6.2. EDSR 08-17-2015 - Laserfiche WebLink

Home Browse Search

City of Elk az — River Request for Action To Item Number Economic Development Authori 6.2 Agenda Section Meeting Date Prepared by General Business August 17, 2015 Amanda Othoudt, EDD Item Description Reviewed by 2016 EDA Budget and Resolution Establishing Cal Portner, City Administrator EDA Levy Reviewed by Action Requested 1. Review and approve the 2016 EDA Budget as presented. 2. Approve, by motion, the attached resolution establishing the EDA Tax Levy for collection in year 2016. Following the EDA's action, the City Council must approve and certify the EDA levy to Sherburne County by September 15, 2015. Background/Discussion The Economic Development Division consists of two separate budgets: Economic Development Authority Housing & Redevelopment Authority At the July 20, 2015, Special Budget Workshop, the EDA reviewed the performance measures/goals and budget for 2016. Revenues The budget proposes maintaining the general operating levy at 0.01813% of estimated market value, which is the state cap. Revenues estimated from the EDA tax levy are based on an estimated market value of $1,986,191,600 per the Sherburne County Assessor, generating $360,096. 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 2016 budget was developed with the goals and action steps outlined in the 2017-2020 EDA Strategic Plan, the Mississippi Connections Downtown Plan, city vision and goals, and the Branding Implementation Plan. Major initiatives from these documents include: ■ Advertising in at least three national publications with at least 5,000 subscribers. ■ Advertising in at least two global publications with at least 5,000 subscribers. ■ Identify locations for data centers and then market sites for recruitment. ■ Conduct 20 BR&E visits in 2016. P a w E A E U s r NaA f RE]