Agenda - Council - 09/13/2005 - Laserfiche WebLink

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ADOPT RESOLUTION APPROVING PROPOSED 2006 HRA LEVY By: Diana Lund, Finance Officer Background: (hi March 8, 2005, the City Council adopted the enabling resolution to establish a Housing and Redevelopment /\utlnority (I IRA). On March 22, 2005, the by-laws (under Minnesota Statute Chapter 469) were established for thc III,IA. included in these bylaws are that the Ramsey City Council will serve as the HRA Board of Commissioners. As 2006 will be the first complete year of the City having an HRA, a funding source needs to be established that woul~l o/'fsct thc expenditures of staff time, consultants, and the purchase of redevelopment property/properties. (/\ copy el' thc proposed 2006 expenditures is attached). As like the EDA, the HRA is allowed to pass a levy ,.m the laxablc market value in the City. }.%r year 2006, thc HRA would be allowed to pass a total levy of $271,339 which represents .0144% (Statutory :vlatximum Levy Rate) of the City's total taxable market value of $1,884,300. Am example of the effect of a property taxpayer would be: $28.80 on a homeowner with a market value of $200,000. lifelike thc I2[)A levy, the l-IRA [evy fails outside of levy limits. Thus, if levy limits were imposed in 2007, the would not be included in the overall total that the City may levy. 'l'hc members o~' thc [-llCA met before tonight's City Council meeting and they agreed to accept the levying of ;t~'~ l:lI~ A. levy fi~r 2006 taxes payable in the amount of $271,339(will be adjusted if maximum is not approved). · I~,ecommcndation: Based on thc recommendation of the HRA to recommend Council approval of the HRA Levy for payable 2006 iia thc amount ot~$271,339. (iommittee Action: ;vlt)timq to rccmnmend Council Adopt Resolution #05-09-XXX approving the recommendation of the HRA and approve thc [)reposed ItRA Levy fbr Payable 2006 in the amount of $271,339. I~cvicw Chccldist: ( il.y Aehninistrator FC: (}9/13/05