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ADOPT RESOLUTION APPROVING PROPOSED 2006 EDA LEVY <br /> <br />By: Diana Lund, Finance Officer <br /> <br />]~ack~round: <br /> <br />()n N~ovcmbcr 28, 1998 the City Council approved a resolution creating the EDA for the City of Ramsey. The <br />r~zsolution gives all the statutory powers of an Economic Development Authority (EDA) and Housing and <br />l(cdevclopment Authority (HRA) to the Ramsey EDA. <br /> <br />Thc D;DA budget has been funded primarily through two sources: 1) the HRA/EDA Levy and 2) proceeds from <br />the sale of ('Aly/I';DA owned property. <br /> <br />As menlioncd above, a possible funding mechanism for the EDA is the passing of a levy. The levy is based on <br />thc (2ity's taxable market value and for payable 2006, the City would be allowed to levy $341,624. The <br />m~jority off thc levy would be used to purchase properties that are targeted for development/redevelopment and <br />tt) Fund consulting services such as appraisal services attributed to the desired property. The EDA levy is not <br />limited to housilag and/or redevelopment, but can be spent on such items as vacant land, monument signs and <br />t)tller econolnJc development related activities. It should be noted that the Alloy Recovery project was paid for <br />with [.:I)A lax 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 />A~,; this being a non-levy limit year, by levying through the EDA, the EDA levy will be added to the General <br />l:und levy in creating the City's starting levy limit if levy limitations are placed on the City in succeeding years. <br /> <br />q'hc enabling resolution adopted in 1998 requires that all recommendations by the EDA be sent to the City <br />(kmncil for approval before any action is taken. <br /> <br />tl{ccommendation: <br /> <br />/sased on the recommendation of the EDA to recommend Council approval of the EDA Levy for payable 2006 <br /> the amount off $341,624. <br /> <br />(;ommiltec Action: <br /> <br />N4otion 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 />~{evJew Checldist: <br /> <br />('it3; Administrator <br /> <br />~,vC: 09113/{15 <br /> <br /> <br />