8.3. SR 09-16-2019 - Laserfiche WebLink

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EOty1� ,.,�� Request for Action River To Item Number Mayor and City Council 8.3 Agenda Section Meeting Date Prepared by General Business September 16, 2019 Amanda Othoudt,EDD Item Description Reviewed by Economic Development Authority and Housing Lori Ziemer, Finance Director and Redevelopment Authority Tax Levies Reviewed by Cal Portner, City Administrator Action Requested 1. Adopt,by motion, a resolution authorizing the preliminary Economic Development Authority 2020 tax levy. 2. Adopt,by motion, a resolution authorizing the preliminary Housing and Redevelopment Authority 2020 tax levy. Background/Discussion The Council must approve the preliminary tax levy for the Economic Development Authority (EDA) and Housing and Redevelopment Authority (HRA) for certification to the County Auditor on or before September 30, 2019. The EDA approved their budget and levy on August 19, 2019. The budget proposes a tax levy of $334,450, or 0.0113 percent of the preliminary$2,962,252,700 estimated market value. The state maximum levy for the EDA for economic development purposes is 0.01813 percent of the estimated market value. The HRA approved their budget and levy on September 3, 2019. The budget proposes a tax levy of $370,250, or 0.0125 percent of the estimated market value. This is below the state cap of 0.0185 percent of the estimated market value that can be used for housing and redevelopment purposes. Financial Impact EDA & HRA tax levy for collection in 2020. Attachments ■ Resolution approving the 2020 tax levy for economic development purposes for the Elk River Economic Development Authority. ■ Resolution approving the 2020 tax levy for the Housing and Redevelopment Authority The Elk River Vision A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By service, and community engagement that encourages and inspires prosperity INAWRE1