ECONOMIC DEVELOPMENT AUTHORITY - Joe Huss, Finance Director
Title
AUTHORIZE THE BLAINE ECONOMIC DEVELOPMENT AUTHORITY, HAVING ALL THE POWERS OF A HOUSING REDEVELOPMENT AUTHORITY, TO LEVY A PROPERTY TAX UPON THE TAXABLE PROPERTY IN THE CITY OF BLAINE FOR 2021
Background
Minnesota statutes allow special taxing districts to certify property tax levies on all real property within their jurisdiction. The Blaine Economic Development Authority (EDA) functions as a special taxing district and is therefore, authorized to levy taxes under state law.
From the City’s most recent Comprehensive Plan, Blaine will encourage “through land use and the City’s EDA (Economic Development Authority), development that creates access to sustainable jobs for the residents of Blaine. Development of corporate offices, professional and financial services, research, medical manufacturing and medical services, education and emerging industrial technology will be focal points in helping to create a well-balanced and vital economy for the City and its residents.” The City, through the EDA, will “dedicate staff resources to monitoring the economic health of the City and assisting businesses in relocation or expansion within the City.”
Earlier this year, City Finance staff conducted a thorough analysis of the EDA fund and on September 21, the EDA gave preliminary approval for a 2021 property tax levy of $700,000. At subsequent budget discussions, the EDA confirmed this levy amount, and at the annual Truth-in-Taxation hearing, the EDA directed staff to bring forward this dollar amount as the 2021 EDA property tax levy.
Recommendation
By motion, approve the following Resolution.
Body
WHEREAS, the Blaine Economic Development Authority (the “EDA”) has the powers provided in Minnesota Statutes 469.001 through 469.017 (the “ACT”); and
WHEREAS, the EDA will continue to develop and implement programs in accordance with the Act and consistent with the City’s 2040 Comprehensive Plan; and
WHEREAS, Minnesota Statutes, Section 469.033, Subdivision 6, allows the levy of a special district tax not to exceed 0.0185% (.000185) of taxable market value for purposes specified therein.
NOW, THEREFORE, BE IT RESOLVED, that the Blaine Economic Development Agency approves of and consents to a final levy in the amount of $700,000, but not to exceed 0.0185% of taxable market value of the City as authorized by the Act and described above.
PASSED by the Blaine Economic Development Authority this 21st day of December 2020.