HomeMy WebLinkAboutV.A.1 - HEDRA 2026 Budget Priorities Community Development Budget – Changes 25-26
HEDRA
Item 2025
Amount
2026
Amount
Background
Façade Improvement Program Grants - Exterior
Improvements of buildings within Downtown and
Vermillion Street. Grants of $1,000-$5,000. Funds
matched 2:1 with private equity. Funds not repaid
$50,000 $50,000 Consistent with past years. Look at modifying for
Vermillion Construction in 27
Revolving Loan Funds - Gap financing between
private financing and owner’s equity. Used for both
commercial and residential. Funds to be repaid with
interest
$120,000 $0 Taken from Fund Balance – Only $225,000 in fund
balance. Will not be able to provide in 2026
Downtown Environmental Cleanup – Environmental
remediation of downtown redevelopment sites
including the 1.5 acres north of Artspace and the
block behind Graphic Design.
$100,000 $100,000 Within current CIP\CEP Plan. Represents the match
required for site environmental remediation.
Westview Mall Repair – Assistance of parking lot
improvements and surveying to split outlot with
sales revenue to be reinvested into mall
$50,000 $0 Part of 2025 Budget, not planned for 2026
Expert and Consultant Service – Consultant services
for projects
$90,000 $50,000 Have spent $20k YTD.
Legal Fees – Not charged to a project $10,000 $10,000 Have spent $2k YTD
Conferences and Schools – EDAM Summer and
Winter, any other
$3,000 $3,000 Have spent $400 YTD
Repair and Maintenance of Buildings -
Maintenance of HEDRA owned properties.
$85,000 $55,000 Not spending much here. All Block 28 is under 413
account for future TIF
Community Development Intern - Assist with data
collection and research on economic development
priorities.
$7,500 $7,500 Full time summer internship. Partially grant funded in
the past. Duties split between Economic Development
and Planning ($15,000 total)
Marketing – Advertisement of Hastings
development sites and attributes. May include
$5,000 $5,000 Have spent $250 YTD
participation in real estate broker events and other
opportunities to connect with developers
Block 28 – Gateway – On going maintenance of
property – Charged to Fund 413 to be offset by
future TIF Revenue
Spent $34k in 2024; $93k YTD in 2025 (about $89k of
2025 amount are one time expenditures for relocation of
418 vermillion and taxes on 400 vermillion)
Downtown Master Plan – Strategic Plan Priority.
Guide future development within the downtown.
Would replace Heart of Hastings Plan completed
over 20 years ago
$0 $65,000 Will now request in 2025 budget per discussion with City
Administrator. Originally planned to defer ask until 2026