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gc# <br /> <br />ADOPT RESOLUTION APPROVING PROPOSED 2006 EDA LEVY <br /> <br />By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />On November 28, 1998 the City Council approved a resolution creating the EDA for the City of Ramsey. The <br />resolution gives all the statutory powers of an Economic Development Authority (EDA) and Housing and <br />Rcdcvclopmcnt Authority (HRA) to the Ramsey EDA. <br /> <br />Thc EDA budget has been funded primarily through two sources: 1) the HRA/EDA Levy and 2) proceeds from <br />ibc sale of City/l~;DA owned property. <br /> <br />As mentioned above, a possible funding mechanism for the EDA is the passing of a levy. The levy is based on <br />~thc City's taxable market value and for payable 2006, the City would be allowed to levy $341,624. The <br />majority of thc levy would be used to purchase properties that are targeted for development/redevelopment and <br />to lkmd consulting services such as appraisal services attributed to the desired property. The EDA levy is not <br />limited to housing and/or redevelopment, but can be spent on such items as vacant land, monument signs and <br />other economic development related activities. It should be noted that the Alloy Recovery project was paid for <br />with EDA tax levy dollars. <br /> <br />At thc l:,l)A's monthly meeting on Wednesday, September 7, 2005, the EDA authorized a levy of $341,624. <br />As this being a non-levy limit year, by levying through the EDA, the EDA levy will be added to the General <br />Fund levy in creating the City's starting levy limit if levy limitations are placed on the City in succeeding years. <br /> <br />Thc enabling resolution adopted in 1998 requires that all recommendations by the EDA be sent to the City <br />Council for approval before any action is taken. <br /> <br />Recommendation: <br /> <br />Based on thc recommendation of the EDA to recommend Council approval of the EDA Levy for payable 2006 <br /> the amount of' $341,624. <br /> <br />Committee Action: <br /> <br />Motion to recommend Council Adopt Resolution #05-09-XXX approving the recommendation of the EDA and <br />approve thc Proposed EDA Levy for Payable 2006 in the amount of $341,624. <br /> <br />Review Chccldist: <br /> <br />City Administrator <br /> <br />FC: 09/I 3/05 <br /> <br /> <br />