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Fc# <br /> <br />ADOPT RESOLUTION APPROVING PROPOSED 2004 HRA LEVY BY EDA <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 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 2004, the City would be allowed to levy $200,078. The levy would be used to <br />fund the second y ear of a three-year pay-back to the City for the purchase of Alloy Recovery, and for land <br />purchases, staff time and consulting services needed to market and develop industrial sites. It should be noted <br />that the City's current EDA fund has a fund balance that will support the current operations of the EDA for a <br />period of less than two years. <br /> <br />At the EDA's monthly meeting on Monday, September 8, 2003, they authorized a levy of $__ <br />the levy was used solely to pay the City back for the purchase of Alloy Recovery. <br /> <br />In 2003, <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 2004 <br />in the amount orS__. (Based on recommendation of EDA at its September 8th meeting). <br /> <br />Committee Action: <br /> <br />Motion to recommend Council Adopt Resolution #03-09-XXX approving the recommendation of the EDA and <br />approve the Proposed HRA Levy for Payable 2004. <br /> <br />Review Checklist: <br /> <br />City Administrator <br /> <br />FC: 09/09/03 <br /> <br /> <br />