8.4. SR 09-18-2017 - Laserfiche WebLink

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Eclty1� ,.,�� Request for Action River To Item Number Mayor and City Council 8.4 Agenda Section Meeting Date Prepared by General Business September 18, 2017 Amanda Othoudt,EDD Item Description Reviewed by Economic Development Authority and Housing Lori Ziemer, Finance Director Redevelopment Authority Tax Levies Reviewed by Cal Portner, City Administrator Action Requested ■ Adopt,by motion, a resolution authorizing the preliminary Economic Development Authority 2018 tax levy. ■ Adopt,by motion, a resolution authorizing the preliminary Housing and Redevelopment Authority 2018 tax levy. Background/Discussion The Council must approve the preliminary tax levy for the Economic Development Authority (EDA) and Housing and Redevelopment Authority (HRA) for certification to the County Auditor on or before September 30, 2017. Over the past several months, the EDA and HRA have reviewed and prepared their 2018 budgets. The EDA approved their budget and levy on August 21, 2017. The budget proposes maintaining the previous general operating levy at 0.01813 percent of the Estimated Market Value,which is the state cap. The HRA approved their budget and levy on August 7, 2017. The rate decreased slightly from 0.01466 percent to 0.0140 percent of the Estimated Market Value which is well below the state cap of 0.0185 percent. Financial Impact EDA & HRA tax levy for collection in 2018. Attachments ■ Resolution approving the preliminary 2018 tax levy for economic development purposes for the Elk River Economic Development Authority. ■ Resolution approving the preliminary 2018 tax levy for the Housing and Redevelopment Authority. The Elk River Vision A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By service, and community engagement that encourages and inspires prosperity INAWRE1