On November 28, 1998 the City Council approved a resolution creating the EDA for the City of Ramsey. The resolution gives all the statutory powers of an Economic Development Authority (EDA) and Housing and Redevelopment Authority (HRA) to the Ramsey EDA.

The EDA budget has been funded primarily through two sources: 1) the HRA/EDA Levy and 2) proceeds from the sale of City/EDA owned property (there is also a small amount of investment income).

The levy is based on the City’s total taxable market value of the preceding year.  For payable 2012, the City would be allowed a maximum levy of $358,882.  A significant portion of the levy can be used for personnel services and other operational costs, housing and /or redevelopment costs.  The EDA levy can be used to buy property, professional services, marketing activities, and the like.

At the EDA’s monthly meeting on Thursday, August 25, 2011, the EDA authorized a levy of $169,853. This represents a $121,852 or a 42% decrease from the 2011 adopted EDA levy of $291,705.

The proposed levy of $169,853 would place a $17.16 tax on a residential home valued at $200,000.

The enabling resolution adopted in 1998 requires that all recommendations by the EDA be sent to the City Council for approval before any action is taken.

 

2012 EDA levy supports the 2012 EDA Budget which will be formally adopted in December 2011.