Agenda - Economic Development Authority - 09/10/2020

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Member Cords aye Member Riley nay Member Kuzma aye Member Hardin aye Chairperson Steffen aye Motion carried. 4.02: Recommend 2021 EDA Budget and Levy Deputy City Administrator Gladhill presented the staff report. Member Hardin asked if the Council provided a number or percentage for each department to trim from the budget. Deputy City Administrator Gladhill provided information on the EDA budget and levy authority, noting that Ramsey requires approval from the Council on those figures. Chairperson Steffen referenced the professional services budget line item and noted that the EDA has not come close to spending that amount of funds. Economic Development Manager Sullivan explained that he can complete a lot of the preliminary tax increment financing analysis work that the previous employee was unable to do, which caused a need for those professional services. He stated that when there are years with many development proposals, those professional services dollars are needed to put proposals together. Chairperson Steffen asked the cash balance of the EDA fund and whether those funds could be used if necessary. Economic Development Manager Sullivan stated that the current balance is about $1,300,000. He noted that certain projects require property acquisition and that is when those funds could typically be used. Chairperson Steffen stated that he feels it would be justified to reduce the professional services line item to $30,000. Member Cords stated that he would support that reduction. Member Hardin stated that he would also support that reduction. Economic Development Manager Sullivan stated that he would support the recommendation and if he feels that it would be warranted to increase that item in the future, he would feel comfortable bringing that back before the EDA. Economic Development Authority/ August 13, 2020 Page 5 of 7