08-15-2016 EDA MIN - Laserfiche WebLink

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