8.2 SR 09-18-2023�,
Elk s �-
River
Request for Action
To Item Number
Ma Tor and CinT Council 8.2
Agenda Section Meeting Date Prepared by
GeneYal Business Se tembeY 18, 2023 Brent O'Neil, Economic Develo ment DirectoY
Item Description Reviewed by
Economic Development Authorit�- (EDA) and Cal Pormer, Ci r Administrator
Housing and Redevelopment Authority (HRr�) 2024 Reviewed by
Budget Levies
Action Requested
1) Adopt, byr motion, the attached resolution establishing the EDA tax levy of $415,950 foY collection in
year 2024.
2) Adopt, byT motion, the attached resolution establishing the HRA tax levyT of $440,100 for collection in
�Tear 2024.
Background/Discussion
The EDA and HRA are required to submit their budgets and recommended levies to the CityT Council annuallyT.
The EDA finalized its budget on August 21, 2023, with total 2024 expenditures of $434,950. Forecasting interest
income of $15,000 and transfers-in of $4,000, the EDA recommends $415,950 be included in the 2024 levyr.
The HRA finalized its budget on August 7, 2023, with total expenditures of $445,100. Revenue from interest is
pYojected at $5,000. The HRA recommends $440,100 be included in the 20241evyr.
By statute, the Yegular levyr is limited to 0.01813% of estimated market value of real pYopeYtyr in the cityr for the
EDA, and 0.0185% of the estimated maYket value for the HRA. For both boards, the pYoposed levies for 2024
equates to appYoxirnately 60% of the allowed maxirnum.
Financial Impact
The proposed 2024 EDA budget is $434,950, with a proposed tax levyT of $415,950.
The proposed 2024 HRA budget is $445,100, with a pYoposed tax levyr of $440,100.
Mission/Policy/Goal
Support commercial and industrial development, redevelopment, and housing initiatives in Elk River.
Attachments
2024 Lev`T Resolution for EDA
2024 Lev`T Resolution for HRA
The Elk River Vision
A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional
se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty.
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Update�l• January 2023
City of
Elk -�-�
RiVer
City of Elk River
City Council
Resolution 23-
A Resolution of the City Council of the City of Elk River Approving the 2024
Tax Levy for Economic Development Purposes for the Elk River Economic
Development Authority.
WHEREAS, the Economic Development Authorityr (EDA) foY the Cityr of Elk RiveY has
Yequested the city authorize to levyr a tax foY the benefit of the EDA foY economic
development purposes; and
WHEREAS, the CityT Council of the CityT of Elk River has consented to this levyT for the
yTear 2024.
NOW, THEREFORE, BE IT RESOLVED b�r the CityT Council of the City= of Elk
River, Minnesota, as follo�us: The Economic Development r�uthorit�T for the Cit�- of Elk
certif�T a tax lev�T in the amount of $415,950 in the �Tear 2024 for the benefit of the CityT of
Elk River Economic Development Authorit�T to be used for economic development
purposes as provided under Minnesota Statute 469.090 et Seq.
Passed and adopted this 18`i' day of SeptembeY 2023.
John J. Dietz, Mayor
ATTEST:
Tina Allard, CityT Clerk
POMIEREO er
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City of
Elk -�-�
RiVer
City of Elk River
City Council
Resolution 23-
A Resolution of the City Council of the City of Elk River Approving the 2024
Tax Levy for Elk River Housing and Redevelopment Authority for the City of
Elk River, Minnesota.
WHEREAS, the Housing and Redevelopment Authoritv in and for the Citv of Elk River
has requested the cit�T to levyT a tax for various housing and redevelopment purposes; and
WHEREAS, the City Council of the City of Elk RiveY has consented to this levyr for the
yTear 2024.
NOW, THEREFORE, BE IT RESOLVED b�r the CityT Council of the CityT of Elk
River, iVlinnesota, as follo`vs: The Housing and Redevelopment AuthorityT in and for the
Cit�r of Elk ceYtifyr a tax levyr in the amount of $440,100 in the yreaY 2024 foY the benefit of
the Housing and Redevelopment Authorit�T.
Passed and adopted this 18`i' day of SeptembeY 2023.
John J. Dietz, Mayor
ATTEST:
Tina Allard, CityT Clerk
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