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ADOPT RESOLUTION APPROVING PROPOSED 2003 HRA LEVY BY EDA <br /> <br />By: Diana Lurid, Finance Officer <br /> <br />Background: <br /> <br />On November 28, 1998 the City Council approved a resolution creating the EDA for the City of Ramsey. The <br />resolution gives all the statutory powers of an Economic Development Authority (EDA) and Housing and <br />Redevelopment Authority (HR,A) to the Ramsey EDA. <br /> <br />The EDA budget has been funded primarily through three sources: 1) the City General Fund, 2) proceeds from <br />the sale of City owned property and 3) monies from the Landfill Closure Statement. Property tax reform <br />implemented for taxes payable in 2002, along with levy limits, have limited the amount of funding necessary <br />for land acquisition for redevelopment projects. <br /> <br />A possible funding mechanism for the EDA is the passing of a levy. The levy is based on the City's taxable <br />market value and for payable 2003, the City would be allowed to levy $176,12 I. <br /> <br />At the EDA's monthly meeting on Monday, September 9, 2002, they authorized a levy to be issued at 40% of <br />the total possible levy, or $70,448. This levy could be used to pay the City back for the purchase of Alloy <br />Recovery. <br /> <br />The enabling resolution adopted in 1998 requires that all recommendations by the EDA be sent to the City <br />Council for approval before any action is taken. <br /> <br />Recommendation: <br /> <br />Based on the recommendation of the EDA to recommend Council approval of the HRA Levy for payable 2003 <br />in the amount of $70,448. <br /> <br />Committee Action: <br /> <br />Motion to recommend Council Adopt Resolution #02-09-XXX approving the recommendation of the EDA and <br />approve the Proposed HRA Levy for Payable 2003. <br /> <br />Review Checklist: <br /> <br />City Administrator <br /> <br />FC: 09/11/02 <br /> <br /> <br />