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`.- <br />Page: 9 <br />Housing &RedevelopmentJuthority <br />0 <br />Pequot Lakes <br />West Grove Townhomes • Sibley Terrace • Parkview I &II ".4lpineApts. <br />July 29, 2009 <br />Finance Administrator Nancy Malecha <br />Mayor Nancy Adams <br />Pequot Lakes City Council <br />Re: HRA Levy/ 2010 <br />Attached is the 2010 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) 2009 Levy approved was $31,000. The HRA is not requesting an increase in levy <br />dollars for 2010, with the budget remaining at $31,000. <br />2) Crow Wing County Auditor's office has provided the City's Taxable Market <br />Value at $273,421,400. Based on the maximum levy amount of .0185% the HRA <br />would be allowed to levy for $50,592.06. <br />3) The first half of 2009 levy received is $14,916.43. 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, is used to support additional <br />housing programs. Currently The HRA is partnering with the Brainerd Lakes <br />Area Development Corporation and the Central MN Housing Partnership in an <br />application for the Small Cities Development program for the year 2010. Excess <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 2010 levy in the amount of $31,000. Please feel free to contact <br />me with questions regarding the budget. <br />Sincerely, <br />PEQUOT L^ES HRA <br />Erika O'Brien <br />Executive Director <br />31203N. Oak St. P.O. Box 243 • Pequot Lakes, JWN56472.218 -568 - 4555.218 -568 -8968 (Fax) • pequotlakesgovofftce.com <br />