VII.4. Resolution Approving Proposed 2024 HRAEDA Tax Levy; Bishop CITY OF HOPKINS
City Council Report 2023-099
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: September 19, 2023
Subject: Approve Proposed 2024 HRA/EDA Tax Levy
_____________________________________________________________________
RECOMMENDED ACTION
MOTION TO Approve Resolution 2023-031 Approving the Proposed 2024 HRA/
EDA Tax Levy
OVERVIEW
The City is required to certify a proposed HRA/EDA tax levy and submit it to Hennepin
County by September 30th. There are levy limits based on 0.1850% of the City’s
estimated market value. The market value used for the 2024 levy is $2,682,722,500,
resulting in a maximum tax levy of $497,414 which would be an increase of $45,883 or
10.16% from 2023. The HRA/EDA Levy was set a the maximum allowed in 2023 and
lesser amount in 2021-2022.
Tax Year
Maximum
Allowable
Levy
HRA/EDA
Levy $ Increase
%
Increase
2019 350,154 350,154 21,137 6.81%
2020 367,951 367,951 17,797 5.08%
2021 407,727 378,070 10,119 2.75%
2022 434,750 391,302 13,232 3.50%
2023 451,531 451,531 60,229 15.39%
2024-Proposed 497,414 473,476 21,945 4.86%
The HRA/EDA Levy is the main revenue source for the City’s Economic Development
Fund and plays an important role in the City’s continued efforts for redevelopment. The
fund also supports Artstreet, the Arts Center, the Façade Improvement program and
marketing efforts. The HRA/EDA levy is a separate levy and appears on tax statements
under Other Taxing Districts.
Staff is recommending that City Council set the levy at $473,476, which is less than is
allowed based on levy limits. This is an increase of $21,495 or 4.86%. The percentage
increase matches the proposed increase to the City of Hopkins Levy.
SUPPORTING INFORMATION
•Resolution 2023-031
Finance Department
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2023-031
RESOLUTION APPROVING THE PROPOSED
2024 HRA/EDA TAX LEVY
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Hopkins
hereby approves that the following sum be levied for 2024 upon the taxable property in
the City of Hopkins, for the following purposes.
HRA/EDA Levy
Housing & Redevelopment Authority Levy $473,476
That the levy is less than the maximum allowable based on 0.01850% of market value
as allowed by law for the City’s Economic Development purposes.
BE 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, 2023.
By:___________________________
Patrick Hanlon, Mayor
ATTEST:
_______________________________
Amy Domeier, City Clerk