6.2 EDSR 08-21-2017 - Laserfiche WebLink

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Ell „ Request for Action River To Item Number Economic Development Authority 6.2 Agenda Section Meeting Date Prepared by General Business August 21,2017 Amanda Othoudt, EDD Item Description Reviewed by 2018 EDA Budget and Resolution Establishing Cal Portner, City Administrator EDA Levy Reviewed by Action Requested 1. Review and approve the 2018 EDA Budget as presented. 2. Approve,by motion, the attached resolution establishing the EDA Tax Levy for collection in year 2018. Following the EDA's action, the City Council must approve and certify the EDA levy to Sherburne County by September 30,2017. Background/Discussion At the July 17,2017,Special Budget Workshop, the EDA reviewed the performance measures/goals and budget for 2017. 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$2,119,094,900 per the Sherburne County Assessor,generating$384,191. In addition to the tax levy,we also calculate interest income of$5,500 and$3,500 transfer from the HRA for supplies and shared costs. Expenditures The proposed 2018 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: • Contact and Network directly with real estate developers,and target industry decision makers. • Grow and maintain an inventory of private and public properties available for future development. • Establish a wetland bank to facilitate new development where wetlands impede growth. • Maximize and leverage state,regional and local financial incentives to enhance economic development. • Continue to participate in the Department of Employment and Economic Development's Positively Minnesota Marketing program. rerIHEu rr NATURE