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Request for Action <br /> <br /> <br />To Item Number <br />Economic Development Authority 6.2 <br />Agenda Section Meeting Date Prepared by <br />General Business August 20, 2018 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />2019 EDA Budget and Resolution Establishing Lori Ziemer, Finance Director <br />EDA Levy <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />1. Review and approve the 2019 EDA Budget as presented. <br />2. Approve, by motion, a resolution establishing the EDA Tax Levy for collection in year 2019. <br /> <br />Following the EDA’s action, the City Council must approve and certify the EDA levy to Sherburne <br />County by September 30, 2018. <br /> <br />Background/Discussion <br />At the July 16, 2018, Special Budget Workshop, the EDA reviewed the performance measures/goals and <br />budget for 2019. <br /> <br />Revenues <br />The state maximum levy is 0.01813% of estimated market value and the budget proposes a balance rate <br />of approx. 0.0149%. <br /> <br />Revenues estimated from the EDA tax levy are based on an estimated market value of $2,184,397,000 <br />and is expected to generate revenue of $325,100. In addition to the tax levy, we also calculate interest <br />income of $4,000 and $3,500 transfer from the HRA for supplies and shared costs. <br /> <br />Expenditures <br />The proposed 2019 budget was developed with the goals and action steps outlined in the 2017-20 EDA <br />Strategic Plan, the Mississippi Connections Downtown Plan, city vision and goals, and the Branding <br />Implementation Plan. <br /> <br />Major initiatives from these documents include: <br /> Contact and network directly with real estate developers and target industry decision makers. <br /> Grow and maintain an inventory of private and public properties available for future <br />development. <br /> Continue funding wetland bank to facilitate new development where wetlands impede growth. <br /> Maximize and leverage state, regional and local financial incentives to enhance economic <br />development. <br /> Continue to participate in the Department of Employment and Economic Development’s <br />Positively Minnesota Marketing program. <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />