Laserfiche WebLink
Economic Development Authority (EDA) 4. 1. <br />Meeting Date: 08/08/2019 <br />By: Sean Sullivan, Community <br />Development <br />Title: <br />Review Draft 2020 Preliminary EDA Budget and Levy <br />Purpose/Background: <br />Annually, the EDA makes a recommendation to the City Council for the coming year's EDA budget and levy. The <br />EDA levy is included within the City's general levy and calculates into the city's overall tax capacity rate. The City <br />Council will be considering the City's preliminary levy in September. All budgets and levies are preliminary and <br />will not become finalized until December 2019. Once the preliminary levy is set in September, it can only be <br />lowered, not raised. <br />The purpose of this case is to develop a recommendation from the EDA to the City Council for the 2020 EDA levy. <br />Notification: <br />Notification is not required. <br />Observations/Alternatives: <br />Staff is proposing a slight decrease to the EDA budget. Staff feels the existing EDA budget is adequate to meet the <br />needs of the EDA in 2020, based on the EDA Workplan and the City Council Strategic Plan. Therefore, <br />staff does not believe significant discussion is required. <br />Major Accounts: Staff uses the 6249 account for various events (EDA Golf Tourney, EDA Business Expo, Fall <br />Networking <br />Event, Minnesota Marketing Partnership.). Staff uses the 6315 account for professional services (Ehlers, WSB, <br />Hakanson Anderson, Briggs and Morgan, CMDC) for appraisals, site investigation, site concepts, tax runs, TIF <br />runs, legal assistance, underwriting assistance, and supplemental staff as needed). 6246 is the marketing and <br />advertising budget (graphic arts, pictures, ads, maps, ICSC, campaigns, marketing materials, marketing <br />subscriptions, signs). <br />Funding Source: <br />EDA levy supports the EDA operating budget. <br />Recommendation: <br />Staff recommends that the City Council adopt the 2020 Preliminary EDA Budget and Levy as presented. <br />Action: <br />Motion to recommend the City Council adopt the 2020 Preliminary EDA Budget and Levy. <br />Proposed 2020 EDA Budget <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />