park's Economic Development Authority(EDA)currently offers Work, EDA Funds cover low-interest home improvement�nancing to Brooklyn Park residents. loan Loans County handles paper Minnesota Fix-Up Fund The program provides loans to improve the basic livability and/or energy efficiency of Work, EDA Funds cover Loan Program the borrower's home. loan Home Energy Loan CEE offers low interest home energy loans for Minnesota homeowners to make Program energy improvements in their homes. CEE City Type of Financing Explanation Funding Source Columbia Heights Anoka County Open to � Directs Business to Take advantage of Anoka County's open to business programs Commercial and financing available. Anoka County Funds Business • Offers a Business Consultant Residential No Current Programs Discountinued Rebate and Loan programs in Early 2015. Might focuss on creating programs for businesses instead City Type of Financing Explanation Funding Source Coon Rapids • MCCD provides direct financing and loans in partnership with banks and nonprofit MCCD Small Business lenders. CEE Commercial Loan Program • Funds can be used for inventory,working capital, asset and equipment purchases, real estate acquisition, and start-up costs. Tax Increment The City considers use of Tax Increment Financing(TIF) and Tax Rebate Financing(TRF) MCCD Financing/Tax Rebate Financing for development projects that would not otherwise occur without public assistance. ReGenerations Down • Homeowners must preform at least$10,000 of improvements by a state licensed Residential Payment Assistance contractor within 6 months of closing. Coon Rapids Mortgage Loan Pro ram • Assistance Foundation g Up too$6,000 in assistance. Up too 10 year period. • Low interest loans loans available for qualified borrowers. CEE Home Improvement Mortgage Assistant • No income limits.Also Special financing for exterior improvements of twinhomes. Loans Foundation City Type of Financing Explanation Funding Source Fridley Anoka County Open to • Directs Business to Take advantage of Anoka County's open to business programs& Anoka County& MCEb Commercial gusiness financing availableOffers a Business Consultant • Loans up to $35,000 at a below market interest rate. Residential Revolving Loan Fund • Max repayment term is 20 years. Income and Credit Limits Apply Fridley HRA • Loans can be used to improve owner-occupied properties with up to four units. CEE Home Irrrprovement This program offers loans up to$35,000 at lower than market interest rates. CEE Financing • Low interest fixed-rate loan up to$10,000, No income restrictions. CEE Home Energy Loan • Funds must be used for energy related improvements only and paid back within 5 CEE . years. • For low-income homeowners unable to qualify for a regular home improvement Last Chance Loan loan,this program may provide assistance for necessary emergency repairs. In the Fridley HRA form of a deferred loan • Loans up to$10,000 per unit(max. $100,000 per structure)for improvements Rental Rehabilitation made to rental property. The Minnesota Housing Loans • A below market interest rate is charged to owners and the maximum repayment Finance Agency term is 15 years. • For energy-related repairs and improvements. The Minnesota Housing Rental Energy Loans . The max loan is$10,000, low interest rate with a 5-year payback. Finance Agency The vacant substandard homes are acquired on a voluntary basis,torn down and the Housing Replacement remaining vacant lots are sold to homebuilders. City collects tax increment on the Fridley HRA Program property for 15 years. First Time Homebuyer •Below market rate mortgage loans, Income/Credit Restrictions Apply Anoka County Community Program • Purchase price limit for either a new or existing home is$298,125. Action Program Fridley Home The fairs hosted displays by more than 80 vendors,workshops on various home Firdley HRA and Partner Remodefing Fair improvement topics. cities The program offers advice and other information on various home improvement Remodeling Advisor topics. In addition,the Home Remodeling Advisor can provide referrals to other Fridley HRA important resources. Home Energy Squad A team of trusted energy consultants will come to your home, evaluate your energy Homeowner pays$50 Enhanced saving opportunities,and install the energy-efficiency materials of your choice. City Type of Financing Explanation Funding Source New Brighton Commercial TIF Home improvement Residential loan and grant Ramsey County programs for weatherization, deferred loans,energy smart,and Ramsey County information. rehabilitation loans. City Type of Financing Explanation Funding Source St.louis Park Commercial **Offer a DEED Programs,SBA Programs, CEE Energy Programs,and other energy efficiency programs offered by outside Business Financing Business groups. Consultant • Helps Employees live near their work in SLP. � •The employer and the city provide a grant up to$2,500 Housing Rehab Fund, Live where You Work � Buyers purchasing foreclosed properties in St. Louis Park would be eligible for an Funded by 1/8 of 19'0 private activity bonds. additional$1,000 grant from the city. • Program purchases properties, rehabilitates&then turns around and sells the home CDBG and Housing Rehab Residential Homes Within Reach to qualified low to moderate income households. Fund, Funded by 1/8 of • Buyers pay for the home only and lease the land for 99 years. 1�'o private activity bonds issued. • Max loan amount of$30,000, No interest. Deferred Loan Program • Covers basic safety, maintenance, improvements, Loan deferred until the sale of the CDGB Fund home,or after 15 years the loan is forgiven. Household income limits apply. • Grants of up to $4,000. Emergency Repair . Immediate emergency repairs such as furnace replacement, roof repair,etc. CDBG Fund Program Household income limits apply Homeowner pays$25 and Home Energy Squad A team of trusted energy consultants will come to your home,evaluate your energy City pays$25 with Enhanced saving opportunities,and install the energy-efficiency materials of your choice. Housing Rehab Fund Money. St. Louis Park Housing low interest home ' 4�'o Fixed Interest Rate if the Household income is less than 67,800/year anf 59�o Rehab Fund, Funded by improvement �nterest rate if the household income is$67,800-99,500/year. 1/8 of 1%private activity • $30,000 maximum loan amount. Exterior permanent Improvements. bonds issued. These loans can be used for most home improvement projects such as roof St. Louis Park Housing Community Fix-up Fund Rehab Fund, Funded by replacement, new windows, kitchen or bath remodeling,and garages. Loans up to Loans 1/8 of 19�o private activity $35,000. 5 percent interest. Household income cannot exceed$96,500 bonds issued. • Covers up to 25 percent of construction cost St. Louis Park Housing Move Up in the Park • Maximum loan of$25,000. 0 percent interest&3 percent admin.fee. Rehab Fund, Funded by Loan • Income limits apply. 1/8 of 190 private activity • No payment until sale of home and after 30 years the foan is forgiven. bonds issued. The city matches 50 percent of the utility rebates for energy efficient furnaces,water St. Louis Park Housing Energy Efficiency Rehab Fund, Funded by Rebates heaters and air conditioners, in addition to air sealing and insulation. Mail a copy of 1/8 of 19'o private activity the utility rebate you received within one year of the rebate check date. bonds issued. Home Energy Loans These loans are for home improvements that increase energy efficiency(adding CEE insulation, replacing windows or furnaces,etc.) St. Louis Park Housing Associations that need help financing improvements to common areas, can petition Rehab Fund, Funded by Townhome and Condo the City to create a Housing Improvement Area (HIA) if they show they are unable to 1/8 of 1% private activity Association Loans obtain a loan from other sources.The HIA enables the city to provide a low interest bonds issued. Some time loan that is repaid over a 10-to-15-year period via fees paid by the fiomeowners with bonds are issued to help their real estate taxes. Calculated to 1059�o so interest is given back pay for special assesment on tentants taxes. State Wide Financing Options Through CEE �Geothermal The Lending Center at the Center for Energy and Environment(CEE)offers low interest loans for Minnesota Financing homeowners who choose ground or air source heat pumps to heat and cool their homes. Home Energy CEE and the Minnesota Division of Energy Resources offer low interest home energy loans for Minnesota �oan Pragr�m homeowners to make energy improvements in their homes. Hom� The Home Improvement Loan Program is a statewide program that offers loans at below market interest rates ImprovemQnt to homeowners.The program was established to improve the basic livability and/or energy efficiency of the , Loan Program borrower's home. Eligible projects include interior or exterior improvements Uns�ecured Loan CEE Unsecured Loan program is a statewide program that was established to encourage and support the Program preservation of existing housing. The Lending Center at the Center for Energy and Environment(CEE)offers low interest loans for Minnesota Salar �inancing homeowners to increase the energy efficiency of their homes using photovoltaic(PV)solar technology. MONROE MOXNESS BERG . James R.Casserly jcasserlyQmmblawfirm.com , Direct 952.885.1296 ' MEMORANDUM To: Ciry of Fridley ��- ,! Attn: Wally Wysopal, City Manager�� Paul Bolin, HRA Assistant Executive Director Scott Hickok, Community Development Director Darin Nelson, Finance Director From: Monroe Moxness Berg PA Attn: James R. Casserly, Esq. Sevenich, Butler, Gerlach & Brazil, Ltd. Attn: Greg D. Johnson, CPA Date: July 9, 2015 Re: 2015 HRA Cash Flow Projections Our File No. 9571-39 With the assistance of Greg Johnson, from Sevenich, Butler, Gerlach & Brazil, Ltd., we havP updated the development funds and cash flow analysis for the HRA, with the goal of determining the amount of cash available for'future HRA projects. Our analysis has concluded that the following cash is available in the following years': Years Cash Available 2016/17 $5,000,000 2018 500,000 2019 600,000 2020 600,000 2021 600,000 2022 650,000 2023 650,000 2024 650,000 2025 750,000 Ten Year Total:- - $10,000,000 If a project occurs in the Northstar Transit Station District, then an additional $1,000,000 is available over the same ten-year period. } Our assumptions in making these determinations include the following: 1. The Revolving Loan Fund cash balances of approximately $2.0 million is included. Future repayments to the Revolving Loan Fund should finance future loans. 2. Cash reserves of approximately $800,000 are maintained throughout this ten- year period. 3. Grants to the Northern Stacks Project are made in accordance with the redevelopment contract. 4. Co{umbia Arena expenses of approximately $1.0 million are anticipated. 5. Annual operating costs are held constant at$478,352. 6. An HRA levy of $380,000 is held constant for the ten-year period, but growth of the City's market valuation could easily add an additional $100,000. 7. Administrative fees from the TIF Districts are currently at $125,000, but this amount should increase, maybe substantially, due to the new development that is occurring in the TIF Districts. 8. Potential land sale proceeds from the Gateway Northeast Project are not included. 9. No return on the investment of the available cash over the ten-year period is assumed (tax increment, land sales for example). 10. There are no interest earnings on the cash balances. Attached is a summary of HRA cash balances supporting our above analysis and conclusions. Please note that on that analysis there are to�al available funds in the column iabeied "12/31/25" of approximately $10.8 million. This conforms to our projections of cash available of $10.0 million,with an $800,000 reserve. Please let us know if any further information would be helpful. We look forward to reviewing this memo and summary with you. JRC/GDJ/lar Enclosures > MMB:4822-3249-0277,v. 1 2 CITY OF FRIDLEY,MINNESOTA Page 1 SUMMARY OF HRA CASH BALANCES Actual Actual Actual Projected Projected Projected Projected Projected 12/31 N 2 12131/13 12/31 L14 12/31/15 12131/16 12/31 N 7 12/31/18 12/31/19 W - Beginning HRA Gen'I Fund Cash Batance 5,903,368 4,351,274 3,808,040 3,795,310 4,282,787 Revenues Tax Levy 380,010 380,010 380,010 380,010 � 380,010 TIF Admin Fees 125,995 94,619 177,830 184,461 190,934 � TIF 20A-Interest on Interfund Loan 19,077 50,265 77,051 92,083 90,366 TIF 21-Interest on Interfund Loan 118,586 122,704 126,998 128,908 130,885 Medtronic Land Sale Receipts 124,342 125,296 125,296 125,296 125,296 Other revenues 20,458 13,398 13,398 13,398 13,398 InvestrnentEamings' 29,517 0 0 0 0 Interfund Loan Repaymentsl(add'1 borrowi� 6 Lake Pointe(Medtronic) 0 0 0 0 0 16 57th Ave(Linn) 19,601 (9,855) 0 0 0 17 Gateway East 24,741 27,810 27,810 27,810 2?,810 18 Gateway West 72,642 18,891 21,292 21,292 21,292 � 19 5110 Main St NE(Ind Eq) 0 0 0 0 0 20 BAE Site(RER) 0 0 0 (0) (0) 20A BAE Site(HSS) BAE site remediation costs (891,067) (765,316) (429,492) 49,051 50,768 , 21 GatewayNortheast Interfundloanintcosts (117,644) (122,704) (54,571) (56,481) 45,135 22 Northstar Transit Station Disfict 0 0 0 0 0 Expenditures = Acquisition/Site Costs Columbia Arena Site Costs (1,000,000) 0 0 0 0 Other Expenses Annual operating costs (478,352) (478,352) (478,352) (478,352) (478,352) ----- - - - -T----- Annual Change in Cash (1,552,094) (543,234) (12,730) 487,477 597,543 Ending HRA Gen'I Fund Cash Balance 4,351,274 3,808,040 3,795,310 4,282,787 4,880,330 0 0 0 0 0 Ending HRA Revolving Loan Fd Cash Balanc 2,034,009 2,031,145 2,028,281 2,025,417 2,022,553 TOTAL AVAILABLE FUNDS 6,385,283 5,839,185 5,823,591 6,308,204 6,902,883 Fridley Cash Flow 2015c.xisx Prepared by Sevenich,Butler,Gerlach&Brazil,Ltd. 7/9/2015 CITY OF FRIDLEY,MINNESOTA Page 2 Projected Projecfed Projected Projecfed Projected Pro%ected ' 12131/20 12/31/21 12/31/22 12/31/23 12J31/24 12/31/25 e o -H Beginning HRA Gen'I Fund Cash Balance 4,880,330 5,474,749 6,058,292 6,706,603 7,354,913 7,998,973_ Revenues Tax Levy 380,010 380,010 380,010 380,010 380,010 380,010 TIF Admin Fees 187,810 176,935 183,239 183,239 178,989 178,989 TIF 20A-Intereston Interfund Loan 88,589 86,750 84,847 82,877 80,838 78,727 TIF 21 -Interest on Interfund Loan 129,305 127,670 125,978 122,180 118,250 114,182 Medtronic Land Sale Receipts 125,296 125,296 125,296 125,296 125,296 125,296 Other revenues 13,398 13,388 13,398 13,398 13,398 13,398 Investrnent Eamings' 0 0 0 0 0 � Intedund Loan Repayments/(add'1 bomuwi� 6 Lake Pointe(MedVonic) 0 0 0 0 0 0 16 57th Ave(Linn) 0 0 0 0 0 0 17 Gateway East 27,810 27,810 27,810 27,810 27,810 27,810 18 Gateway West 21,292 21,292 21,292 21.292 21,292 21.292 19 5110 Main St NE(Ind Eq) 0 0 0 0 0 0 2Q BAE Site(RER) (0) (0) (0) (0) (0) (0) 20A BAE Site(HSS) 52,545 54,384 56,287 58,258 60,297 187,407 21 Gateway Northeast 46,715 48,350 108,505 112,303 116,234 120,302.. ' 22 Northstar Transit Station Disfict 0 0 0 0 0 J ` Expenditures - Acquisition/Site Costs 0 0 0 0 0 0 Other Expenses (478,352) (478,352) (478,352) (478,352) (478,352) (478,352) - Annual Change in Cash 594,419 583,544 648,310 648,310 644,060 769,06d Ending HRA Gen'1 Fund Cash Balance 5,474,749 6,058,292 6,706,603 7,354,913 7,998,973 8,768,034 0 0 0 0 0 0 Ending HRA Revolving Loan Fd Cash Balanc 2,019,689 2,016,825 2,013,961 2,011,097 2,008,233 2,005,369 TOTAL AVPJLABLE FUNDS 7,494,437 8,075,117 8,720,563 9,366,010 10,007,20 10,773,40 Fridley Cash Flow 2015c.xisx Prepared by Sevenich,BuUer,Gerlach&Brazil,Ltd. 7/9/2015 � � �'��* . . . .�� ,�:;, � � � . ��-� -'1� l, j� w�- :�i1�^ t`��'S' � . � — > �� , _ ,,. �, _ � . �_ ,� _.�._:w__. . � �� f� � � - e, .__.. �� . ��: � .. � . � K �.. I4� : . � �� . _. k{,� '�� :: ;>. � I . � �� . j < — ,a �i s��:�� ,� � � i 1�..r.,. .. �� .:. .—�—".,��, g �- �"�� : ,. 'A t'�� ' i ,. "�- �, [;ix � w�, �t {, � � . _ _ '�' ..,�€�',. 'S.:_ ° ..� , . .. . � .�- �� ;; .. -_ . _ ... - „s�. � �• " The City of Fridley's Housing and Redevelopment Authority (HRA) currently offers low-interest home improvement loan programs for Fridley residents. LOW INTEREST LOAN ELIGIBLE PROPERTIES . 4.74% fixed rate (4.762% Annual Percentage Rate)' : • Owner-occupied, 1-4 unit residential structures • $35,000 maximum loan amount located in the City of Fridley. • Income limits apply : • Most improvements are eligible � 1 , 1. Apply online at mnlendingcenter.org � . . . 2. Email loaninfo@mncee.org for a copy of the application 3. Call 612-335-5884 to have an application mailed to you FREE REMODELING ADVISOR VISITS Not sure where to begin with your home improvement projects? A free Remodeling Advisor Visit can hefp ; you get started. This service is FREE for Fridley homeowners and includes a visit to your home to assist you with remodeling ideas, necessary repairs and improvements and assistance reviewing bids. Call 612-335- 5856 to schedufe an appo intment. For more information on this or other programs contact 612-335-58�4, emai! loaninfo@mncee.org or visit mnlendingcenter.org. ;,.� The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or offer to enter into an agreement, and such an offer may only � � � ��lC�iCl£��...�'i�� be made pursuant to Minnesota Statues, Section 47.206 3) � �� ,-��'t , ,� i c:E��! 1.�.;°��:� :..;3i H usI c : and I4) �yo alo � �i�r��uNi�v *APR is based on 510,000 for 120 months.Closing costs apply. Printed on recycled paper.Ol/14