HomeMy WebLinkAbout22-48 - ADMIN Resolution - Economic Development Authority - 2022/12/19
EDA Resolution No. 22-48
Authorizing the final levy of
a special benefit levy pursuant to Minnesota Statutes, Section 469.033,
subdivision 6 and approval of a final budget for fiscal year 2023
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 2023; 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 2023 and the amount of the proposed levy for collection in
2023 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 $1,582,696 for the operations of the Authority in fiscal year
2023, 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
$8,555,110,200, with respect to taxes payable in calendar year 2023, subject to final
approval by the Authority before certification of the special benefit levy pursuant to
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EDA Resolution No. 22-48 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 20 23 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 19, 2022.
Reviewed for administration: Adopted by the Economic Development
Authority, December 19, 2022
Karen Barton, executive director Margaret Rog, president
Attest:
Melissa Kennedy, city clerk
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EDA Resolution No. 22-48 3
2022 Budget 2023 Budget
Revenues:
Property Tax Levy 1,517,799 1,582,696
Pooled TIF 368,500 360,359
Special Assessments 549,322 948,165
Interest Income 40,000 40,000
Transfers In 397,133 718,564
Total Revenue 2,872,754 3,649,784
Expenditues:
Personal Services 397,133 418,564
Services and Other Charges 2,609,773 1,731,213
Misc Expense 1,500 1,500
Transfer out (Housing Rehab)388,517 813,245
Transfer out (Housing Trust Fund)397,133 718,564
Total Expenditures 3,794,056 3,683,086
Net Change (921,302) (33,302)
HRA Levy
2023 Final Budget
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