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REQUEST FOR COUNCIL ACT�4N Date: 12/18/2006 Ttem No: �4�� Department Approval: �� "� � C �^ Ite�aa Description: Adopt the 2�07 HRA Final Tax Le�vy Agenda Section: Staff Reports Introduction Sfate Statute requires ali munieipalifies that have levy autharity over oihez� govern�7�ental agencies to adopt a final t� levy for that agency by Dece�r�ber 30�h for the upcoming �scal year. T�e Ros�ville HRA, while a separate �egal entit�, does nai have direct Ievy authority. The City Council must ado�t a l�vy using its authority along �vith a designation that tlie funds go to the HRA. The final ievy amount must not exceed the preliminary levy that was establis�ed in Septerr�ber. On S�ptember Il, 2006, the Council adopted a preliminary 2007 HR.A levy of $255,750. The HRA. has held subsequent discussions and has since determined that the levy should be reduced to $155,750 due to a delay in the proposed improvements to the Har Mar Apartments. InitialIy, $100,000 had been proposed far ihis pxoject, but it is unlikely that any renovation will take place in 2007. As a result, the recornrrzended levy amaunt is $155,750, a decreas� of $� 33,145 from the current levy. HRA Tax Im�pac# The follow'rng table summarizes the estimated tax impact on residential homes, based on the HRA's 2007 proposed tax levy, estiznates provided by Ranasey Co�nty, and assumin� a 15°/n increase in propexty valuation. * Note: Praperty valuations are determined by the Ramsey Caunty Assessar's Oftice With the proposed HRA tax levy and estimated increases in the City's tax base, an average- valued hame f$200,000 would see a decrease of $6 in their local property taxes. This amount is independeni af the impact that resuits from the City's tax levy.