5.0. 6.0. 7.0. EDSR 08-10-1998 - Laserfiche WebLink

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EDA Agenda Memo August 5, 1998 Page 3 41110 As indicated in the budget within the attached Tax Increment Plan for District No. 20, staff has included a lot purchase reimbursement to the EDA in the amount of a maximum $85,000. As indicated in the attached Plan, the project, upon completion, will generate approximately $34,000 in annual tax revenues. The EDA will be reimbursed for its lot purchase in approximately years one and two (Year 2000 and 2001). The Supermats building will be approximately 35-40,000 square feet. The owner intends to lease 10,000 square feet to an industrial user and eventually grow into that space. The project is intended to be completed by February 1999. 7. Consider Resolution 98- Approving 1999 EDA Levy Staff is unprepared to discuss specific budget issues with the EDA at this meeting. However, this issue pertains to passage of a resolution which establishes the tax levy for the Elk River EDA and requests that the City Council levy the maximum amount for the Authority for the year 1999 as it has done in all years past. The city must certify its total 1999 proposed maximum levy, including EDA and HRA levies, to • Sherburne County by September 15, 1998. Discussion of the 1999 EDA budget will occur at the meeting of the EDA in September. The major issue to be discussed with regard to next year's budget includes the hiring of additional personnel in the economic development department. Recommendation Staff is recommending at this time the EDA approve Resolution 98- Establishing the Tax Levy for the Elk River Economic Development Authority and Requesting that the City Council of the City of Elk River Levy a Tax in the Amount of.01813% of the Taxable Market Value of the City Less 1999 HACA of$12,069 for the Year 1999 for the Benefit of the Authority to be Used for Economic Development Authority Purposes as Provided by the Statute. \\elkriver\sys\shrdoc\eda\meetings\agdamm.doc S