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Economic Development Authority (EDA) 4. 4. <br /> Meeting Date: 08/11/2022 <br /> By: Sean Sullivan, Community <br /> Development <br /> Title: <br /> Recommend 2023 EDA Budget and Levy <br /> Purpose/Background: <br /> The purpose of this case is to formulate a recommendation to the City Council on the proposed 2023 EDA Budget. <br /> The EDA Budget and Levy are utilized for a variety of business retention and expansion efforts. Key investments in <br /> the EDA Budget include,but are not necessarily limited to: <br /> 1. Community and Economic Development Marketing Efforts <br /> 2. EDA Sponsored Events (Biz Network, Biz Expo, Biz Appreciation) <br /> 3. Business Retention, Expansion and Recruitment <br /> 4. Professional Services to supplement Staff on development projects (TIF Analysis, Legal, Environmental, <br /> Land Acquisition, Dolomite Street,Hwy 10,W. Armstrong Infrastructure, etc.) <br /> Notification: <br /> N/A <br /> Observations/Alternatives: <br /> The 2023 EDA Budget has been increased(2.6%) from $85,360 to $87,610 to account for expected increases in <br /> professional services line item relating to Hwy 10, COR Site Preparation and West Armstrong/Ferret Street <br /> Infrastructure. <br /> Review by City Council <br /> The City Council reviewed the overall Budget and Levy at July 12 and July 26, 2022 Work Sessions. It is possible <br /> that these, and future discussions could impact the final EDA Budget. The City Council is scheduled to adopt the <br /> preliminary budget on September 27, 2022. <br /> Funding Source: <br /> The EDA Budget is supported by the EDA Levy. The EDA Levy is collected as part of the City's property tax and <br /> counts towards the City's overall Tax Levy. <br /> Recommendation: <br /> Staff recommends the budget as currently proposed. <br /> Action: <br /> Motion to adopt the proposed 2023 EDA Budget and Levy as presented/as modified. <br /> Attachments <br /> ACTION -2023 Preliminary Budget <br /> Reference -2022 Y-T-D Ledger <br />