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Page: 24 <br />Housing &Redevelopment.Athority <br />Of <br />Pequot Lakes <br />West Grove Towihomes • Sibley Terrace • Parkview I &II ",11pineWpts. <br />July 29, 2010 <br />Finance Administrator Nancy Malecha <br />Mayor Nancy Adams <br />Pequot Lakes City Council <br />Re: HRA Levy/ 2011 <br />Attached is the 2011 Levy Budget for the Housing and Redevelopment Authority of <br />Pequot Lakes, for submission with the City of Pequot Lakes levy to the Crow Wing <br />County Auditor. The following is an explanation of the budget: <br />1) 2010 Levy approved was $31,000. The HRA is not requesting an increase in levy <br />dollars for 2011, with the budget remaining at $31,000. <br />2) Crow Wing County Auditor's office has provided the estimated City's Taxable <br />Market Value at $270,932,600. Based on the maximum levy amount of .0185% <br />the HRA would be allowed to levy for $50,122.54. <br />3) The first half of 2010 levy received is $15,409.81. This amount has been sent to <br />U.S. Bank Trustee, holder of the bonds, as a portion of the pledged dollars in <br />support of the West Grove project. <br />4) Excess levy dollars, not pledged to the bonds, are used to support additional <br />housing programs. Currently The HRA is partnering with the Brainerd Lakes <br />Area Development Corporation, City of Crosby, Brainerd HRA, Crow Wing <br />County HRA, Minnesota Housing Partnership and Greater MN Housing Fund to <br />participate in The Housing Institute. This is an educational, and strategic <br />planning process with the end result being an application for funding housing <br />projects in Pequot lakes, Crosby, Brainerd, and other areas of Crow Wing County. <br />Levy dollars are vital to support these endeavors. <br />The Housing and Redevelopment Authority of Pequot Lakes respectfully requests your <br />approval for the HRA's 2011 levy in the amount of $31,000. Please feel free to contact <br />me with questions regarding the budget. <br />Sincerely, <br />PEQUOT LAKES HRA <br />�. r/aO'B ie n <br />Executive Director <br />31203 N.Oak St. P.O. Box 243 • Pequot Lakes, MN 56472.218- 568 - 4555.218 -568 -8968 (Fax) • peguodakes govof�ice.com <br />