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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and Council 8.3 <br />Agenda Section Meeting Date Prepared by <br />General Business September 21, 2020 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Economic Development Authority and Lori Ziemer, Finance Director <br />Housing and Redevelopment Authority Tax <br />Reviewed by <br />Levies <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />1. Adopt, by motion, a resolution authorizing the preliminary Economic Development Authority 2021 tax <br />levy. <br />2. Adopt, by motion, a resolution authorizing the preliminary Housing and Redevelopment Authority 2021 <br />tax levy. <br /> <br />Background/Discussion <br />The Council must approve the preliminary tax levy for the Economic Development Authority (EDA) and <br />Housing and Redevelopment Authority (HRA) for certification to the County Auditor on or before September 30, <br />2020. <br /> <br />The EDA approved their budget and levy on September 21, 2020. The budget proposes a tax levy of $363,150, or <br />0.0133% of the preliminary $2,721,937,400 estimated market value in spring. The state maximum levy for the <br />EDA for economic development purposes is 0.01813 percent of the estimated market value. <br /> <br />The HRA approved their budget and levy on September 8, 2020. The budget proposes a tax levy of $321,450, or <br />0.0118 percent of the estimated market value. This is below the state cap of 0.0185 percent of the estimated <br />market value that can be used for housing and redevelopment purposes. <br /> <br />Financial Impact <br />EDA & HRA tax levy for collection in 2021 <br /> <br />Mission/Policy/Goal <br />Council Mid-term goal: Commercial Development <br />Council Long-term goal; C/I Development <br /> <br />Attachments <br /> Resolution approving the 2021 tax levy for economic development purposes for the Elk River Economic <br />Development Authority. <br /> Resolution approving the 2021 tax levy for the Housing and Redevelopment Authority <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />