HomeMy WebLinkAbout21-103 - ADMIN Resolution - City Council - 2021/09/20Resolution No. 21-103
Approving a present intent to levy a tax for Economic
Development Authority purposes pursuant to
Minnesota Statutes, Section 469.107
Whereas, pursuant to Minnesota Statutes, Sections 469.090 through 469.1082, as
amended (the “Act”), the City established the St. Louis Park Economic Development Authority (the
“EDA”); and
Whereas, Section 469.107, subdivision 1 of the Act authorizes the City, at the request of
the EDA, to levy and collect a tax of up to 0.01813% of the estimated market value of taxable
property within the City, levied upon all taxable real property within the City, for economic
development purposes; and
Whereas, the EDA has requested that the City approve such a levy in the amount of
.00610% of the estimated market value of taxable property within the City, and the City finds that
such a levy is in the best interest of the City and EDA because it will facilitate economic
development.
Now therefore be it resolved that the City Council hereby approves the levy of a tax for
economic development purposes pursuant to Section 469.107, subdivision 1 of the Act in the
amount equal to .00610% of the estimated market value of taxable property within the City
(expected to be approximately $500,000) with respect to taxes payable in calendar year 2022.
Reviewed for Administration: Adopted by the City Council September 20, 2021
Kim Keller, city manager Jake Spano, mayor
Attest:
Melissa Kennedy, city clerk
DocuSign Envelope ID: 402C7C30-087D-4676-8909-28A20A44B188