Olmsted County Board Approves New HRA
Rochester, MN (KROC AM News) - Advocates of an effort to deal with affordable housing issues facing the Rochester area were given a boost Tuesday when the Olmsted County Board voted in favor of establishing a new government entity that has taxing authority.
The county Housing and Redevelopment Authority will replace the existing HRA that has been a joint program with Rochester and it will consider enacting a new housing levy later this year. It would raise an estimated maximum of $2 ½ million per year.
The Greater Minnesota Housing Fund has been working with county officials and others in developing a strategy to deal with housing challenges. The collaboration began after the release of a comprehensive study by Maxfield Research. A proposal has a goal of 1500 new homes and 500 refurbished houses by 2020. Money for the homes would come from the new HRA, employers, existing government funds and charity.The HRA - which consists of the County Board and a public representative - is expected to spend considerable time discussing the plan over the next several months.
The board Tuesday also approved a $7 million bid for the construction of a Highway 63 interchange near the airport. The new County Road 16 bridge will be built south of the existing one so traffic won’t be affected. Work is expected to begin soon and finish next year. The job was awarded to Minnowa Construction.
The board also found out the county has retained its coveted AAA bond rating, the highest possible. Only 5 other counties in the state have the rating and less than 100 in the entire country. The rating was applied to bonds the county sold to pay for the Government Center expansion and 55th Street extension projects. Proceeds from the sale totaled around $42 million. The bonds were sold at an interest rate of 3.1 percent.
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