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Economic Development Authority Minutes Page 2 <br />August 15, 2016 <br />There were no public hearing items scheduled for this agenda. <br />6.1 2017 EDA Budget and Resolutions Establishing EDA Levy <br />Ms. Othoudt presented the staff report. <br />Moved by Commissioner Westgaard and seconded by Commissioner Olsen to <br />approve the 2017 EDA budget as presented. Motion carried 7-0. <br />Moved by Commissioner Provo and seconded by Commissioner Olsen to <br />adopt Resolution 16-03 establishing the tax levy for the Elk River Economic <br />Development Authority for the City of Elk River, Minnesota. Motion carried <br />7-0. <br />6.2 Resolution Establishing 2017 Referendum Tax Levy as Approved by <br />Voters for a Recreational Facility to be Leased to the YMCA <br />Ms. Othoudt presented Ms. Ziemer's staff report. <br />Commissioner Provo noted the Authority doesn't have a choice in denying this <br />resolution and questioned why it needs to be approved every year. He suggested <br />adopting a resolution that allows for long-term approval. <br />Chair Tveite stated it is required by law because it is a tax levy, which can't be <br />approved over a long period of time. He further stated the Authority tracks the <br />interest rates for refinancing opportunities. <br />Commissioner Westgaard stated the Authority can't change a tax levy that goes <br />beyond the Authority's membership service. <br />Commissioner Ovall questioned where the 5% goes of the 105% being levied. <br />Ms. Othoudt stated they would need to check with finance staff and get back to the <br />Authority. <br />Moved by Commissioner Wagner and seconded by Commissioner Olsen to <br />adopt Resolution 16-04 establishing the 2016 referendum tax levy as approved <br />by voters for a recreational facility to be leased to the YMCA. Motion carried <br />7-0. <br />6.3 Director's Report <br />Ms. Othoudt presented the staff report. <br />7. Announcements <br />r �' <br />