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CC Regular Session 7. 1. <br />Meeting Date: 09/13/2011 <br />By: Diana Lund, Finance <br />Title: <br />Adopt Resolution Approving Proposed 2012 EDA Levy <br />Background: <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 />The EDA budget has been funded primarily through two sources: 1) the HRA/EDA Levy and 2) proceeds from the <br />sale of City/EDA owned property (there is also a small amount of investment income). <br />The levy is based on the City's total taxable market value of the preceding year. For payable 2012, the City would <br />be allowed a maximum levy of $358,882. A significant portion of the levy can be used for personnel services and <br />other operational costs, housing and /or redevelopment costs. The EDA levy can be used to buy property, <br />professional services, marketing activities, and the like. <br />At the EDA's monthly meeting on Thursday, August 25, 2011, the EDA authorized a levy of $169,853. This <br />represents a $121,852 or a 42% decrease from the 2011 adopted EDA levy of $291,705. <br />The proposed levy of $169,853 would place a $17.16 tax on a residential home valued at $200,000. <br />The enabling resolution adopted in 1998 requires that all recommendations by the EDA be sent to the City Council <br />for approval before any action is taken. <br />Recommendation: <br />Based on the recommendation of the EDA to recommend Council approval of the EDA Levy for payable 2012 in <br />the amount of $169,853. <br />Funding Source: <br />2012 EDA levy supports the 2012 EDA Budget which will be formally adopted in December 2011. <br />Council Action: <br />Motion to recommend Council Adopt Resolution # 11-09-XXX approving the recommendation of the EDA and <br />approve the proposed EDA Levy for Payable 2012 in the amount of $169,853. <br />Resolution Adopting Proposed 2012 EDA Levy <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 09/08/2011 12:45 PM <br />Form Started By: Diana Lund Started On: 08/31/2011 11:16 AM <br />Final Approval Date: 09/08/2011 <br />