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Mr. Sullivan advised it would be prudent for the EDA to seek additional funding in order to <br />address future :needs~ for land acquisition and to participate in future redevelopment <br />opportunities. I~e explained the HRA levy implemented last year was market value based and <br />used a percentag~ of 0.0144%, which was spread over the tax base of the City. He added it was <br />significant to no~ the HRA levy fell outside the State imposed levy limits, which increased the <br />amount of mone~' the City would be able to use for redevelopment and economic development <br />activities as well as planning for other projects, such as the Rum River Commercial Node <br />project. ~ <br /> <br />Mr. Sullivan recommended the EDA levy the full amount of $200,078 annually utilizing the <br />HRA levy, as doing so would enable the City to make the types of transactions discussed. <br /> <br />Mr. Sullivan noted it was important to note this funding was available outside of the levy limits <br />and were enactediso these projects could be accomplished through the EDA working as a group. <br /> <br />Chairperson Riley asked if the EDA renewed what was passed last year. <br />Mr. Sullivan resppnded that was correct, <br /> <br />Member Kiefer ~ked if there was any kind of retum on investment for the number of dollars <br />being spent by th~ EDA in the TIF district. <br /> <br />Mr. Sullivan responded every TIF district had a budget that must balance and that the budgets do <br />balance. ~ <br /> <br />Member Kiefer ebntinued the City received a return on investment for most taxes and he was <br />interested in the pi~rcent return. <br /> <br />Chairperson RileyI asked if the grant-money parcels and Alloy Recovery were available for sale. <br /> <br />Mr. Sullivan res~..onded two of them would be for sale. He added Alloy Recovery had been <br />utilized by publiO works; however, the piece on the end of the cul-de-sac could be availabe <br />available, which ebuld be used for reconfiguration of the property. <br /> <br />Mr. Sullivan expl$ined these were expensive properties and funds had been received from every <br />deal entered into by the City. He noted the trend had been to receive cash down, enabling due <br />funds to be paid. <br /> <br />Member Kurak asked when the TIF district was completed. <br /> <br />Mr. Sullivan respo~nded TIF 2 was completed in the year 2012 and a balance of $3 million was <br />expected at the co6clusion of the district in 2012. <br /> <br />Chairperson Riley;asked if government funds would be available "if a sweet deal came up." <br /> <br />Economic Development Authority / September 8, 2003 <br /> Page 5 of 11 <br /> <br /> <br />