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<br />CASE #1 <br /> <br />TITLE: <br /> <br />ADOPT RESOLUTION APPROVING PROPOSED 2008 HRA <br />LEVY <br /> <br />BY: <br /> <br />Diana Lund, Finance Officer <br /> <br />INTRODUCTION: <br /> <br />Each "taxing authority" must adopt a proposed budget for payable 2008 and certify its <br />proposed property tax levy for payable 2008 to the County Auditor by September 15. <br /> <br />DISCUSSION POINTS: <br /> <br />On March 5, 2005 the City Council established a Housing and Redevelopment Authority <br />(HRA). The bylaws state that the makeup of the HRA will be the Ramsey City Council. <br /> <br />In December 2006, the Ramsey HRAlCity Council adopted the 2007 HRA budget and <br />HRA levy in the amount of $312,443. This amount represented the maximum levy <br />amount. The levy was to be used to fund such expenses as personnel, consulting services <br />and property acquisitions. <br /> <br />For budget year 2008, in keeping with the status of the General Fund and EDA levy in <br />which 2007 levels are being maintained, the maximum HRA levy is not being requested. <br />The maximum levy would have been $330,529 (.0144 of the City's total taxable market <br />value of $2,295,337,600) in comparison to the 2007 levy of $312,443. The levy would <br />again be used to fund personnel, consulting and property acquisitions. An example of the <br />effect on a property taxpayer with a market value of $200,000 would be $27.20. ($28.80 <br />if maximum levy was used). <br /> <br />ATTACHMENTS: <br /> <br />~ Proposed resolution to adopt proposed 2008 HRA levy. <br /> <br />STAFF RECOMMENDATION: <br /> <br />~ Adopt a resolution approving the proposed 2008 HRA levy in the amount of <br />$312,443. <br /> <br />COMMISSION ACTION: <br /> <br />Motion by Commissioner and seconded by Commissioner to <br />adopt Resolution #HRA-07-08-XXX authorizing the approval of the proposed 2008 HRA <br />levy in the amount of$312,443. <br /> <br />1 <br />