HomeMy WebLinkAboutRes 19-04 EDA Proposed EDA tax levy and budget RESOLUTION 19 -04 EDA
A RESOLUTION APPROVING THE PROPOSED
2020 ECONOMIC DEVELOPMENT AUTHORITY TAX LEVY AND BUDGET
Motion By : Chromy Second By : Boucher- Hoese
WHEREAS , State Statute 469 . 107 subd . 1 provides that a city may , at the request of the Economic
Development Authority , levy a tax in any year for the benefit of the authority in an
amount not to exceed 0 . 01813 percent of taxable market value ; and
WHEREAS , The EDA proposes a 2020 tax levy for economic development purposes in the amount
of $ 311 , 250 ; and
WHEREAS , The EDA proposes a transfer of $ 161 , 250 from the General Fund ( Fund 101 ) to the EDA
Special Revenue Fund ( Fund 240) ; and
WHEREAS , The EDA proposes a 2020 annual budget in the amount of $489 , 575 .
NOW THEREFORE , BE IT HEREBY RESOLVED BY THE ECONOMIC DEVELOPMENT AUTHORITY
OF PRIOR LAKE , MINNESOTA as follows :
1 . The recitals set forth above are incorporated herein .
2 . The EDA requests that the Prior Lake City Council levy a special tax of $311 , 250 to be collected in
2020 pursuant to Minnesota Statutes 469 . 107 .
3 . The EDA requests that the Prior Lake City Council transfer $ 161 , 250 from the General Fund ( Fund
101 ) to the EDA Special Revenue Fund ( Fund 240) .
4 . The EDA requests that the Prior Lake City Council adopt the 2020 EDA annual budget in the amount
of $489 , 575 .
PASSED AND ADOPTED THIS 12th DAY OF AUGUST 2019 ,
VOTE Chromy Braid Sheehan- Briggs Boucher-
Kerber IHoese
Aye N X X X lel
Nay ❑ ❑ ❑ ❑ ❑
Absent ❑ ❑ ❑ ❑ ❑
Abstain ❑ ❑ ❑ ❑ ❑
r /
Lori Olson , Interim Executive Director