5. EDSR 08-09-2010 - Laserfiche WebLink

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REQUEST FOR ACTION fiver To Item Number Economic Develo ment Authori 5 . Agenda Section .Meeting Date Prepared by August 9, 2010 Catherine Mehelich, Director of Economic Develo ment Item Description Reviewed by Consider Year 2011 EDA Budget and Resolution Establishing EDA Levy Reviewed by Action Requested Staff recommends the EDA review and approves the Year 2011 EDA Budget as presented and approve the attached Resolution Establishing the EDA Tax Levy for Collection in Year 2011. Following the EDA's action, the City Council must approve and certify the EDA and HRA levies to Sherburne County in September. Background/Discussion The Economic Development Division consists of two separate budgets including: • Economic Development Authority • Housing & Redevelopment Authority Revenues Since 2003 the EDA and HRA levies have been enough to balance the Economic Development Division without City General Fund revenues. Revenues generated from the EDA tax levy for 2011 budget purposes are estimated based on a 3% decrease in taxable market value according to preliminary information provided by the Sherburne County Assessor and is subject to change as they finalize numbers. Other revenue sources include interest income and a $3,500 transfer in from HRA funds toward approximately 40% of shared administrative expenses (office supplies, fuels, telephone, travel/training). Expenditures The attached proposed 2011 budget was developed with the following EDA Goals in mind as indicated in the attached 2009-2012 Strategic Plan Action Steps: • Expand city's inventory of available commercial and/or industrial park land for future development • Continue to implement the Strategic Industrial Marketing Plan strategies with focus on brokers/developers, medium-large light industrial users, and business retention & expansion • Identify desired image and create a branding plan that reflects Elk River brand/image The expenses for the above referenced goals are primarily reflected in the Legal, Professional Services, and Advertising/Marketing budget line items. The increase in Travel, Conferences & Schools line item is attributed to continuing education elected by the Economic Development Assistant, in which the city provides 75% tuition reimbursement up to $3,000 per the city's personnel policy. The proposed budget N:\Departments\Community Development\Economic Development\EDA to move\Agenda\EDA Budget\08 09 10 Action Requested EDA budget.doc