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Request for Action <br /> <br /> <br />To Item Number <br />Economic Development Authority 7.2 <br />Agenda Section Meeting Date Prepared by <br />General Business August 19, 2019 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />2020 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 2020 EDA Budget as presented. <br />2. Approve, by motion, a resolution establishing the EDA Tax Levy for collection in year 2020. <br /> <br />Following the EDA’s action, the City Council must approve and certify the EDA levy to Sherburne <br />County by September 30, 2019. <br /> <br />Background/Discussion <br />At the July 15, 2019, Special Budget Workshop, the EDA reviewed the performance measures/goals and <br />budget for 2020. <br /> <br />Revenues <br />The state maximum EDA tax levy is 0.01813% of estimated market value and the budget proposes a <br />balance rate of approx. 0.0113%. <br /> <br />Revenues estimated from the EDA tax levy are based on an estimated market value of $2,962,252,700 <br />and is expected to generate revenue of $334,450. In addition to the tax levy, we also calculate interest <br />income of $5,000 and $3,500 transfer from the HRA for supplies and shared costs. <br /> <br />Expenditures <br />The proposed 2020 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 /> Market the City of Elk River and gain positive exposure for the city. <br /> Grow and maintain an inventory of private and public properties available for future <br />development. <br /> Maintain financial incentives to enhance economic development. <br /> Celebrate and grow our existing businesses by conducting 24 BR&E visits in 2020. <br /> Develop and expand a microloan program to encourage 50 new green collar jobs by 2024. <br /> Increase the number of companies actively manufacturing products or components of products <br />directly or indirectly used in renewable energy or energy efficiency by 2024. <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 />