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REVIEW AND ADOPT 2004 HRA LEVY <br /> <br />By: Diana Lurid, Finance Officer <br /> <br />Background: <br /> <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 /> <br />The EDA budget has been funded primarily through three sources: 1) the City General Fund, 2) proceeds from <br />the sale of City owned property and 3) monies from the Landfill Closure Statement. Property tax reform <br />implemented for taxes payable in 2002, along with levy limits, have limited the amount of funding necessary <br />for land acquisition for redevelopment projects. <br /> <br />The levy is based on the City's taxable market value and for payable 2004, the City would be allowed to levy <br />$200,078. The levy would be used to fund the second year of a three-year pay-back to the City for the purchase <br />of Alloy Recovery, and for land purchases, staff time and consulting services needed to market and develop <br />industrial sitcs. It should be noted that the City's current EDA fund has a fund balance that will support the <br />current operations of the EDA for a period of less than two years. <br /> <br />At the EDA's monthly mooting on Monday, September 8, 2003, they authorized a levy of $200,078 and Council <br />adopted the proposed HRA Levy of $200,078 at its regular meeting of' September 9, 2003. <br /> <br />Committee Action: <br /> <br />Motion to recommend Council Adopt Resolution #03-12-XXX adopting the 2003, payable 2004 HRA Tax <br />Levy. <br /> <br />Review Checklist: <br /> <br />City Administrator <br /> <br />FC: 12/09/03 <br /> <br /> <br />