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Pine City HRA reviews finances, RAD conversion prospects and options for foundation repairs
Summary
HRA staff reported roughly $290,000 in operating funds and about $143,000 in combined capital funds; the board discussed a possible RAD conversion and agreed foundation repairs would still need to be addressed, and asked staff to research financing options if grants are not awarded.
At its July 21 meeting the Pine City Housing and Redevelopment Authority received a staff financial report, discussed potential RAD conversion for one property and explored options to pay for foundation repairs if grant funding is not received.
Jolene, the HRA customer management staff member, summarized balances and near-term repair needs: “you currently have 290,000 in your operating account,” she said, adding that the operating balance was just under $291,000 when accounting for small amounts. She reported roughly $143,000 in capital (cap) funds across 2023–25 and about $45,000 held in certificates of deposit. Jolene also noted two current vacancies and one unit in transition.
On the proposed RAD (Rental Assistance Demonstration) conversion, board members said HRA representatives, Chad and others, toured the site with Mora HRA staff and found the tour “very positive,” according to Jolene and Becky. Members asked whether longstanding water and foundation problems would become someone else’s responsibility under a conversion; board members agreed the foundation work would need to be completed regardless of conversion status and that the HRA would likely continue to have responsibility for addressing it until formal transfers or obligations are set.
Members reviewed recent grant outcomes: one prior application (POP funds) was denied, and staff said a small-cities development grant decision is pending and additional documentation is due by the end of the month. The board discussed contingency options if grant funding does not come through, including phasing repairs (with higher total cost), investigating whether the authority can issue bonds, exploring bank loans, federal partners (e.g., corps engineering) or philanthropic donors, and seeking additional grant opportunities.
The board asked staff to keep foundation-repair options on the agenda, research feasible financing mechanisms (bonds, loans, phased repairs or alternative public/private sources), and return with concrete options. The HRA also approved the presented financials and the HRA check register (staff-time items) by voice votes during the meeting.
The meeting closed with a report of a serious resident medical emergency over the preceding weekend; members expressed concern about resident isolation and noted limited on-site manager coverage as an operational risk to be monitored.
