Recommend 2023 EDA Budget and Levy

The purpose of this case is to formulate a recommendation to the City Council on the proposed 2023 EDA Budget. 

The EDA Budget and Levy are utilized for a variety of business retention and expansion efforts. Key investments in the EDA Budget include, but are not necessarily limited to:

1. Community and Economic Development Marketing Efforts
2. EDA Sponsored Events (Biz Network, Biz Expo, Biz Appreciation)
3. Business Retention, Expansion and Recruitment
4. Professional Services to supplement Staff on development projects (TIF Analysis, Legal, Environmental, Land Acquisition, Dolomite Street, Hwy 10, W. Armstrong Infrastructure, etc.)

N/A

The 2023 EDA Budget has been increased (2.6%) from $85,360 to $87,610  to account for expected increases in professional services line item relating to Hwy 10, COR Site Preparation and West Armstrong / Ferret Street Infrastructure.  

Review by City Council

The City Council reviewed the overall Budget and Levy at July 12 and July 26, 2022 Work Sessions.    It is possible that these, and future discussions could impact the final EDA Budget. The City Council is scheduled to adopt the preliminary budget on September 27, 2022.

The EDA Budget is supported by the EDA Levy. The EDA Levy is collected as part of the City's property tax and counts towards the City's overall Tax Levy. 

Staff recommends the budget as currently proposed.

Motion to adopt the proposed 2023 EDA Budget and Levy as presented / as modified.