8.1. SR 09-17-2018 EOty1� ,.,�� Request for Action
River
To Item Number
Mayor& City Council 8.1
Agenda Section Meeting Date Prepared by
General Business September 17, 2018 Amanda Othoudt,EDD
Item Description Reviewed by
Economic Development Authority and Housing Lori Ziemer, Finance Director
Redevelopment Authority Tax Levies Reviewed by
Cal Portner, City Administrator
Action Requested
■ Adopt,by motion, a resolution authorizing the preliminary Economic Development Authority
2019 tax levy.
■ Adopt,by motion, a resolution authorizing the preliminary Housing and Redevelopment
Authority 2019 tax levy.
Background/Discussion
The Council must approve the preliminary tax levy for the Economic Development Authority (EDA) and
Housing and Redevelopment Authority (HRA) for certification to the County Auditor on or before
September 30, 2018.
The EDA approved their budget and levy on August 20, 2018. The budget proposes a tax levy of
$332,600, or 0.0148 percent of the preliminary$2,252,900,668 estimated market value. The state
maximum levy for the EDA for economic development purposes is .01813 percent of estimated market
value.
The HRA approved their budget and levy on August 6, 2018. The budget proposes a tax levy of
$316,450, or 0.0140 percent of the estimated market value. This is below the state cap of 0.0185 percent
of estimated market value that can be used for housing and redevelopment purposes.
Financial Impact
EDA & HRA tax levy for collection in 2019.
Attachments
■ Resolution approving the 2019 tax levy for economic development purposes for the Elk River
Economic Development Authority.
■ Resolution approving the 2019 tax levy for the Housing and Redevelopment Authority.
The Elk River Vision
A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By
service, and community engagement that encourages and inspires prosperity INAWRE1
City of
Elk
River
Resolution 18-
A Resolution of the City of Elk River Approving the 2019 Tax Levy for
Economic Development Purposes for the Elk River Economic Development
Authority
WHEREAS, the Economic Development Authority for the City of Elk River has
requested that the city authorize a tax levy for the benefit of the EDA for economic
development purposes; and,
WHEREAS, the City Council of the City of Elk River has consented to this levy for the
year 2019.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River,Minnesota, as follows: The Economic Development Authority for the City of Elk
River certify a tax levy in the amount$332,600 in the year 2019 for the benefit of the City of
Elk River Economic Development Authority to be used for economic development
purposes as provided under Minnesota Statute 469.090 et.se .
Passed and adopted this 171hday of September 2018.
John J. Dietz,Mayor
ATTEST:
Tina Allard, City NATUREJ
�j
City of
Elk
River
Resolution 18-
A Resolution of the City of Elk River Approving the 2019 Tax Levy for the
Housing and Redevelopment Authority.
WHEREAS, the Housing and Redevelopment Authority in and for the City of Elk River
has requested that the city authorize to levy a tax for various housing and redevelopment
purposes; and,
WHEREAS, the City Council of the City of Elk River has consented to this levy for the
year 2019.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River,Minnesota, as follows: The Housing and Redevelopment Authority in and for the City
of Elk River certify a tax levy in the amount of$316,450 for the benefit of the Housing and
Redevelopment Authority.
Passed and adopted this 171h day of September 2018.
John J. Dietz,Mayor
ATTEST:
Tina Allard, City NATUREJ