Agenda - Economic Development Authority - 08/12/2021

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Economic Development Authority (EDA) Meeting Date: 08/12/2021 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development 4. 3. Title: Recommend 2022 EDA Budget and Levy Purpose/Background: The purpose of this case is to formulate a recommendation to the City Council on the proposed 2022 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, Environmental, Land Acquisition, Dolomite Street, etc.) Notification: N/A Observations/Alternatives: The 2022 EDA Budget as proposed remains consistent with the approved 2021 EDA Budget. The EDA/City Council reduced its budget by $13,000 in 2021 to adjust for actual and expected annual expenditures in marketing, operations and professional services. Based on this recalibration, the proposed 2022 EDA budget remains flat. First Review by City Council The City Council reviewed the overall Budget and Levy at their July 13 and July 27, 2021 Work Sessions. It is possible that these discussions could impact the final EDA Budget. The City Council is scheduled to adopt the preliminary budget on September 28, 2021. 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 City's overall Tax Levy. 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 2022 EDA Budget and Levy as presented/as modified. Attachments Proposed 2022 EDA Budget 2020 - 2021 EDA Financials