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Housing &Redevelopment Authority <br /> r o <br /> =AL Pequot Lakes <br /> }` B <br /> `''�!' ii West Grove Townhomes•Sibley Terrace•Parkview I& *Alpine Apts. <br /> July 16,2008 <br /> City Clerk Sandy Peine <br /> Mayor Cathy Malecha <br /> Pequot Lakes City Council <br /> Re: HRA Levy/2009 <br /> Attached is the 2009 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) 2008 Levy approved was $31,000. The HRA is not requesting an increase in levy <br /> dollars,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$287,957,700. The legislature has approved a bill raising the levy <br /> amount allowed for the HRA, to a new rate of.0185% of taxable market value. <br /> The past rate was .0144%. Based on the new rate and the increased market value, <br /> the amount the HRA would be allowed to levy for 2009 is $53,272. <br /> 3) The first half of 2008 levy received is $14,898. This amount has been sent to U.S. - <br /> Bank Trustee,holder of the bonds, as a portion of the pledged dollars in support <br /> of the West Grove project. <br /> 4) Excess levy dollars,not pledged to the bonds, is used to support additional <br /> housing programs. Most recently,the HRA worked with Habitat for Humanity in <br /> securing three Lots,in the city,providing housing for low-income families. <br /> 5) Due to the downturn of the housing market,the HRA is not currently pursuing <br /> programs to build new housing. However,we continue to look for opportunities <br /> to assist the City of Pequot Lakes in removing blight from neighborhoods, <br /> providing city lots for new construction in the future. The HRA will be partnering <br /> with the Brainerd Lakes Area Development Corporation and the CWC HRA in an <br /> application for the Small Cities Development Block Grant program for the year <br /> 2010. Excess 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 2009 levy in the amount of$31,000. Please feel free to contact <br /> me or any HRA Commissioner with questions regarding the budget. <br /> ly, <br /> a on hurlow <br /> Executiv ,irector <br /> 31203 N.Oak St.P.O.Box 243 •Pequot Lakes,MN 56472 •218-568-4555•218-568-8968(Fax) •pequotlakes.govoffice.com <br />