HomeMy WebLinkAbout12-10-09 HEDRA IV. c. Capital Budget PlanCity of Hastings EDA Target PrioritiesCapital PrioritiesTABLE 6
2010-2014
20102011201220132014Total All Years
Project
Hudson Relocation4,000,0004,000,000
Business Park Fund100,000100,000100,000100,000100,000500,000
Industrial Development0
0
Business Loans-Revolving Fund10,00010,00010,00010,00040,000
0
Target Areas under Consideration0
Downtown0
Block 30
Vermillion Street0
23rd Street Redev Fund20,00020,00020,00020,00080,000
Total Expenditures per year$4,100,000$130,000$ 4,620,000
$ 130,000$ 1 30,000$ 1 30,000
Revenue Sources
Bonds3,750,0003,750,000
EDA Levy (City)110,000110,000110,000110,000440,000
HRA Levy320,000320,000320,000320,0001,280,000
EDA Fund Balance100,000100,000
CDA Grant (applied for)250,000250,000
Total Revenue Sources$4,100,000$430,000$ 5,820,000
$ 430,000$ 4 30,000$ 4 30,000
Debt Service
P & I - 20 yr GO TIF Bond85,000300,000300,000300,000300,0001,285,000
HRA Levy300,000300,000300,000300,0001,200,000
HRA Fund Balance85,00085,000
HASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT
AUTHORITY
Combined 2010 Budget Summary, 404 and 407 Accounts
Revenues
HRA Levy320,000HRA: levy of 0185% of Taxable Market
Value
Interest27,000On HRA fund balance
3,000On IP fund balance
Loan payments 13,000Installment loans w/interest
Rents12,500Farm IP land
Transfer 315,000From fundbalance
Total 690,500
Expenses
Personnel salary and 171,300100% Director, 25% Planning Director,
benefits50% Public Relations Specialist.
Administration 22,000Memberships and dues, travel, office,
conferences, advertising, insurance,
accounting
Property expenses 17,500Maintenance and replacement
5,000 downtown property
12,500 Industrial Park
Professional services 62,500Consultants, experts, legal, costs & fees
62,500 Rehab and Redevelopment
Rehabilitation125,000Loans, grants for owner rehabilitations and
code improvements
50,000 Residential loans
5,000 Res. emergency grants
50,000 Commercial loans
20,000 Fire alarm grants
Redevelopment300,000Acquisition, demolition, relocation,
remediation and public improvements for
redevelopment projects.
Total expenses698,300
COMPARISON
2009 2010
Levy HRA: 234,000HRA: 320,000
City: 42,000
Other Revenues HRA: 40,000 55,500
IP: 19,000
From fund balances HRA: 507,500 HRA: 315,000
EDC: 25,000
TOTAL REVENUES & 867,500 690,500
TRANSFERS
Personnel wages and HRA: 103,000 171,300
benefitsEDC: 54,000
Administration HRA: 11,00021,700
EDC: 10,000
Property upkeep HRA: 6,000 17,500
IP: unbudgeted balance
Professional services HRA: 61,500 62,500
EDC: 21,500
Rehabilitation loan fund 125,000 125,000
Redevelopment fund 475,000 300,000
C-I development
TOTAL EXPENSE 867,000 698,300
LEVIES
HRA Levy
HRA levy amount is the statutory maximum rate of .0185% based on the 2010
¼
Taxable Market Value.
The HRA levy is not included in the City levy limit.
¼
The EDRA levies the amount with Council approval.
¼
EDA Levy
As the City remains under a levy limit and under current revenue projections, an
EDA levy would reduce the City budget. An EDA levy is not requested this year.
ACTIVITIES
Program goals for 2010
Promote riverfront redevelopment
¼
Assist commercial redevelopment projects in Downtown and Vermillion project
¼
areas
Assist commercial & residential rehabilitation and code improvements
¼
Acquire obsolete and blighted property for redevelopment
¼
Promote and assist commercial and industrial projects for job and tax base growth
¼
Assist historic preservation projects
¼
Cooperate with local and commuter multi-modal transit projects
¼
UNBUDGETED RESERVES
Estimated fund balances on January 1, 2010 represent 33% of the total funds, which is
considered a reasonable balance. These estimates are
404 Account (former HRA) 300,000
407 Account (former (IP) 100,000