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Motion carried. Voting Yes: Zimmerman. Voting No: None. Chairperson Elvig, and Councilmembers Strommen, and Case #1: Adopt Resolution Approving Proposed 2004 Payable Tax Levy Finance Officer Lund presented the 2004 proposed payable tax levy for adoption. She explained that the proposed levy can always be reduced; it cannot be increased without "higher" level approval through an appeals process. Therefore, it was staff's position that the maximum proposed levy be adopted at tonight's meeting at the level proposed. The proposed levy has to be certified to Anoka County by Monday, September 15, 2003. The total proposed 2004 levy is $5,126,112. In addition, the City of Ramsey's 2004 public hearing to consider the 2004 budget and tax levy must be held between November 29 and December 20, 2003, and the date of the initial hearing must not conflict with the dates selected by the County, school districts or special taxing districts, although the continuation hearing may. The dates that staff was recommending for the City of Ramsey's 2004 public budget hearing and reconvene date (if necessary) are initial hearing, Monday, December 1, 2003, 6:00 p.m. and a reconvene date (if necessary) of Monday, December 8, 2003, at 6:00 p.m. Motion by Councilmember Zimmerman, seconded by Councilmember Strommen, to recommend that the City Council adopt the resolution approving the proposed maximum 2003, Payable 2004, Tax Levy in the amount of $5,126,112 and to schedule the City of Ramsey's initial budget public hearing on Monday, December 1, 2003, at 6:00 p.m. and a reconvene date (if necessary) on Monday, December 8, 2003, at 6:00 p.m. Motion carried. Voting Yes: Strommen. Voting No: None. Chairperson Elvig, and Councilmember Zimmerman, and Case #2: Adopt Resolution Approving Proposed 2004 HRA Levy by EDA Finance Officer Lurid stated that 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 amount of funding necessary for land acquisition for redevelopment projects. A possible funding mechanism for the EDA is the passing of a levy. 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 payback 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 was 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. In 2003, the levy was used solely to pay the City back for the Finance Committee/September 9, 2003 Page 2 of 7