Agenda - Council - 12/12/2006 - Laserfiche WebLink

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n U Background: REVIEW AND ADOPT 2007 HRA LEVY By: Diana Lund, Finance Officer FC# 3 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% (Statutory Maximum Levy Rate) 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. An example of the effect of a property taxpayer would be: $28.80 on a homeowner with a market value of $200,000. 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. *At the HRA's monthly meeting of August 22, 2006, the HRA authorized a levy of $312,443. As the entire Council serves as the HRA Board of Commissioners, tonight's adoption is to reconfirm the HRA levy adopted in August. Recommendation: Motion to recommend that City Council adopt Resolution #06 -12 -XXX adopting the 2006, payable 2007 HRA tax levy. Committee Action: Motion to adopt Resolution #06 -12 -XXX adopting the 2006, payable 2007 HRA tax levy in the amount of $312,443. Review Checklist: City Administrator FC: 12/12/06 • -221-