Adopt Resolution Approving Proposed 2012 EDA Levy

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 $361,161.

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

The City Council ratified the EDA's recommendation of $169,853 at its regular meeting of September 13, 2011.  The truth and taxation documents were prepared with the intention of holding the EDA levy at the proposed $169,853.

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

Motion to adopt Resolution #12-11-XXX adopting the 2011, payable 2012 EDA tax levy in the amount of $169,853