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Fund has not been utilized for these types of transactions, mainly due to the unavailability of <br />funds. Other actions such as demolition and clean-up can be accomplished through EDA <br />funding. It is the role of the EDA to promote Economic Development and Redevelopment within <br />the City of Ramsey, and the need for the EDA to seek funding for these possible activities is <br />clear. <br /> <br />Economic Development / TIF Specialist Sullivan advised in order to address future needs for <br />land acquisition and participate in future redevelopment opportunities, it would be prudent for <br />the EDA to seek additional funding. The HRA levy implemented last year is Market Value based <br />and uses a percentage of 0.0144% spread over the tax base of Ramsey. It is significant to note <br />that the HRA levy falls outside the State imposed levy limits and will not be subject to <br />restrictions during levy limit years. This increases the amount of money that the City will be <br />able to use for redevelopment and economic development activities. <br /> <br />Chairperson Riley inquired of the current balance in the EDA funds. Economic Development / <br />TIF Specialist Sullivan replied the balance will be at approximately $60,000 if the EDA <br />continues to spend at the rate it has been spending. <br /> <br />Member Strommen suggested a projected budget be prepared tying the funds to specific <br />properties. <br /> <br />Economic Development / TIF Specialist Sullivan noted the Council will need to certify the <br />preliminary levy in September. <br /> <br />The Board discussed whether a special meeting should be held to discuss the budget. It was <br />noted that the levy can be decreased after it is certified, but it cannot be increased. The Board <br />discussed whether the maximum levy should be approved, with the EDA being able to lower the <br />budget and levy as determined after reviewing the budget. <br /> <br />Motion by Member Strommen, seconded by Member Steffen, to recommend the City Council <br />levy the full amount of $233,306.42 utilizing the .HRA Levy, contingent on the determination of <br />the EDA after reviewing the EDA budget at the September meeting. <br /> <br />Motion carried. Voting Yes: Members Strommen, Steffen, Kurak, and LeTourneau. Voting No: <br />Chairperson Riley. Absent: Members Cn'omberg and Kiefer. <br /> <br />MEMBER INPUT <br /> <br />Chairperson Riley directed staffto update the :EDA when there is information regarding the legal <br />issues at the Rum River Commercial Node, which has been identified as one of the EDA's big <br />projects. <br /> <br />Economic Development Authority/August 9, 2004 <br /> Page 11 of 12 <br /> <br /> <br />