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To make necessary expenditures to carry out the purposes of the HRA law; <br />and <br />To develop and administer an interest reduction program to assist the <br />financing of the construction, rehabilitation, or purchase of Iow or moderate- <br />income housing. <br /> <br />While HRAs have the legal authority to "do whatever is necessary and convenient: to <br />implement redevelopment", they are subject to the ordinances and laws of the city. The <br />city council must approve HRA plans before the housing and redevelopment authority <br />may begin implementation. <br /> <br />HRA Levy <br />The HRA levy must be certified by Anoka County each year. This year, the deadline for <br />submitting a proposed levy to the County is September 15, 2004. <br /> <br />The HRA levy is outside of levy limits; the maximum levy amount is based on the <br />taxable market value multiplied by a factor of .0144%. The EDA levy is part of the City's <br />general levy and therefore subject to levy limits. The maximum levy amount is based on <br />the taxable market value and multiplied by a factor of .01813%. <br /> <br />Transferring Levy, Authority to the Ci,ty Council - Process <br />The EDA currently recommends an HRA levy amount to the City Council. For the <br />Council to act as an HRA, this authority must be transferred to the City Council. Staff is <br />still in the process of researching this transfer process with legal counsel, and will be <br />prepared to discuss the process in more detail at the work session. <br /> <br />Action Statement: <br /> <br />Based on the Council's discussion. <br /> <br />CCWS: 05/04/04 <br /> <br /> <br />