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HRA Regular Session 5. 1. <br />Meeting Date: 09/13/2011 <br />By: Diana Lund, Finance <br />Title: <br />Adopt Resolution Approving Proposed 2012 HRA Levy <br />Background: <br />Each "taxing authority" must adopt a proposed budget for payable 2012 and certify its proposed property tax levy <br />for payable 2012 to the County Auditor by September 15. <br />ANALYSIS: <br />On March 5, 2005 the City Council established a Housing and Redevelopment Authority (HRA). The bylaws state <br />that the makeup of the HRA will be the Ramsey City Council. <br />For Budget Year 2011, the HRA adopted a levy of $368,549 For Year 2012, staff is again proposing a maximum <br />levy of $368,549 (.0185% of total taxable market value of $1,992,157,400). A taxpayer home valued at $200,000 <br />would be paying $37.00 towards the levy. The majority of the levy will be used for ongoing costs associated with <br />the COR project area: designated personnel, marketing of the property and the development management contract. <br />Annually, the levy has also been responsible for approximately $48,000 of maintenance costs related to the parking <br />ramp maintenance agreement. Due to the costs associated with the COR project, the proposed levy will not meet the <br />proposed expenditures. It is proposed that the HRA will need to draw from the prior year fund balance and/or cash <br />generated from future land sales to meet expenses until such time that land proceeds are available to offset expenses. <br />Unlike the General Fund levy, the HRA may adopt a final levy in September. The HRA has adopted the final levy <br />in September and would like to continue with this same procedure for levy 2012 payable. The 2012 HRA budget <br />will be brought back for final adoption in December along with the 2011 Amended HRA Budget (housecleaning <br />item to amend budgeted line items to actual) <br />A proposed budget is attached for your review. <br />Recommendation: <br />Adopt resolution approving the proposed 2012 HRA Levy in the amount of $368,549. <br />Funding Source: <br />HRA budget is supported by the HRA tax levy and possible future land sales in th COR area. <br />Council Action: <br />Motion by Commissioner <br />and seconded by Commissioner to adopt Resolution <br />#HRA-11-09 authorizing the approval of the proposed 2012 HRA levy in the amount of $368,549. <br />2012 Proposed HRA Budget <br />Resolution 2012 HRA Levy <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />