Agenda - Council - 09/08/2009 - Laserfiche WebLink

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.c#8 ADOPT RESOLUTION APPROVING PROPOSED 2010 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 HRAlEDA Levy and 2) proceeds from the sale of City/ED A 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 2010, the City would be allowed to levy $401,922. The majority of the levy would be for personnel services and to purchase properties that are targeted for development/redevelopment. 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 montWy meeting on Wednesday, September 02, 2009, the EDA authorized a levy of $291,705. This represents the same amount that was levied for 2009 payable. Year 2010 will once again be a levy limit year, and the EDA is included in levy limits (General levy and EDA are under levy limits). The proposed levy of $291,705 would place a $26.40 tax on a residential home valued at $200,000. The enabling resolution adopted in 1998 requires that all recommendations by the EDA be sent to the City Council for approval before any action is taken. Recommendation: Based on the recommendation of the EDA to recommend Council approval of the EDA Levy for payable 2010 in the amount of$291,705. Committee Action: Motion to recommend Council Adopt Resolution #09-09-XXX approving the recommendation of the EDA and approve the Proposed EDA Levy for Payable 2010 in the amount of$291,705. Review Checklist: City Administrator: Finance Officer //6; k 0 , FC: 09/8/09