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Eclty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 8.6 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 8, 2015 Tim Simon, Finance Director <br /> Item Description Reviewed by <br /> Economic Development Authority and Housing Amanda Othoudt,Economic Development <br /> Redevelopment Authority Levies Director <br /> Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> ■ Adopt,by resolution, the preliminary Economic Development Authority 2016 tax levy. <br /> ■ Adopt,by resolution, the preliminary Housing and Redevelopment Authority 2016 tax levy. <br /> Background/Discussion <br /> The Council must approve the preliminary tax levy for the Housing and Redevelopment Authority <br /> (HRA) and Economic Development Authority (EDA) for certification to the County Auditor on or <br /> before September 15, 2015. The city maximum tax levy must be certified by September 30, 2015. <br /> Overall the past several months, the EDA and HRA have reviewed and prepared their 2016 budgets. <br /> The EDA approved their budget and levy on August 17, 2015. The rate of 0.01813 percent of Estimated <br /> Market Value did not change from last year. <br /> The HRA approved their budget and levy on August 3, 2015. The rate went up slightly from 0.0144 <br /> percent to 0.01512 percent of Estimated Market Value which is well below the state cap at 0.0185 <br /> percent. <br /> Financial Impact <br /> Various tax levies for collection in 2016. <br /> Attachments <br /> ■ Resolution approving the preliminary 2016 tax levy for economic development purposes for the <br /> Elk River Economic Development Authority <br /> ■ Resolution approving the preliminary Housing and Redevelopment Authority 2016 tax levy <br /> POWERED 6T <br /> Template Updoted 4/14 INAWRE1 <br />