VII.2. Approve Proposed 2019 HRA/EDA Tax Levy; Bishop
September 17, 2019 Council Report 2019-097
APPROVE PROPOSED 2019 HRA/EDA TAX LEVY
Proposed Action
Staff recommends adoption of the following motions:
Move to approve Resolution 2019-072 Approving proposed 2020 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 2019 market value is $1,988,925,000 and the allowed levy is 0.0185%
of total market value or $367,951. 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.
Supporting Information
• Resolution 2019-072
• Power point presentation
____________________________________
Nick Bishop CPA
Finance Director
CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 2019-072
RESOLUTION APPROVING THE
PROPOSED 2020 HRA TAX LEVY
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF HOPKINS, MINNESOTA,
That the following sum be levied for 2020 upon the taxable property in the City of Hopkins,
for the following purposes.
HRA/EDA Levy
Housing & Redevelopment Authority Levy $ 367,951
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 17th day of September 2019.
By
Jason Gadd, Mayor
ATTEST:
Amy Domeier, City Clerk
2020 Preliminary HRA/EDA Levy
September 17th, 2019
2019 Preliminary HRA/EDA Levy
Must adopt a preliminary levy by September 30th
Economic Development Fund budget is currently being
prepared
2020 Preliminary HRA/EDA Levy
Asking for approval of the maximum amount of $367,951
.0185% of total market value, $1,988,925,000
Will be opportunity to reduce, but not increase