Agenda - Council - 12/16/2003 - Laserfiche WebLink

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REVIEW AND ADOPT 2004 HRA LEVY By: Diana Lund, Finance Officer Background: On November 28, 1998 the City Council approved a resolution creating the EDA for the City of Ramsey. The resolution gives all the statutory powers of an Economic Development Authority (EDA) and Housing and Redevelopment Authority (HRA) to the Ramsey EDA. The EDA budget has been funded primarily through three sources: 1) the City General Fund, 2) proceeds from the sale of City owned property and 3) monies from the Landfill Closure Statement. Property tax reform implemented for taxes payable in 2002, along with levy limits, have limited the amount of funding necessary for land acquisition for redevelopment projects. The levy is based on the City's taxable market value and for payable 2004, the City would be allowed to levy $200,078. The levy would be used to fund the second year of a three-year pay-back to the City for the purchase of Alloy Recovery, and for land purchases, staff time and consulting services needed to market and develop industrial sites. It should be noted that the City's current EDA fund has a fund balance that will support the current operations of the EDA for a period of less than two years. At the EDA's monthly meeting on Monday, September 8, 2003, they authorized a levy of $200,078 and Council adopted the proposed HRA Levy of $200,078 at its regular meeting of September 9, 2003. Council requested a line item breakdown of what the levy would be used for. A copy of the EDA case with the line item clarification is attached. Committee Action: Motion to recommend Council Adopt Resolution #03-12-XXX adopting the 2003, payable 2004 HRA Tax Levy. Review Checklist: City Administrator FC: 12/16/03