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��i <br /> City of <br /> Elk ' Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authori 7.3 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 21, 2020 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> 2021 EDA Budget and Resolution Establishing Lori Ziemer,Finance Director <br /> EDA Levy Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> 1. Review and approve the 2021 EDA Budget as presented. <br /> 2. Approve,by motion,a resolution establishing the EDA Tax Levy for collection in year 2021. <br /> Following the EDA's action,the City Council must approve and certify the EDA levy to Sherburne County by <br /> September 30, 2020. <br /> Background/Discussion <br /> At the July 15, 2020, Special Budget Workshop, the EDA reviewed the performance measures/goals and <br /> budget for 2021. The Commission directed staff to quantify the return on investments for conferences and <br /> schools and provide more information on the wetland bank and drone footage. <br /> Revenues <br /> The state maximum EDA tax levy is 0.01813% of estimated market value. In 2019, the budget represented a <br /> balance rate of approx. 0.0113%. <br /> The budget proposes a tax levy of$363,150, or 0.0133% of the preliminary$2,721,937,400 estimated market <br /> value in spring. In addition to the tax levy,we also calculate interest income of$3,000 and $3,500 transfer from <br /> the HRA for supplies and shared costs. <br /> Expenditures <br /> The proposed expenditures address several of the goals outlined in recent EDA discussion,and the future <br /> completion of the EDA Strategic Plan with Stantec Consulting, Inc. <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 development. <br /> ■ Maintain financial incentives to enhance economic development. <br /> ■ Celebrate and grow our existing businesses. <br /> ■ Develop and expand a microloan program to encourage new green collar jobs. <br /> ■ Increase the number of companies actively manufacturing products or components of products directly <br /> or indirectly used in renewable energy or energy efficiency by 2024. <br /> ■ Proactively work with the business community impacted by the 169 Redefine project. <br /> The Elk River Vision <br /> A wel-oming community nvith revolutionary and spirited resourcefulness, exceptional service, and p Q w E A E o s r <br /> community engagement that encourages and inspires prosperity /` UR <br />