HomeMy WebLinkAbout01-14-10 IV. c. Capital Budget PlanHASTINGS 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
Rents 12,500Farm IP land
Transfer 315,000From fund balance
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
Rehabilitation 125,000Loans, 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 expenses 698,300
City 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 year4,100,000$ 130,000$ 130,000$ 130,000$ 130,000$ 4,620,000$
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 Balance (TCCCF)100,000100,000
CDA Grant (applied for)250,000250,000
Total Revenue Sources4,100,000$ 430,000$ 430,000$ 430,000$ 430,000$ 5,820,000$
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
SAMPLE BUDGET FOR 2011 IF HUDSON PURCHASED IN 2010
All figures in thousands
EDA HRA NOTES SOURCES
REVENUES
Levies 230320
Revenues 327Interest
123Rent Ind.Pk., NSP
Transfers 315From HRA fund balance
Loan payments 10HRA residential rehab loans
245675
EXPENSES
Capital fund100Business Park EDA Levy –
Fund1st year only a
TCCF transfer
rd
Capital fund 2023 Street HRA Levy
Debt svc 300Hudson bond HRA Levy
Business loan 10Seed money for EDA Levy
program revolving fund
Prof. services 50Legal, A&E, HRA fund
consultantsbalance
Rehab program 100Revolving loan HRA fund
balance
Redevelopment200Acquisition, HRA fund
program demolition, balance
infrastructure
Salaries 1002 shared pos. EDA Levy
Operations 232Office expenses EDA Levy and
revenue
Maintenance 123Property Rents
245675