5. EDSR 08-08-2011 - Laserfiche WebLink

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amity o~ River REQUEST FOR ACTION To Item Number Economic Develo ment Authori 5. Agenda Section Meeting Date Prepared by August 8, 2011 Annie Deckert, Director of Economic Develo ment Item Description Reviewed by Consider Year 2012 EDA Budget and Resolution Establishing Tim Simon, Finance Director EDA Levy Reviewed by Action Requested Staff recommends the EDA review and approve the Year 2012 EDA Budget as presented and attached Resolution Establishing the EDA Tax Levy for Collection in Year 2012. Following the EDA's action, the City Council must approve and certify the EDA and HRA levies to Sherburne County in September. Background/Discussion The Economic Development Division consists of two separate budgets including: • Economic Development Authority • Housing & Redevelopment Authority Revenues Since 2003 the EDA and HRA levies have been enough to balance the Economic Development Division without City General Fund revenues. Revenues generated from the EDA tax levy for 2012 budget purposes are estimated based. on a 6% decrease 1n taxable market value according to preluninary information provided by the Sherburne County Assessor. This information is subject to change as they finalize numbers we received last year. Other revenue sources include interest income and a $3,500 transfer in from HRA funds toward approximately 40% of shared administrative expenses (office supplies, fuels, telephone, travel/training). The attached Budget Worksheet has been prepared using the 0.01813% levy as in previous years. Expenditures The attached proposed 2012 budget was developed with the following EDA Goals in mind as indicated in the attached 2009-2012 Strategic Plan Action Steps: • Expand city's inventory of available commercial and/or industrial park land for future development • Continue to implement the Strategic Industrial Marketing Plan strategies with focus on brokers/developers, medium-large light industrial users, and business retention & expansion • Identify desired image and create a branding plan that reflects Elk River brand/image The expenses for. the above referenced goals are primarily reflected in the Legal, Professional Services, and Advertising/Marketing budget line items. The Professional Services budget is primarily allocated for the implementation of the branding and marketing strategic plan, anticipated to be adopted by the EDA N:\Depaztments\Community Development\Economic Development\EDA to move\Budget\2012 Budget\8-8-11 Action Requested EDA Budget.doc