HomeMy WebLinkAbout09-13 - ADMIN Resolution - Economic Development Authority - 2009/09/08ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 09-13
AUTHORIZING THE PROPOSED LEVY OF
A SPECIAL BENEFIT LEVY PURSUANT TO MINNESOTA STATUTES,
SECTION 469.033, SUBDIVISION 6 AND APPROVAL
OF A PROPOSED BUDGET FOR FISCAL YEAR 2010
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 .0185 percent of taxable 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 .0185
percent of taxable market value in the City for taxes payable in 2010; 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
September 15; and
WHEREAS, the Authority has before it for its consideration a copy of a proposed budget for
its operations for the fiscal year 2010 and the amount of the proposed levy for collection in 2010
shall be based on this budget, 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 $1,043,341 for the operations of the Authority in fiscal year
2010, 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.
EDA Resolution No. 09-13 -2-
3. The proposed special benefit levy pursuant to Minnesota Statutes, Section 469.033,
Subdivision 6, is hereby approved in a maximum amount equal to .0185 percent of taxable market
value in City of St. Louis Park, currently estimated to be $5,639,683,900 with respect to taxes
payable in calendar year 2010, 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 in 2010 and to take such other
actions as are necessary to bring before the Board the final budget and levy by no later than five
working days after December 21, 2009.
Attest:
Adopted by the Economic Development
Authority September 8, 2009
Press ent
EDA Resolution No. 09-13
-3-
HRA Levy
2010 Proposed Budget
September 8, 2009
Revenues:
Property Tax Levy
Market Value, Homestead Credit
Interest Income
Total Revenue
Expenses:
Infrastructure Projects
Legislative Lobbying Services
Travel & Meeting Expenses
Total Expense
Beginning Fund Balance
Net Change in Fund Balance
Ending Fund Balance
2008
2009
2010
Actual
Budget
Proposed Budget
$762,795
$1,028,045
$1,043,341
24,605
0
0
136,982
80,000
100,000
$924,382
$1,108,045
$1,143,341
$0
$0
$1,090,841
51,333
48,000
48,000
4,421
0
4,500
$55,754
$48,000
$1,143,341
$3,102,182
$3,970,810
$5,030,855
$868,628
$1,060,045
$0
$3,970,810
$5,030,855
$5,030,855