Agenda - Council - 09/11/2006 - Laserfiche WebLink

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Background: On March 8, 2005, the City Council adopted the enabling resolution to establish a Housing and Redevelopment Authority (HRA). On March 22, 2005, the by -laws (under Minnesota Statute Chapter 469) were established for the HRA. Included in these bylaws are that the Ramsey City Council will serve as the HRA Board of Commissioners. Year 2006, was the first complete year of the City having an HRA. To cover the 2006 budgeted expenditures of staff time, consultants, and the purchase of redevelopment property/properties the City levied an HRA levy in the amount of $271,339 which was the maximum allowed. For year 2007, the maximum levy is again being requested. The amount would be $312,443 which is based on .0144% of the City's total taxable market value of $2,169,745,200. The levy would again be used to fund personnel, consulting services, and property acquisitions. A copy of the proposed 2007 expenditures is attached. The effect on a property taxpayer with a market value home of $200,000 would be $28.80. • 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. The. HRA levy was passed at the HRA meeting of August 22, 2006. As the entire Council ,serves as the HRA Board of Commissioners, the HRA Levy does not need to come back to City Council for a vote. The HRA levy is presented again so that the total of all City levies are presented at the same meeting. Recommendation: Based on the recommendation of the HRA to recommend Council approval of the HRA Levy for payable 2007 in the amount of $312,443. Committee Action: Review Checklist: City Administrator • FC: 09/11/06 ADOPT RESOLUTION APPROVING PROPOSED 2007 HRA LEVY By: Diana Lund, Finance Officer FC# 9 Motion to recommend Council Adopt Resolution #06- 09 -XXX approving the recommendation of the HRA and approve the Proposed HRA Levy for Payable 2007 in the amount of $312,443. -227-