Agenda - Economic Development Authority - 08/13/2020

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Economic Development Authority (EDA) Meeting Date: 08/13/2020 Submitted For: Sean Sullivan, Community Development By: Tim Gladhill, Community Development Title: Recommend 2021 EDA Budget and Levy 4. 2. Purpose/Background: The purpose of this case is to formulate a recommendation to the City Council on the proposed 2021 EDA Budget. The EDA Budget and Levy are utilized for a variety of business retention and expansion efforts. Key investments in the EDA Budget include, but are not necessarily limited to: 1. Community and Economic Development Marketing Efforts 2. Business Retention, Expansion and Recruitment 3. Professional Services to supplement Staff on development projects (TIF Analysis, Legal, etc.) Notification: Observations/Alternatives: The 2021 EDA Budget as proposed remains consistent with the approved 2020 Budget. There is a slight reduction of $500 overall, mainly due to a slight reduction in payroll expenses. First Review by City Council The City Council reviewed the overall Budget and Levy at their July 14, 2020 Work Session. The City Council requested an initial reduction to the proposed budget. It is possible that these discussions could impact the final EDA Budget. The EDA is asked to consider areas where the EDA Budget could be reduced. The City Council will review for a second time on Monday, August 10. Staff will provide a verbal update at the meeting. Funding Source: The EDA Budget is supported by the EDA Levy. The EDA Levy is collected as part of the City's Property Tax and counts towards the Citv's overall Tax Lew. Recommendation: Staff recommends the budget as currently proposed, but notes a potential reduction as part of the ongoing discussions with City Council. Action: Motion to adopt the proposed 2021 EDA Budget and Levy as presented/as modified. Proposed Budget Attachments Form Review Inbox Reviewed By Date Sean Sullivan Sean Sullivan 08/07/2020 02:10 PM