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sale of City oxvned property, monies from the Landfill Closure Statement, and the HRA levy <br />implemented last year. He added the general fund was not used often. <br /> <br />Mr. Sullivan indicated LGA cuts implemented in 2003 and levy limits had limited the amount of <br />funding that could be obtained from the general fund for land acquisition and redevelopment <br />projects; however, it was important for the EDA to have the ability to make purchases of <br />property, sometimes on short notice, so it was able to assemble properties in a timely manner for <br />redevelopment, as well as the ability to purchase blight areas. He added it was also important to <br />have adequate funding in order to utilize consulting tools for development and redevelopment. <br /> <br />Mr. Sullivan indicated the EDA was still paying for the acquisition of Alloy Recovery through <br />the HRA levy and a minimum of $63,583.02 would need to be levied for Pay 2004. He stated, at <br />this point, there was not much money available. <br /> <br />Mr. Sullivan noted the enabling resolution adopted in 1998 required all recommendations by the <br />EDA be sent to Council for approval before any action was taken; therefore, if the EDA decided <br />to approve a levy, Council would need to approve it. <br /> <br />Mr. Sullivan stated the City had recently increased its redevelopment activity in TIF District No. <br />2. He noted a sewer and road project was beginning this fall and there had been interest by <br />private parties to facilitate redevelopment in the area. <br /> <br />Mr. Sullivan indicated the City needed the flexibility to continue playing a significant role in <br />redevelopment in "Tin Pan Alley." He stated progress could slow or stop and future <br />redevelopment costs would continue to rise if the City did not continue to proactively approach <br />redevelopment in the area. He added there would be five new properties in the area available for <br />sale. <br /> <br />Mr. Sullivan explained it would likely become necessary, at some point, to relocate current <br />businesses in the area to parcels outside TIF District No. 2. He noted TIF funds could not be <br />used for this pm'pose so it became necessary to have access to different funding sources to <br />complete redevelopment projects. <br /> <br />Mr. Sullivan gave the example of KIH and Debee properties, which were located outside of TIF <br />districts but had similar acreage to parcels located within TIF District No. 2. He explained these <br />types of parcels would be good relocation destinations for businesses that were willing to sell in <br />"Tin Pan Alley." He added a problem with redevelopment was some businesses were willing to <br />sell but wanted to do business elsewhere. <br /> <br />Mr. Sullivan noted the City general fund unfortunately could not be utilized for these types of <br />transactions, mainly due to the unavailability of funds. He stated it was the role of the EDA to <br />promote economic development and redevelopment within the City of Ramsey and the need for <br />the EDA to seek funding for these possible activities was clear. <br /> <br />Economic Development Authority / September 8, 2003 <br /> Page 4 of 11 <br /> <br /> <br />