HomeMy WebLinkAbout19-17 - ADMIN Resolution - Economic Development Authority - 2019/12/16ED A R e so lu tio n N o . 19 -1 7
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a sp e ci a l b e n e fi t le v y p u rsu a n t to M in n e so ta Sta tu te s, Se ctio n 4 6 9 .0 3 3 ,
su b d iv isio n 6 an d ap p ro v a l o f a fi n a l b u d g e t fo r fi sca l y e a r 2 0 2 0
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 2020; 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 2020 and the amount of the proposed levy for collection in
2020 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, be it resolved by the Board of Commissioners of the St.
Louis Park Economic Development Authority:
1. The proposed budget of $1,332,978 for the operations of the Authority in fiscal year
2020, 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 0.0185 percent of
estimated market value in City of St. Louis Park, currently estimated to be
$7,205,290,500, with respect to taxes payable in calendar year 2020, subject to final
approval by the Authority before certification of the special benefit levy pursuant to
EDA Resolution No. 19-17 2
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 2020 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 20, 2019.
Adopted by the Economic Development
Authority, Dec. 16, 2019
Attest:
EDA Resolution No. 19-17 3
HRA Levy
2020 Final Budget
2018 2019 2020
Actual Revised Budget Final Budget
Revenues:
Property Tax Levy $ 1,172,896 $ 1,234,601 $ 1,332,978
Interest Income 2,036
Total Revenue $ 1,174,932 $ 1,234,601 $ 1,332,978
Expenditures:
Services and Other Charges $ 15,249 $ 15,000 $ 15,000
Transfer - out (Housing Rehab) $ $ $ 272,248
Transfer - out (Housing Trust Fund) $ $ $ 1,045,730
Final payment (HWY 7 & Louis.) $ 108,942 $ $
Interfund loan repayment* 999,999 1,263,200
Total Expenditures $ 1,124,190 $ 1,278,200 $ 1,332,978
Net Change $ 50,742 $ (43,599) $
Estimated Loan balance $ 1,221,200 $ $
k = repayment to interfund loan is a reduction to the balance sheet liability account.