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Home My WebLink About[06a] 2010 Preliminary BudgetDATE: July 15, 2009 MEMO TO: St. Joseph Economic Development Authority FROM: Cynthia Smith-Strack, Municipal Development Group RE: EDA Budget - 2010 Background The City's Finance Director, Lori Bartlett has convened the 2010 budget process. The EDA must submit a preliminary budget to the City Council for consideration at budget workshop(s) in August. A preliminary budget will be adopted and certified to the County in September and a final budget to be adopted in December, 2009. Attached is a worksheet illustrating a preliminary budget for the EDA Fund 150 for your review and comment. We'll distribute worksheets for the TIF Funds and the Revolving Loan Fund at the meeting for Board Member information. Please note the following: Fund 150: Operating Fund for the EDA: The 2010 budget is markedly different from the ACTUAL 2009 for two reasons. 1. The 2009 preliminary budget included $28,000 within the "Professional Services" line item. It was MOVED to the General Fund for a staff Community Development Director position. Since a CDD hasn't yet been hired, the actual 2009 EDA Fund 150 line item for "Professional Services" will be credited from a transfer from the General Fund CDD staff position line item later this year to amend the 2009 budget. A similar occurrence may be anticipated for the 2010 budget depending on the timing of a CDD. 2. The EDA developed a capital improvement program (CIP) request in 2009 and presented the five year plan to the City Council. The requested amount for 2009 was reduced to $20,000 in the final budget. As you know, state local government aid (LGA) unallotments ensued which resulted in CIP projects for 2009 being placed on-hold. The amount for "EDA Projects" included in the 2010 budget worksheet is the amount identified in the EDA CIP submittal. The EDA should expect the request to be reduced, potentially to zero given additional LGA unallotments. Action: The EDA is asked to recommend a preliminary budget for 2010 to the City Council. 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Ttre subject roadway is included in the St Joseph Transportation Plan and contained within an 'area of change' as defined by the Comprehensive Plan update. The subject roadway will allow the development of shovel ready commercial and industrial nodes developed with easy access and preferential visibility from I-94. PROPOSED PROJECT COSTS The EDA requests $20,000 in 2010 far design of the roadway. 2, BUSINESS FACADE GRAN7 OR LOAN PROGRAM PURPOSEB~BACKGROUND The purpose and background of this item is defined in Section 2 of the 2009 CIP request The 2010 requested allocation would shift the program focus from the CBD to the Highway 75 Business District. The program would allow a matching grant for facade reconstruction costs and/or installation of landscaping in areas visible from the public right of way. The maximum grant would be $2,000 per property owner. Program funds not used in the Highway 75 Business District would be offered to owners of industrial buildings or owners of business establishments in the CBD. PROPOSED PROJECT COSTS The EDA requests $10,000 in 2010 for the redefined BFA grant program. The CIF allocation would fund five (5) projects. d Economic Development Section of the participation by/between the Planning Council in preparing for the County's dway segment in 2009 The definition of of the timing of extension of a collector 3. CONVERSION OF SINGLE FAMILY STUDENT RENTAL UNITS WITHIN THE CBD TO PARKING PURPOSE 8~ BACKGROUND The College of St. Benedict and St. Johns University are implementing afour-year on- campus residency policy. The policy will result in vacancies in single family detached dwellings currently rented by college students. The City estimates in excess of 100 such units could become vacant. Several of the rental homes are clustered within the Central Business District. The Comprehensive Plan Update (currently on-going) is expected to embrace a need for additional parking and green space within the Central Business District. The pending rental home conversion appears to provide an opportunity for the City to obtain property for conversion to public parking and public parks/trails. PROPOSED PROJECT COSTS The EDA requests $30,000 in 2010 for the purchase of property within the CBD for public parking purposes.