As a part of the annual budget process, the Housing and Redevelopment Authority (HRA) sets its levy and develops its operating budget for the year ahead.  Staff has prepared a draft budget for consideration.  The HRA is currently engaged as the Master Developer of the COR at Ramsey project.  The budget as drafted represents the costs of development management, marketing and maintenance costs incurred in this effort. 

Also for consideration for the upcoming budget year or for the balance of 2011, is $357,250 in tax increment interest revenue that is available for un-restricted uses outside of the districts.  As a part of this year's preparations of TIF reports for the City, staff learned that there were interest earnings from prior to 1997 that were being held in the district revenues that are un-restricted dollars.  These interest revenues do not need to be held in the districts, but can be utilized in an un-restricted manner for other city expenses.  Attached to this case are reports from Ehlers showing the amount of non-TIF related to interest earnings prior to 1997 that did not have to be retained in TIF. Staff is recommending these dollars be transferred to the HRA fund. 

HRA will need to set a preliminary levy prior to September 15, 2011.