VII.4. Resolution Approving the Proposed 2025 HRAEDA Tax Levy; Bishop
CITY OF HOPKINS
City Council Report 2024-106
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: September 3, 2024
Subject: Approve Proposed 2025 HRA/EDA Tax Levy
_____________________________________________________________________
RECOMMENDED ACTION
MOTION TO Approve Resolution 2024-055 Approving the Proposed 2025 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 2025 levy is $2,847,535,300,
resulting in a maximum tax levy of $526,794 which would be an increase of $39,141 or
8.03% from 2024. The HRA/EDA Levy was set at the maximum allowed in 2020 & 2023
and lesser amount in 2021, 2022 and 2024.
Tax Year
Maximum
Allowable Levy
HRA/EDA
Levy $ Increase % Increase
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 497,414 487,653 36,122 8.00%
2025-Proposed 526,794 515,010 27,357 5.61% 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 $515,010, which is less than is
allowed based on levy limits. This is an increase of $27,357 or 5.61%. The percentage
increase matches the proposed increase to the City of Hopkins Levy.
SUPPORTING INFORMATION
• Resolution 2024-055
Finance Department
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2024-055
RESOLUTION APPROVING THE PROPOSED
2025 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 2025 upon the taxable property in
the City of Hopkins, for the following purposes.
HRA/EDA Levy
Housing & Redevelopment Authority Levy $515,010
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 3rd day of September, 2024.
By:___________________________
Patrick Hanlon, Mayor
ATTEST:
_______________________________
Amy Domeier, City Clerk