HomeMy WebLinkAbout1992 12-10 EDAP Regular Session EDA AGENDA
CITY OF BROOKLYN CENTER
DECEMBER 10, 1992
(following adjournment of City Council meeting)
1. Call to order
2. Roll Call
3. 1993 Proposed EDA Budget
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4. Resolutions:
a. Resolution Approving the Final Brooklyn Center Economic
Development Authority Budget for the Year 1993 Pursuant
to MSA Chapter 469.107, Subdivision 1
b. Resolution Requesting the City of Brooklyn Center to Levy
Taxes for the Benefit of the Brooklyn Center Economic
Development Authority for the Year 1993
5. Adjournment
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Member introduced the following resolution and moved
its adoption:
EDA RESOLUTION NO.
RESOLUTION APPROVING THE FINAL BROOKLYN CENTER ECONOMIC
DEVELOPMENT AUTHORITY BUDGET FOR THE YEAR 1993 PURSUANT TO
MSA CHAPTER 469.107, SUBDIVISION 1
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WHEREAS, the Brooklyn Center Economic Development Authority has
considered the attached final budget and finds that this budget is
necessary for the operation of the Brooklyn Center Economic Development
Authority during the year 1993:
NOW, THEREFORE, BE IT RESOLVED by the Economic Development
Authority for the City of Brooklyn Center that the attached budget of
the Economic Development Authority for said City is hereby approved.
BE IT FURTHER RESOLVED that a copy of this resolution, together
with the attached budget, be submitted to the City Council of the City
of Brooklyn Center.
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Date President
The motion for the adoption of the forgoing resolution was duly seconded
by member , and upon vote being taken thereon, the
following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
ECONOMIC DEVELOPMENT AUTHORITY OF BROOKLYN CENTER
EARLE BROWN FARM T.I.F. DISTRICT
ANNUAL OPERATING BUDGET
1991 As of 1992 1993 1993
REVENUES Actual 8/31/92 Budget Request Adopted
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GENERAL PROPERTY TAXES
Tax Increments 1,377,594 663,345 1,308,500 1,196,750 1,196,750
- - - - -- --- - - - - -- --- - - - - -- ---------
OTHER SOURCES OF FUNDS
Sale of Bonds 5,996,855
--- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - --
TOTAL REVENUE & OTHER SOURCES 7,374,449 663,345 1,308,500 1,196,750 1,196,750
EXPENDITURES
E.B. Farm T.I.F. District:
Hennepin County Admin. Cost 693 1,041 1 1
Legal Services 71
Internal Borrowing Interest 229,446 160,000 170,000 170,000
Earle Brown Farm Project 109,039 11,540 15,000
Brooklyn Farm Parcel 2 20,077 195 38,032
E.B.H.C. Projects 333,425 64,685 136,279
-- - - - - -- --- - - - - -- --- - - - - -- --- - - - - --
Total E.B.F. Projects 692,751 77,461 349,311 171,100 171,100
OTHER FINANCIAL USES
Transfer to Debt Sery 85 Fund 475,000 308,102 560,000 560,000
Transfer to Debt Sery 91 Fund 728,732 620,000 640,000 640,000
Transfer to E.B.H.C. Fund 359,125 186,672 339,456 200,058
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Total Other Financial Uses 1,562,857 0 1,114,774 1,539,456 1,400,058
--- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - --
TOTAL EXPENDITURES & OTHER USES 2,255,608 77,461 1,464,085 1,710,556 1,571,158
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Fund Balance, January 1 (7,560,062)., (2,441,221) (2,596,806) (2,596,806)
Fund Balance, December 31 (2,441,221) (2,596,806) (3,110,612) (2,971,214)
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ECONOMIC DEVELOPMENT AUTHORITY OF BROOKLYN CENTER
EARLE BROWN HERITAGE CENTER
ANNUAL OPERATING BUDGET
1991 As of 1992 1993 1993 1993
REVENUES Actual 08/31/92 Budget Request Recommend Adopted
--- - - - - -- ---- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - --
Convention Center:
Room Rental Revenue 217,729 172,274 410,000 410,000 410,000 410,000
Food & Beverage Revenue 62,065 32,613 65,000 100,000 100,000 100,000
Equipment Rental Revenue 36,327 24,808 40,000 30,000 30,000 30,000
Other Revenue 26,788 32,815 37,000 60,000 67,000 67,000
Special Events Revenue 90,000
Inn on the Farm:
Guest Room Rentals 132,155 107,111 178,178 170,000 170,000 170,000
Food & Beverage Sales 11,997 5,952 12,518 25,000 25,000 25,000
Other Revenue 9,007 8,606 10,050 11,755 16,930 16,930
Commercial Office Rentals:
Office Rent 88,399 72,239 106,900 110,775 112,975 112,975
Cleaning Services 2,337 2,309 3,800 3,960 3,960 3,960
Other Revenue 182 283 400 340 340 340
--- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - --
TOTAL REVENUES 586,986 459,010 953,846 921,830 936,205 936,205
--- - - - - -- --- - - - - -- --- - - - - -- - - - - -- --- - - - - -- --- - - - - --
EXPENSES
Salaries & Wages 341,492 290,550 401,826 465,289 439,799 439,799
Fringe Benefits 63,488 60,262 96,911 109,913 104,429 104,429
Supplies 62,643 42,066 57,978 85,578 73,432 73,432
Consulting 45,496 8,584 15,601 9,425 9,450 9,450
Communications 145,110 90,701 134,160 159,454 140,285 140,285
Repairs, Rentals, & Maint. 48,660 22,853 53,155 50,208 39,860 39,860
Other Contractual Services 81,235 68,739 101,554 105,523 101,823 101,823
Insurance 9,108 6,628 10,763 9,625 9,625 9,625
Utilities 94,562 75,960 108,590 112,183 107,683 107,683
Capital Outlay 75,843 35,716 35,716
Interest 10,423 942 9,000 6,000 6,000
Admin. Services Transfer 28,700 36,150 50,796 38,161 38,161 38,161
Merchandise, Food & Bever. 15,194 11,391 14,184 9,856 9,856 9,856
Contingency 35,000
Unallocated 21,228 20,144 20,144
Special Events 60,000
--- - - - - -- --- - - - - -- - - - - -- --- - - - - -- --- - - - - --
TOTAL EXPENSES 946,111 71'4,826 1,140,518 1,261,286 1,136,263 1,136,263
--- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - --
Loss Before Transfer (359,125) (255,816) (186,672) (339,456) (200,058) (200,058)
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Transfer from T.I.F. Dist. 359,125 186,672 339,456 (200,058) (200,058)
- - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - --
Net Income (Loss) 0 (255,816) 0 0 0 0
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ECONOMIC DEVELOPMENT AUTHORITY OF BROOKLYN CENTER
SPECIAL OPERATING FUND
ANNUAL OPERATING BUDGET
1991 As of 1992 1993 1993 1993
REVENUES Actual 8/31/92 Budget Request Recommend Adopted
GENERAL PROPERTY TAXES
Ad Valorem Levy 177,850 177,850 177,850
--- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - --
MISCELLANEOUS REVENUE
Interest 135,810 110,000 110,000 110,000 110,000
Land Sales 75,000
--- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - --
Total Misc. Revenue 135,810 0 185,000 110,000 110,000 110,000
--- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - -- --- - - - - --
OTHER SOURCES OF FUNDS
H.R.A. Fund Transfer 141,983 73 0 ,061 149,570 141,250 141,250 141,250
C.D.B.G. Fund Transfer 180,440 47,177 215,761 217,491 217,491 217,49
Equity Transfer - Debt
Service Fund 1,000,000
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Total Other Sources 1,322,423 120,238 365,331 358,741 358,741 358,741
--- - - - - -- --------- --- - - - - -- --------- --- - - - - -- --- - - - - --
TOTAL REVENUE 1,458,233 120,238 550,331 646,591 646,591 646,591
EXPENDITURES
Administration 111,024 64,180 151,834 253,000 253,000 253,000
Rehabilitation Grants 103,892 69,255 85,761 100,491 100,491 100,491
Scattered Site Redevelop. 55,184 1,995 71,500 75,000 75,000 75,000
Commercial Indust. Study 22,515
Brooklyn Blvd Redev. Plan 10,343 25,000
C.D.B.G. B. Frank Exemption 3,500
C.D.B.G. C.R.P. Project 15,000 30,000 30,000 30,000 30,000
C.D.B.G. Home Program 12,000 12,000 12,000
Rental to Owner Conversions 74,600 68,000 68,000 68,000
Spot Renewal Program 25,674 1,997 108,136 108,100 108,100 108,100
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TOTAL EXPENDITURES 318,289 162,770 550,331 646,591 646,591 646,591
Fund Balance, January 1 849,971 1,989,915 1,989,915 1,989,915 1,989,915
Fund Balance, December 31 1,989,915 1,989,915 1,989,915 1,989,915 1,989,915
4 b�
l
Member introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO.
RESOLUTION REQUESTING THE CITY OF BROOKLYN CENTER TO LEVY
TAXES FOR THE BENEFIT OF THE BROOKLYN CENTER ECONOMIC DEVELOPMENT
AUTHORITY FOR THE YEAR 1993
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WHEREAS, Minnesota statutes currently require certification of a
proposed tax levy to the Hennepin County Auditor on or before September 15, 1992
and a final tax levy on or before December 25, 1992.
BE IT RESOLVED by the Economic Development Authority of the
City of Brooklyn Center as follows:
Section 1: That the Economic Development Authority requests the
City of Brooklyn Center to levy a property tax for the benefit of
the Economic Development Authority, for the year 1993, at the
rate of 0.01813% of taxable market value of all taxable property, real
and personal, situated within the coroporate limits of the City of
Brooklyn Center, Minnesota and not exempted by the Constitution of the
State of Minnesota or the valid laws of the State of Minnesota, for
the purpose of maintaining the E.D.A. Special Operating Fund pursuant
to MSA Chapter 469.107, Subdivision 1.
Section 2: The City of Brooklyn Center will include the Economic
Development Authority's tax levy in the City of Brooklyn Center's proposed
tax levy to the Hennepin County Auditor on or before September 15, 1992,
and a final tax levy on or before December 25, 1992.
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Date President
The motion for the adoption of the foregoing resolution was duly seconded
by member , and upon vote being taken thereon, the following
voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.