HomeMy WebLinkAbout07-10 - ADMIN Resolution - Economic Development Authority - 2007/09/04ST. LOUIS PARIC ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 07-10
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 2008
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 .0144 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
0144 percent of taxable market value in the City for taxes payable in 2008; 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 2008 and the amount of the proposed levy for collection in
2007 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 $796,848 for the operations of the Authority in fiscal year
2008, 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.
3. The proposed special benefit levy pursuant to Minnesota Statutes, Section
469.033, Subdivision 6, is hereby approved in a maximum amount equal to .0144 percent of
taxable market value in City of St. Louis Park, currently estimated to be $5,533,670,900 with
respect to taxes payable in calendar year 2008, subject to final approval by the Authority before
certification of the special benefit levy pursuant to Minnesota Statutes, Section 275.07.
EDA Resolution No. 07-10 -2-
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 2008 and to take such other
actions as are necessary to bring before the Board the final budget and levy by no later than five
or ing days after December 21, 2007.
for Administration Adopted by the Economic Development Authority
September 4, 2007
President
Attest: