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REVIEW AND ADOPT 2005 EDA & 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 2005, the City would be allowed to levy $233,306. The levy would be used to fund the third 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. At the EDA's monthly meeting on Wednesday, September 8, 2004, the EDA authorized a levy of $233,306 with $200,306 as an EDA levy and $33,000 as an HRA levy. Council accepted the EDA's recommendation and adopted the $233,306 (total HRA and EDA levies) at its regular meeting of September 13, 2004. Committee Action: Motion to recommend Council Adopt Resolution #04-12-XXX adopting the 2004, payable 2005 HRA Tax Levy. And Motion to recommend Council Adopt Resolution #04-12-XXX adopting the 2004, payable 2005 EDA Tax Levy. Review Checklist: City Administrator FC: 12/14/04