Agenda - Council - 12/09/2008 - Laserfiche WebLink

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CASE# 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 2009; the City would be allowed to levy $430,598. 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. At the EDA's monthly meeting on Thursday, September 4, 2008, the EDA authorized a levy of $291,705. The amount levied for 2007 and 2008 payable had been. $393,375. As this being a levy limit year, and the EDA is included in levy limits (General levy and EDA are under levy limits), the EDA levy was reduced to meet the maximum levy limit.. Council accepted the EDA's recommendation and adopted the $291,705 at its regular meeting of September 8, 2008. Funding Source: None Required. Council Action: Motion to adopt Resolution #08-12-XXX adopting the 2008, payable 2009 EDA tax levy in the amount of $291,705. Review Checklist: ' ` ~~~~ City Administrator: Finance Officer FC: 12/9/08 -211-