Economic Development Authority
2000's (Disc 11)
2005 (Disc 11)
10/5/2006 11:35:05 AM
11/30/2005 9:22:44 AM
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Economic Development/TIF Specialist Sullivan reviewed that staff was directed to bring back a <br />proposed EDA budget for 2006. The proposed budget uses the maximum EDA levy. In order to <br />address future needs for land acquisition and economic and redevelopment opportunities, it <br />would be prudent for the EDA to continue to seek additional funding. He advised the EDA levy <br />is very similar to the HRA levy but allows for 0.01813% of the taxable market value to be <br />utilized. More importantly, however, it allows greater flexibility to the EDA in how the funds <br />may be expended. The EDA levy is not limited to housing and/or redevelopment. EDA levy <br />funds could be spent on items such as vacant land purchases, monument signs and other <br />economic development activities. It is the opinion of Staff that the increase in the Levy could be <br />utilized to purchase and redevelop more properties in the City of Ramsey. He advised in order to <br />address future needs for land acquisition and participate actively in future economic and <br />redevelopment opportunities, it would be prudent for the EDA to seek additional funding and to <br />recommend to City Council to levy the amount of $341,623.59 utilizing the EDA Levy. <br /> <br />Chairperson Riley asked if an HRA levy is anticipated. Member Strommen replied the City <br />Council is considering the maximum HRA levy. <br /> <br />Member Steffen asked if it is common to apply an HRA and an EDA levy in the same year. <br />Econmnic Development/TIF Specialist Sullivan responded in the affirmative. <br /> <br />Member Jeffrey asked if the EDA and HRA would be affected if levy limits are imposed next <br />year. Economic Development/TIF Specialist Sullivan explained the HRA levy falls outside of <br />the levy limits. The EDA levy does not fall outside of the levy limits, however, if an EDA levy <br />is established the same amount could be levied next year. He advised the Council has not been <br />allocating funds fi'om the general fund to the EDA. <br /> <br />Chairperson Riley asked if the EDAM Conference training budget includes Member <br />LeTourneau's attendance. Economic Development/TIF Specialist Sullivan replied the EDAM <br />Conference budget includes attendance by himself and Member LeTourneau. He indicated funds <br />budgeted for books and pamphlets could easily be shifted into the training budget. <br /> <br />Chairperson Riley inquired about the status of the Alloy Recovery commitment. Economic <br />Development/TIF Specialist Sullivan replied the commitment will be complete at the end of <br />2005. <br /> <br />Member Kiefer inquired about funds budgeted for the acquisition of park property. Economic <br />Development/TIF Specialist Sullivan reviewed the location of the park property. <br /> <br />Member Kiefer asked if the $12,000 budgeted for the industrial park monument signs in 2005 <br />will be spent this year. Economic Development/TIF Specialist Sullivan replied that project has <br />not been worked on due to time constraints. There is a potential of the funds being spent this <br />year; the funds would likely be used for acquiring necessary easements. If the funds are not used <br />this year they would likely be rolled into next year's budget. <br /> <br />Economic Development Authority/September 7, 2005 <br /> Page 2 of 6 <br /> <br /> <br />
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