Discuss use of Anoka County HRA Fund Balance

This item is to allow discussion with regard to the County's HRA fund balance.  Funds are accumulating at a rate of about $118,000 for each half year tax collection.  One year of levy is required to be retained by the HRA for senior housing use.  If not used, funds roll into the fund balance.  Bottom line - $575,000 is currently available for housing and redevelopment activities in the city.
 
In order to access the money, the city must pass a resolution requesting the use of funds and identify the project and dollar amount they want to request.  The project must be an eligible activity within the statutory guidelines of the state. 

The Economic Development Authority (EDA) is currently exploring the option of requesting of the Council the use of these monies for economic development activitiy, which would be allowed if the Council entered into a joint powers agreement with the County.  The EDA has asked staff to explore the pros and cons of such an arrangement..

Staff is obtaining a list of eligible activities from the County for this money.  If eligible, the HRA can consider for use on additional infrastructure to support housing development and possibly scattered site acquisitions to remove or rehabilitate dilapidated housing.