Agenda - Council - 12/10/2002 - Laserfiche WebLink

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I FC# Z I i ,i I I I I I I I I I REVIEW AND ADOPT 2003 HRA 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 three sources: 1) the City General Fund, 2) proceeds from the sale of City owned property and 3) monies from the Landfill 'Closure Statement. Property tax reform implemented for taxes payable in 2002, along with levy limits, have limited the amount of funding necessary for land acquisition for redevelopment projects. The levy is based on the City's taxable market value and for payable 2003, the City would be allOwed to levy At the EDA's monthly meeting on Monday, september 9, 2002, they authorized a levy to be issued at 40% of the total possible levy, or $70,448. This levy could be used to pay the City back for the purchase of Alloy Recovery. 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. Council adopted the proposed HRA levy of $70,448 at its regular meeting of September 11, 2002. Committee Action: Motion to recommend City Council Adoption of Payable 2003 HRA Tax Levy. Resolution #02-12~XXX Resolution Adopting the 2002, Review Checklist: City Administrator FC: 12/10/02 I I I -221 -