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The board with one dissenting vote accepted the financial report.
Tom Bell, executive director, reminded the board that HMDA has received $100,000 income from the sale of the City Hall Annex to developer Shane Radcliff, who also has a Fourth Avenue project.
“According to legislation passed by council that money will go to [council, i.e. the city] not HMDA,” Bell explained.
Council chairman Mark Bates said that the funds over and above expenses will likely go into the general fund. "I think we need to earmark the money," Bates added speculating that a meeting of the Finance Committee may be necessary. In addition, he reminded that about $130,000 in CDBG funds were spent for asbestos abatement. The money may be put back into the CDBG line item.
"It's up to council to decide. We'll look at everyone's ideas then reach a consensus," he said.
HMDA agreed to have Bell deliver a year end report at the January 2013 meeting. There will be no December 2012 session.
In the future, a formal annual report will be presented at the annual meeting.
Members voted to approve a $2,000 a year raise for Bell and a $1,000 a year raise for Ms. Riley, his administrative assistant. The motion carried with spoken dissent.