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�, <br />Elk s �- <br />River <br />Request for Action <br />To Item Number <br />Ma Tor and CinT Council 8.2 <br />Agenda Section Meeting Date Prepared by <br />GeneYal Business Se tembeY 18, 2023 Brent O'Neil, Economic Develo ment DirectoY <br />Item Description Reviewed by <br />Economic Development Authorit�- (EDA) and Cal Pormer, Ci r Administrator <br />Housing and Redevelopment Authority (HRr�) 2024 Reviewed by <br />Budget Levies <br />Action Requested <br />1) Adopt, byr motion, the attached resolution establishing the EDA tax levy of $415,950 foY collection in <br />year 2024. <br />2) Adopt, byT motion, the attached resolution establishing the HRA tax levyT of $440,100 for collection in <br />�Tear 2024. <br />Background/Discussion <br />The EDA and HRA are required to submit their budgets and recommended levies to the CityT Council annuallyT. <br />The EDA finalized its budget on August 21, 2023, with total 2024 expenditures of $434,950. Forecasting interest <br />income of $15,000 and transfers-in of $4,000, the EDA recommends $415,950 be included in the 2024 levyr. <br />The HRA finalized its budget on August 7, 2023, with total expenditures of $445,100. Revenue from interest is <br />pYojected at $5,000. The HRA recommends $440,100 be included in the 20241evyr. <br />By statute, the Yegular levyr is limited to 0.01813% of estimated market value of real pYopeYtyr in the cityr for the <br />EDA, and 0.0185% of the estimated maYket value for the HRA. For both boards, the pYoposed levies for 2024 <br />equates to appYoxirnately 60% of the allowed maxirnum. <br />Financial Impact <br />The proposed 2024 EDA budget is $434,950, with a proposed tax levyT of $415,950. <br />The proposed 2024 HRA budget is $445,100, with a pYoposed tax levyr of $440,100. <br />Mission/Policy/Goal <br />Support commercial and industrial development, redevelopment, and housing initiatives in Elk River. <br />Attachments <br />2024 Lev`T Resolution for EDA <br />2024 Lev`T Resolution for HRA <br />The Elk River Vision <br />A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional <br />se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty. <br />rowEREo ar <br />�I'1 ���� <br />Update�l• January 2023 <br />