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Motion by Member Gromberg, seconded by Member Kurak, to approve the following meeting minutes as amended: 1) Economic Development Authority regular meeting minutes dated September 8, 2003. Motion carried. Voting Yes: Chairperson Riley, Members Gromberg, Kiefer, Kurak, Riley, and Strommen. Voting No: None. Absent: Members LeTourneau and Steffen. EDA BUSINESS Case #1: Budget for 2004 EDA Economic Development/TIF Specialist Sullivan noted the EDA made a recommendation to Council to levy $200,078 for the year 2004 and Council accepted the preliminary budget. He added final budget approval for line items would be adopted in January. He indicated copies of last year's budget and a proposed budget for 2004 were provided for EDA review. He explained numbers had been inserted into line items to reflect the expected costs for the line items for 2004. He added the need for an increase in the HRA levy was expressed in trying to maintain the current services provided by the EDA. He stated any input or suggestions to the budget by the EDA would be helpful in providing a clear direction on what the EDA role would be in economic development in the City of Ramsey. Mr. Sullivan noted the differences between the 2003 and 2004 budgets were minimal. He explained inflationary increases, salaries and land acquisition, for the most part, reflected the increase in the 2004 budget. He stated, at its last meeting, the EDA expressed an interest in continuing to facilitate development and redevelopment in the City. He indicated land acquisitions that could help facilitate economic development and redevelopment were highlighted as an important role by the EDA. He noted $20,504 appeared in the line item budget for land. Mr. Sullivan explained the EDA was currently funding the acquisition of the Alloy Recovery property, noting that $63,583 would be funded in 2004 and $60,959 would be funded in 2005. He added these numbers did not appear in the budget of the EDA but were funded by the HRA levy. Mr. Sullivan stated the current EDA estimated fund balance was $115,000, which could supplement current 2004 revenues to accomplish EDA goals. He added this money allowed the EDA to have the flexibility to purchase a property if one became available or to participate in other projects essential to economic development or redevelopment. Mr. Sullivan indicated the provided budget was a draft of what was expected to happen in 2004. He noted budgets were finalized and adopted in January and things could change from now to then. He stated it was important to have the EDA be aware of what was coming for the next year so input could be received by staff from the EDA, as ideas might be formulated by the EDA that were overlooked by staff during the budget process. Economic Development Authority / October 13, 2003 Page 2 of 6