HomeMy WebLinkAbout25-38 - ADMIN Resolution - Economic Development Authority - 2025/12/15EDA Resolution No. 25-38
Authorizing the final levy of
a special benefit (HRA) levy pursuant to Minnesota Statutes, Section 469.033,
subdivision 6 and approval of a final budget for fiscal year 2026
Whereas, pursuant to Minnesota Statutes, Section 469.090 to 469.108 (the “EDA Act”),
the city council of the City of St. Louis Park created the St. Louis Park Economic Development
Authority (the "Authority"); and
Whereas, pursuant to the EDA Act, the city council granted to the Authority all of the
powers and duties of a housing and redevelopment authority under the provisions of the
Minnesota Statutes, sections 469.001 to 469.047 (the "HRA Act"); and
Whereas, Section 469.033, Subdivision 6, of the HRA Act permits the Authority to levy
and collect a special benefit levy of up to 0.0185 percent of estimated market value in the city
upon all taxable real property within the city; and
Whereas, the Authority desires to levy a special benefit levy in the amount of up to
0.0185 percent of estimated market value in the city for taxes payable in 2026; and
Whereas, pursuant to Minnesota Statutes, Section 275.065, the Authority is required to
adopt a proposed budget and a proposed tax levy and submit the same to the County Auditor
by December 28; and
Whereas, the Authority has before it for its consideration a copy of a proposed budget
for its operations for the fiscal year 2026 and the amount of the proposed levy for collection in
2026 shall be based on this budget and the long-range financial management plan, subject to
any adjustments in the budget as finally approved prior to certification of the final special
benefit levy;
Now therefore be it resolved by the Board of Commissioners of the St. Louis Park
Economic Development Authority:
1. The proposed budget of $1,194,133 for the operations of the Authority in fiscal year
2026, as presented for consideration by the city council, is hereby in all respects approved,
subject to final approval by the Authority before certification of the tax levy under Minnesota
Statutes, Section 275.07.
2. Staff of the Authority are hereby authorized and directed to file the proposed budget
with the city in accordance with Minnesota Statutes, Section 469.033, Subdivision 6.
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3. The proposed special benefit levy pursuant to Minnesota Statutes, Section 469.033,
Subdivision 6, is hereby approved and is less than the maximum amount equal to 0.0185
percent of estimated market value in City of St. Louis Park with respect to Economic
development authority meeting of December 15, 2025 (Item No. 6a) Page 11 Title: Resolutions
authorizing final 2026 budget - levy and capital improvement plan taxes payable in calendar
year 2026, subject to final approval by the Authority before certification of the special benefit
levy pursuant to Minnesota Statutes, Section 275.07.
4. Staff of the Authority are hereby authorized and directed to seek the approval by
resolution of the city council of the levy of special benefit taxes payable in 2026 and to take
such other actions as are necessary to bring before the Board the final budget and levy to be
sent to the county auditor on or before five working days after December 15, 2025.
Reviewed for administration: Adopted by the Economic Development
Authority December 15, 2025:
Karen Barton, executive director Sue Budd, president
Attest:
Melissa Kennedy, secretary
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