7.3. EDSR 09-21-2020 - Laserfiche WebLink

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The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity Request for Action To Economic Development Authority Item Number 7.5 Agenda Section General Business Meeting Date August 17, 2020 Prepared by Amanda Othoudt, EDD Item Description 2021 EDA Budget and Resolution Establishing EDA Levy Reviewed by Lori Ziemer, Finance Director Reviewed by Cal Portner, City Administrator Action Requested 1. Review and approve the 2021 EDA Budget as presented. 2. Approve, by motion, a resolution establishing the EDA Tax Levy for collection in year 2021. Following the EDA’s action, the City Council must approve and certify the EDA levy to Sherburne County by September 21, 2020. Background/Discussion At the July 15, 2020, Special Budget Workshop, the EDA reviewed the performance measures/goals and budget for 2021. The Commission directed staff to quantify the return on investments for conferences and schools and provide more information on the wetland bank and drone footage. Revenues The state maximum EDA tax levy is 0.01813% of estimated market value. In 2019, the budget represented a balance rate of approx. 0.0113%. Revenues estimated from the EDA tax levy are based on the estimated market value, which is not yet available from Sherburne County, and is expected to generate revenue of $363,150. In addition to the tax levy, we also calculate interest income of $3,000 and $3,500 transfer from the HRA for supplies and shared costs. Expenditures The proposed expenditures address several of the goals outlined in recent EDA discussion, and the future completion of the EDA Strategic Plan with Stantec Consulting, Inc. CONFERENCES: Economic Development Association of MN (EDAM) EDAM is the state’s largest membership organization of Economic Development professionals. Summer and Winter Conferences focus on professional development and provides networking opportunities with economic development professionals, consultants, engineers and the like. By sponsoring this event, we can highlight Elk River and our amenities during our introductions to the keynote Speakers.