6.1. EDSR 08-18-2014 - Laserfiche WebLink

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Ll Request for Action River To Item Number Economic Development Authority 6.1 Agenda Section Meeting Date Prepared by General Business August 18, 2014 Brian Beeman, Director of Economic Development Item Description Reviewed by 2015 EDA Budget and Resolution Establishing Jeremy Barnhart,Deputy Director, CODD EDA Levy Reviewed by Tim Simon, Finance Director Action Requested 1. Review and approve the 2015 EDA Budget as presented. 2. Approve by motion the attached Resolution establishing the EDA Tax Levy for collection in year 2015. Following the EDA's action, the City Council must approve and certify the EDA levy to Sherburne County by September 15,2014. Background/Discussion The Economic Development Division consists of two separate budgets including: • Economic Development Authority • Housing&Redevelopment Authority At the July 21, 2014 special budget workshop the EDA members reviewed in detail the performance measures/goals and budget for 2015. Revenues The budget proposes maintaining the general operating levy at 0.01813% of estimated market value, which is the state cap. Revenues generated from the EDA tax levy for the 2015 budget are based on an estimated market value of$1,907,026,900 as provided by the Sherburne County Assessor.This will generate revenue of$345,743. In addition to the tax levy we also calculate interest income of$4,500 and$3,500 transfer from the HRA for supplies and shared costs. Expenditures The proposed 2015 budget was developed with the goals and action steps outlined in the 2013-2016 EDA Strategic Plan, the Mississippi Connections Downtown Plan, City Vision& Goals, and the branding implementation plan. Major initiatives from these documents include: • Advertise in at least three national publications with at least 5000 subscribers P 1 / ERE 1 1 T Template Updated 4/14 IA1LJREI