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ADOPT RESOLUTION APPROVING PROPOSED 2006 HRA LEVY By: Diana Lurid, Finance Officer Background: ¢)n ~lm'ch 8, 2005, the City Council adopted the enabling resolution to establish a Housing and Redevelopment /\uthority ([ iRA). On March 22, 2005, the by-laws (under Minnesota Statute Chapter 469) were established for Lhc t IRA. Included in these bylaws are that the Ramsey City Council will serve as the HRA Board of (:.mmissioners. /\s 2006 will be the first complete year of the City having an HRA, a funding source needs to be established that would {)l'l~ct the expenditures of staff time, consultants, and the purchase of redevelopment property/properties. (/\ copy of thc proposed 2006 expenditures is attached). As like the EDA, the HRA is allowed to pass a levy on tiao laxablc market value in the City. }:t)r year 2006, thc HRA would be allowed to pass a total levy of $271,339 which represents .0144% (Statutory Maximum Levy Rate) of the City's total taxable market value of $1,884,300. An example of the effect of a propc~ty taxpayer would be: $28.80 on a homeowner with a market value of $200,000. I h]like tt~c I?;I)A levy, the HRA levy falls outside of levy limits. Thus, if levy limits were imposed in 2007, the I I14/\ would not Dc included in the overall total that the City may levy. Thc members (~t' the I-fl~X~ met before tonight's City Council meeting and they agreed to accept the levying of ~.m 1[ RA levy 1bt 2006 taxes payable in the amount of $271,339(will be adjusted if maximum is not approved). - !{ecomlnendation: 13~secl on thc recommendation of the HRA to recommend Council approval of the HRA Levy for payable 2006 in the amount o[$271,339. (~om mittcc Action: to recommend Council Adopt Resolution #05-09-XXX approving the recommendation of the HRA and the l~mposed llRA Levy fbr Payable 2006 in the amount of $271,339. [~.eview Chccldist: ( 7ii. v Administrator 1t9/13/05