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Economic Development Authority (EDA) 4. 5. <br />Meeting Date: 10/11/2012 <br />Submitted For: Patrick Brama By: Patrick Brama, Administrative Services <br />Title: <br />Anoka County HRA, Economic Development Activities <br />Background: <br />The City of Ramsey is taxed by the Anoka County Housing and Redevelopment Authority (ACHRA). Currently, <br />the City has a balance of $800,000 in the ACHRA account. $575,000 is available to use (the County requires a <br />minimum balance). In 2013, the ACHRA will be levying $236,000 from the City of Ramsey. <br />In order to use ACHRA monies, the City must pass a resolution, which is reviewed by the ACHRA board. <br />Historically, requests are rarely denied. An opportunity does exist to expand the use of ACHRA monies for <br />"economic development" actives, rather than just HRA activities; which would also require the City to pass a <br />resolution, to be reviewed by the ACHRA board. <br />The purpose of this case is two fold: <br />(a) update EDA on the recent activity from the City Council regarding this opportunity <br />(b) consider how this opportunity may effect the EDA <br />Observations: <br />On October 9th, the City Council will be considering a resolution to expand the ACHRA powers to include EDA <br />activities. The Council has indicated a potential use for the annual ACHRA Levy is to fund the City's HRA <br />budget ($236,000 in 2013). <br />If the Council does move forward with expanding the County HRA powers to include EDA activities, it is likely the <br />annual levy would be allocated to the City HRA. However, the standing balance of the ACHRA account remains <br />($575,000). An opportunity exists for the EDA to prioritize a list of projects for the Council to consider when <br />allocating the said remaining balance. <br />Funding Source: <br />ACHRA <br />Staff Recommendation: <br />If the City passes the proposed resolution ---direct staff to bring a case to the November EDA meeting with the <br />purpose of prioritizing potential projects (that may draw from the ACHRA balance); which would be considered by <br />the City Council. <br />EDA Action: <br />NA <br />Attachments <br />Request Resolution <br />Economic Development Activities Resolution <br />Form Review <br />