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HRA Regular Session 5. 1. Meeting Date: 09/11/2012 By: Diana Lund, Finance Information Title: Adopt Resolution Approving Proposed 2013 HRA Levy Background: Each "taxing authority" must certify its proposed property tax levy for payable 2013 to the County Auditor by September 17. ANALYSIS: On March 5, 2005 the City Council established a Housing and Redevelopment Authority (HRA). The bylaws state that the makeup of the HRA will be the Ramsey City Council. For Budget Year 2012, the HRA adopted a maximum levy of $368,549. For Payable 2013, staff is again proposing a maximum levy of $328,567 (.0185% of total taxable market value of $1,776,037,837). A taxpayer home valued at $200,000 would be paying $37.00 towards the levy. The majority of the levy will be used for ongoing costs associated with the COR project area: designated personnel, marketing of the property and contracting services. Annually, the levy has also been responsible for approximately $48,000 of maintenance costs related to the parking ramp maintenance agreement. The maximum levy is proposed at this time until a work plan is created by the Development Team. The purpose of this work plan is to forecasts future land sales and the net revenue generated that could offset the levy. Another funding source that could be used to offset the levy would be the use of Anoka County HRA funds held on behalf of the city. Staff needs to work with the county to determine the amount of funds eligible towards the budget. Prior to final adoption of the HRA levy in December, the work plan and Anoka County HRA funding will be known and brought back to the HRA in a worksession. Recommendation: Adopt resolution approving the proposed 2013 HRA Levy in the amount of $328,567. Funding Source: HRA budget is supported by the HRA tax levy and possible future land sales in the COR area. Council Action: Motion by Commissioner and seconded by Commissioner to adopt Resolution #HRA-12-XXX authorizing the approval of the proposed 2013 HRA levy in the amount of $328,567. Attachments 2013 HRA Proposed Levy Form Review Inbox Reviewed By Date