Laserfiche WebLink
Housing &RedevelopmentAuthority <br /> 0 <br /> Ao- -67d p Pequot Lakes <br /> West Grove Townbomes•Sibley Terrace•Parkview I&II'Alpine opts. <br /> August 8, 2005 <br /> Honorable Mayor Cathy Malecha <br /> City Council Members <br /> Clerk Sandy Peine <br /> Re: Levy Budget/2006 <br /> Attached is the 2006 Levy Budget for the Housing and Redevelopment Authority of <br /> Pequot Lakes, to be submitted with City of Pequot Lakes levy to the Crow Wing County <br /> Auditor. The following is an explanation of the budget: <br /> a) The City has adopted a levy budget for the HRA since 1999. <br /> b) The City adopted a Resolution on September 16, 2003 that provides for a levy not <br /> to exceed .0144 percent of taxable market value, in support of the Bonding project <br /> for West Grove Townhomes. (Copy attached) <br /> c) Previously the City had provided for a levy of$19,500 in 2004, and$18,286 was <br /> received and pledged to the bond trustee. <br /> d) The levy for 2005 should exceed the$19,500 amount pledged to the bond, <br /> estimated at$22,750. To date, $11,427 has been received. <br /> e) The Housing and Redevelopment Authority proposes to use levy funds exceeding <br /> the$19,500 amount for the purpose of pursuing other housing within the City. <br /> f) The 2006 budget currently provided is based on the current market value for the <br /> City of Pequot Lakes ($201,378,700) per the auditor. However, there has been <br /> $5,835,600 in new construction within the City during the past year, which is not <br /> included in this amount. The final estimated market value of the City would be <br /> determined after 9/1/05 by the County Auditor's office. <br /> g) In light of the increased market value, the levy budget authorized will probably <br /> exceed the amount of $29,000 proposed in the 2006 budget. <br /> h) The 2006 HRA levy budget allows for levy funds exceeding the $19,500 pledged <br /> amount, to be used for the pursuit of additional housing within the City. <br /> The Housing Authority would respectfully request that the City approve a HRA levy <br /> budget in the full amount allowed by law of.0144 percent of taxable market value as will <br /> be determined by the Crow Wing County Auditor for the year of 2006. <br /> urshruly, tiu� <br /> aron ehur�low <br /> Executive Director <br /> 31203 N.Oak St.P.O.Box 243•Pequot Lakes,MN56472.218-568-4555.218-568-8968(Fax) •pequotlakes.govoffice.com <br />