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.''~ ~i <br />aty or <br />Elk -..-~ <br />River <br />REQUEST FOR ACTION <br />To Item Number <br />Economic Develo ment Authori <br />Agenda Section Meeting Date Prepared by <br /> August 10, 2009 Catherine Mehelich, Director f <br /> Economic Develo ment <br />Item Description Reviewed by <br />Consider Year 2010 EDA Budget and Resolution Regarding <br />EDA Levy Reviewed by <br />Action Requested <br />Staff recommends the EDA review and approves the Year 2010 EDA Budget as presented and approve <br />the attached Resolution Establishing the EDA Tax Levy for Collection in Year 2010. Following the <br />EDA's action, the City Council must approve and certify the EDA and HRA levies to Sherburne County <br />in September. <br />Background/Discussion <br />The Economic Development Division consists of two separate budgets including: <br />• Economic Development Authority <br />• Housing & Redevelopment Authority <br />Revenues <br />Since 2003 the EDA and HRA levies have been enough to balance the Economic Development Division <br />without City General Fund revenues. Revenues generated from the EDA tax levy for 2010 budget <br />purposes are estimated based on a 6% decrease in taxable market value according to preliminary <br />information provided by the Sherburne County Assessor and is subject to change as they finalize <br />numbers. Other revenue sources include interest income and a $3,500 transfer in from HRA funds <br />toward approximately 40% of shared administrative expenses (office supplies, fuels, telephone, <br />travel/training). <br />Expenditures <br />There are no significant changes in the proposed EDA expenditures for 2010, as indicated on the <br />attached Budget Worksheet. The proposed budget was developed with the following 2010 EDA Goals in <br />mind: <br />• Expand city's inventory of available commercial and/or industrial park land for future development <br />• Continue to implement the Strategic Industrial Marketing Plan strategies with focus on <br />brokers/developers, medium-large fight industrial users, and business retention & expansion <br />• Identify desired image and create a branding plan that reflects Elk River brand/image <br />The expenses for the above referenced goals are primarily reflected in the Legal, Professional Services, <br />and Advertising/Marketing budget line items. <br />S:AL;llA\AGENDA\F.DA Budget\08.10.09 Action Kequested liDA budgetdoc <br />