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.

 

As mentioned above, a possible funding mechanism for the EDA is the passing of a levy. The levy is based on the City’s taxable market value and for payable 2011; the City would be allowed to levy $361,178. The majority of the levy would be used to purchase properties that are targeted for development/redevelopment and to fund consulting services such as appraisal services attributed to the desired property. The EDA levy is not limited to housing and/or redevelopment, but can be spent on such items as vacant land, monument signs and other economic development related activities.

 

At the EDA’s monthly meeting on Thursday, August 12, 2010, the EDA authorized a levy of $291,705. This represents the same amount that was levied for 2009 and 2010 payable. Year 2011 will once again be a levy limit year, and the EDA is included in levy limits (General levy and EDA are under levy limits).

 

The proposed levy of $291,705 would place a $29.28 tax on a residential home valued at $200,000.

 

Council accepted the EDA’s recommendation and adopted the $291,705 at its regular meeting of September 7, 2010.

 

 

 EDA Levy.