Laserfiche WebLink
CC Regular Session 7. 3. <br />Meeting Date: 09/11/2012 <br />By: Diana Lund, Finance <br />Title: <br />Adopt Resolution Approving Proposed 2013 EDA Levy <br />Background: <br />Information <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 the EDA Levy. <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 $321,996. 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 a special EDA meeting on Thursday, September 6, 2012, the EDA authorized a levy of $169,853. This would <br />hold the levy constant with the 2012 certified levy. The EDA wanted the levy to remain constant due to the fact that <br />they had reduced the levy by 42% for 2012 payable and would like to have some flexibility on EDA projects that <br />may arise in 2013. <br />The City Council had proposed an EDA Levy amount of $104,466 at its budget worksessions. <br />The proposed levy of $169,853 would place a $19.13 tax on a residential home valued at $200,000. A proposed <br />levy of $104,466 would place a $11.76 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 city council at budget worksessions approval of the EDA levy for Payable <br />2013 in the amount of $104,466. <br />Funding Source: <br />2013 EDA levy supports the 2013 EDA budget which will be formally adopted in December 2012. <br />Council Action: <br />Motion to recommend Council Adopt Resolution #12- 09 -XXX approving the proposed preliminary EDA Levy for <br />Payable 2013 in the amount of $104,466. <br />2013 Proposed EDA Levy <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />