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FC#~ ADOPT RESOLUTION APPROVING PROPOSED 2008 EDA LEVY By: Diana Lund, Finance Officer Background: On November 28, 1998 the City Council approved a resolution creating the EDA for the City of Ramsey. The resolution gives all the statutory powers of an Economic Development Authority (EDA) and Housing and Redevelopment Authority (HRA) to the Ramsey EDA. The EDA budget has been funded primarily through two sources: 1) the HRA/EDA Levy and 2) proceeds from the sale of City/EDA owned property. As mentioned above, a possible funding mechanism for the EDA is the passing of a levy. The levy is based on the City's taxable market value and for payable 2008; the City would be allowed to levy $416,145. The majority of the levy would be used to purchase properties that are targeted for development/redevelopment and to fund consulting services such as appraisal services attributed to the desired property. The EDA levy is not limited to housing and/or redevelopment, but can be spent on such items as vacant land, monument signs and other economic development related activities. It is anticipated that the EDA will be involved in purchasing the KIH parcel in Gateway North Industrial Park in 2008. Value is approximately $345,000. At the EDA's monthly meeting on Thursday, September 6, 2007, the EDA authorized a levy of $393,375 (the same amount as 2007 levy). Council accepted the EDA's recommendation and adopted the $393,375 at its regular meeting of September 11, 2007. Funding Source: None Required. Committee Action: Motion to recommend Council Adopt Resolution #07-l2-XXX adopting the 2007, payable 2008 EDA tax levy. in the amount of$393,375. Council Action: Motion to adopt Resolution #07-l2-XXX adopting the 2007, payable 2008 EDA tax levy. Review Checklist: ~ (J City Administrator: /~ W Finance Officer v FC: 12/11/07