EDA Agenda 08-12-2015 (Special Meeting)EDA SPECIAL MEETING
Wednesday, August 12th, 2015
4:30 p.m.
Academy Room - 505 Walnut Street, Monticello, MN
Commissioners: President Bill Demeules, Vice President Bill Tapper, Treasurer Tracy
Hinz, James Davidson, Steve Johnson and Council members Tom Perrault and Lloyd Hilgart
Staff. Executive Director Jeff O'Neill, Angela Schumann, Wayne Oberg
1. Call to Order.
2. Roll Call.
3. EDA/HRA Levy
4. Adjourn.
EDA Agenda: 08/12/15
3. EDA /HRA Lew
At the July 22nd workshop, the EDA directed staff to prepare background information on the
levy for review in preparation for an upcoming August workshop with the City Council.
Specifically, the EDA requested information on the following core areas:
1. Budget examples for priority projects or redevelopment areas
2. General operating budget expenses of the EDA, including 2016 proposed
3. Available existing financial resources of the EDA
4. Levy amounts /limits and budget /tax impact
5. Accountability and measurement metrics
Information on each of the above is provided below.
1. Budget examples for priority projects or redevelopment areas
Block 34 to -date: $1.713 M
Block 34 estimates: $1.793 M+
Block 35 estimates CMV acquisition: $2,306,600
Block 52 estimates CMV acquisition: $1,565,500
Block 53 estimates CMV acquisition: $757,600
2. General operating budget expenses of the EDA, including 2016 proposed
2016 proposed operating budget of $128,801
3. Available existing financial resources of the EDA
See spreadsheet.
Assuming no inflation on budget expenditures:
Sufficient annual revenue to fund operations through 2022
General fund can fund operations for 7 years
4. Recommendation on EDA or HRA Levy:
a. EDA recommendation is a policy question
b. Levy amounts /limits and budget /tax impact:
EDA Levy: Limited to .01813 percent of the taxable market value in the City (a
higher levy is permissible but subject to reverse referendum). For Monticello in 2015,
the maximum authorized EDA levy is $274,410.
HRA Levy: Limited to 0185% of taxable market value in the City. The maximum
HRA levy authorized for 2015 in Monticello is $280,011.
EDA Agenda: 08/12/15
Budget impact -
$536
$553
$17
$300,000
SUMMARY OF CITY PROPERTY TAX LEVY
- EDA
LEVY
$500,000
RESIDENTIAL
$3,412
$106
$1,000,000
Current Levy
$7,101
2015
What IF
$21,174
What IF Add
$681
Est Net
Market Value
Tax
Net Tax
Difference
Total Levy
Levy Increase %
$135,000
$393
$405
$13
$175,000
$549
$566
$18
$225,000
$743
$767
$24
$250,000
$841
$868
$27
$275,000
$938
$968
$30
$300,000
$1,035
$1,069
$33
COMMERCIAL /INDUSTRIAL
2015
What IF
Market Value
Net Tax
Net Tax
Difference
$100,000
$536
$553
$17
$300,000
$1,876
$1,937
$61
$500,000
$3,306
$3,412
$106
$1,000,000
$6,879
$7,101
$222
$3,000,000
$21,174
$21,855
$681
SUMMARY OF CITY PROPERTY TAX LEVY - HRA LEVY
RESIDENTIAL
2015 What IF
Est Net
Market Value Tax Net Tax Difference
$135,000
$175,000
$225,000
$250,000
$275,000
$300,000
COMMERCIAL /INDUSTRIAL
Market Value
$393
$406
$13
$549
$567
$18
$743
$768
$25
$841
$868
$28
$938
$969
$31
$1,035
$1,069
$34
2015 What IF
Net Tax Net Tax Difference
$100,000
$536
$554
$18
$300,000
$1,876
$1,938
$62
$500,000
$3,306
$3,414
$108
$1,000,000
$6,879
$7,105
$226
2
Current Levy
What IF Add
Total Levy
Levy Increase %
$ 8,535,000
$ 274,410
$ 8,809,410
3.2%
$ 8,535,000
$ 280,011
$ 8,815,011
3.3%
EDA Agenda: 08/12/15
$3,000,000 $21,174 $21,869 $695
5. Accountability and measurement metrics:
1. Filing of annual budget (required)
2. Joint meetings for purchase or sale of property (optional)
3. Approval for creation of a modifications of TIF districts (required)
4. End of year Economic Development Activities report (optional)
5. Work Plan ratification (required)
6. Employees are employees of the City
6. Wright County cities with levies: