HomeMy WebLinkAbout24-106 Resolution Adopting proposed 2025 Economic Development authority budget and certifying prelimnary 2025 Economic development authority Property tax levy
4646 Dakota Street SE Prior Lake, MN 55372
RESOLUTION 24-106 A RESOLUTION ADOPTING PROPOSED 2025 ECONOMIC DEVELOPMENT AUTHORITY BUDGET AND CERTIFYING PRELIMINARY 2025 ECONOMIC DEVELOPMENT AUTHORITY PROPERTY TAX LEVY TO SCOTT COUNTY DEPARTMENT OF TAXATION Motion By: Braid Second By: Burkart WHEREAS, State statute requires the Prior Lake City Council to certify a proposed
property tax levy to the Scott County Department of Taxation; and 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 maximum allowable EDA property tax levy for payable year 2025 has been determined to be approximately $1,034,000; and WHEREAS, The Prior Lake EDA, at its regularly scheduled meeting of August 26, 2024, authorized a 2024 tax levy for economic development purposes in the amount of $405,000 and a 2025 budget of $724,838.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA as follows:
1. The recitals set forth above are incorporated herein. 2. A preliminary tax levy of $405,000 and proposed budget of $724,838 are approved for payable
year 2025. 3. That the proposed Economic Development Authority tax levy be distributed upon the taxable property in said City for the purposes of economic development in payable 2025. Passed and adopted by the Prior Lake City Council this 24th day of September 2024 VOTE Briggs Braid Burkart Churchill Lake
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐ Abstain ☐ ☐ ☐ ☐ ☐ Absent ☐ ☐ ☐ ☐ ☐
______________________________ Jason Wedel, City Manager