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<br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Mayor and City Council 8.2 <br />Agenda Section Meeting Date Prepared by <br /> <br />General BusinessSeptember 6, 2016Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Economic Development Authority and Housing Lori Ziemer, Finance Director <br />Redevelopment Authority Levies <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br /> <br /> <br /> <br />Adopt, by resolution, the preliminary Economic Development Authority 2017 tax levy. <br /> <br /> <br />Adopt, by resolution, the preliminary Housing and Redevelopment Authority 2017 tax levy. <br /> <br />Background/Discussion <br /> <br />The Council must approve the preliminary tax levy for the Housing and Redevelopment Authority <br />(HRA) and Economic Development Authority (EDA) for certification to the County Auditor on or <br />before September 15, 2016. The city maximum tax levy must be certified by September 30, 2016. <br /> <br />Over the past several months, the EDA and HRA have reviewed and prepared their 2017 budgets. <br /> <br />The EDA approved their budget and levy on August 15, 2016. The budget proposes maintaining the <br />previous general operating levy at 0.01813 percent of the Estimated Market Value, which is the state cap. <br /> <br />The HRA approved their budget and levy on August 1, 2016. The rate decreased slightly from 0.01512 <br />percent to 0.01466 percent of the Estimated Market Value which is well below the state cap at 0.0185 <br />percent. <br /> <br />Financial Impact <br /> <br />Various tax levies for collection in 2017. <br /> <br />Attachments <br /> <br /> <br /> <br />Resolution approving the preliminary 2017 tax levy for economic development purposes for the <br />Elk River Economic Development Authority. <br /> <br /> <br />Resolution approving the preliminary Housing and Redevelopment Authority 2017 tax levy. <br /> <br /> <br />