Minutes - Council - 12/13/2005 - Laserfiche WebLink

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2) Review and Adopt 2006 EDA Levy Finance Officer Lund explained the EDA levy is based on the City's taxable market value. For payable 2006; the City would be allowed to levy $341,624. The majority of the levy would be used to purchase properties that are targeted for development/redevelopment and to fund consulting services such as appraisal services attributed to the desired property. The EDA levy is not limited to housing and/or redevelopment, but can be spent on such items as vacant land, monument signs and other economic development related activities. Ms. Lund advised at the EDA's monthly meeting on Wednesday, September 7, 2005, the EDA authorized a levy of $341,624. The Council accepted the EDA's recommendation and adopted the $341,624 levy at its regular meeting of September 13, 2005. Councilmember Strommen indicated the recommendation of the Finance Committee was that the Council adopt a resolution adopting the 2005 payable 2006 EDA Tax Levy. Motion by Councilmember Strommen, seconded by Councilmember Jeffrey, to ratify the recommendation of the Finance Committee in Case No. 2 and to adopt Resolution #05-12-430 adopting the 2005 payable 2006 EDA Tax Levy. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Jeffrey, Cook, Elvig, and Pearson. Voting No: None. Absent: Councilmember Olson. 3) Review and Adopt 2006 HRA Levy Finance Officer Lund explained as 2006 will be the first complete year of the City having an HRA, a funding source needs to be established that would offset the expenditures of staff time, consultants, and the purchase of redevelopment property/properties. The HRA is allowed to pass a levy on the taxable market value in the City. For year 2006, the 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 $1,844,300. Ms. Lund explained unlike the EDA levy, the HRA levy falls outside of levy limits. Thus, if levy limits were imposed in 2007, the HRA would not be included in the overall total that the City may levy. Finance Officer Lund stated at the HRA's monthly meeting of September 13, 2005, the HRA authorized a levy of $271,339. The Council accepted the HRA's recommendation and adopted the $271,339 at its regular meeting of September 13, 2005. She advised the Finance Committee recommended that the City Council adopt the resolution adopting the 2005, payable 2006 HRA tax levy. Motion by Councilmember Strommen, seconded by Councilmember Pearson, to ratify the recommendation of the Finance Committee in Case No. 3 and to adopt Resolution #05-12-431 adopting the 2005, payable 2006 HRA tax levy. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Pearson, Cook, Elvig, and Jeffrey. Voting No: None. Absent: Councilmember Olson. City Council / December 13, 2005 Page 29 of 37