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<br />CASE#5 <br /> <br />ADOPT RESOLUTION APPROVING PROPOSED 2010 EDA LEVY <br /> <br />By: Diana Lund, 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 (HRA) to the Ramsey EDA. <br /> <br />The EDA budget has been funded primarily through two sources: 1) the HRA/EDA Levy and 2) proceeds from <br />the sale of City/EDA owned property. <br /> <br />As mentioned above, a possible funding mechanism for the EDA is the passing of a levy. The levy is based on <br />the City's taxable market value and for payable 2010; the City would be allowed to levy $401,922. The <br />majority of the levy would be used to purchase properties that are targeted for development/redevelopment and <br />to fund consulting services such as appraisal services attributed to the desired property. The EDA levy is not <br />limited to housing and/or redevelopment, but can be spent on such items as vacant land, monument signs and <br />other economic development related activities. <br /> <br />At the EDA's monthly meeting on Wednesday, September 2, 2009, the EDA authorized a levy of $291,705. <br />This represents the same amount that was levied for 2009 payable. Year 2010 will once again be a levy limit <br />year, and the EDA is included in levy limits (General levy and EDA are under levy limits). <br /> <br />Council accepted the EDA's recommendation and adopted the $291,705 at its regular meeting of September 8, <br />2009. <br /> <br />Funding Source: <br /> <br />None Required. <br /> <br />Council Action: <br /> <br />Motion to adopt Resolution #09-12-XXX adopting the 2009, payable 2010 EDA tax levy in the amount of <br />$291,705., <br /> <br />Review Checklist: <br /> <br /> <br />City Adininistrator: <br />Finance Officer <br /> <br />CC: 12/8/09 <br />