VII.2. Approve Proposed 2018 HRA/EDA Tax Levy; Bishop (CR2017-115)
September 19, 2017 Council Report 2017-115
APPROVE PROPOSED 2018 HRA/EDA TAX LEVY
Proposed Action
Staff recommends adoption of the following motions:
Move to approve Resolution 2017-064 Approving proposed 2018 HRA tax levy.
Overview
The City is required to certify a proposed HRA/EDA tax levy and submit it to the county by September
30th. There are levy limits for the HRA/EDA levies which is based on market value of personal and real
estate property. For Hopkins the 2017 market value is $1,791,172,100 and the allowed levy is 0.0185%
of total market value or $331,337. Staff is proposing to set the HRA/EDA levy at the maximum allowed
by law.
A proposed Economic Development Fund budget is in the process of being prepared using this maximum
levy. This is the only income source for our economic development activities and therefore the levy plays
an important role in our continued efforts for redevelopment. When the budget is presented for review we
have the opportunity to reduce but not increase the levy at that time.
Staff is recommending that council approve the resolution setting the proposed levy for HRA/EDA
operations at the maximum allowed by law.
Primary Issues to Consider
2018 budget concerns
Supporting Information
Power point presentation
Resolution 2017-064
____________________________________
Nick Bishop CPA
Finance Director
Financial Impact: $ 331,337 Budgeted: Y/N X N
Source: Taxes and other revenues
Related Documents (CIP, ERP, etc.): __2018 budget__ ______Notes: ____ ___
9/14/2017
1
2018 Preliminary HRA/EDA Levy
September 19th, 2017
2018 Preliminary HRA/EDA Levy
Must adopt a preliminary levy by September
30th
Economic Development Fund budget is
currently being prepared
2018 Preliminary HRA/EDA Levy
Asking for approval of the maximum amount
of $331,337
.0185% of total market value, $1,791,172,100
Only source of income for economic
development efforts
Will be opportunity to reduce, but not
increase
CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 2017-067
RESOLUTION APPROVING THE
PROPOSED 2018 HRA TAX LEVY
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF HOPKINS, MINNESOTA,
That the following sum be levied for 2018 upon the taxable property in the City of Hopkins,
for the following purposes.
HRA/EDA Levy
Housing & Redevelopment Authority Levy $ 331,337
That the levy is based on a maximum of 0.01850% of market value as allowed by law for
the City’s Economic Development purposes.
BE IT FURTHER RESOLVED that the City Clerk is hereby ordered and directed to transmit a certified
copy of this resolution to the County Auditor of Hennepin County, Minnesota.
Adopted by the City Council of the City of Hopkins this 19th day of September 2017.
By
Molly Cummings, Mayor
ATTEST:
Amy Domeier, City Clerk