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3 Available Fundinq Sources <br />3 <br />3 <br />3 <br />3 <br />3 <br />1 <br />a <br />3 <br />3 <br />3 <br />1 <br />20 <br />Economic Development <br />Authority (E.D.A.) <br />(Minnesota Statutes <br />Chapter 469) <br />Housing and <br />Redevelopment <br />Authority (H.R.A.) <br />(Minnesota Statutes <br />Chapter 469) <br />Capital Projects Funds <br />Springsted <br />property owners representing 35% or more of the net tax capacity and 35% of <br />the land area in the district subject to the service charge file objections. If a <br />service charge is initially proposed and approved for a multi-year period, then <br />the second and subsequent years are not subject to petition and veto. <br />One disadvantage of a special service district is that the cost is borne <br />exclusively by the commercial, industrial, and public utility properties within <br />the district as residential properties are not subject to the special service <br />charges. <br />The City could establish a special taxing district for various roadway <br />reconstruction projects. The service charges imposed within this district could <br />be established at rate sufficient to produce revenues required to pay principal <br />and interest on Limited Tax General Obligation (L.T.G.O.) Special Taxing <br />District Bonds to finance the needed improvements. This would result in a <br />higher overall tax rate on those properties included in the special service <br />district. <br />An economic development authority is granted special tax levy authority <br />through their respective city councils. The tax levy dollars can be used for a <br />wide variety of economic and industrial development activities. Minnesota <br />Statutes Chapter 469.107 limits the amount of an E.D.A. levy to 0.01813% of <br />the taxable market value in the City. In certain instances, it could be possible to <br />fund a street reconstruction project included in the PMR with an EDA tax levy. <br />These would generally include a street reconstruction needed to facilitate a new <br />development or a redevelopment project. The City's estimated pay 2005 <br />taxable market value is $1,535,208,800 which would enable an E.D.A. levy of <br />approximately $278,333 each year. Because E.D.A. levies have historically <br />been included within the City's overall levy limit, we would not recommend <br />this funding source be used. <br />A housing and economic development authority is granted special levy <br />authority to levy a tax to carry out housing and redevelopment activities within <br />the City. Minnesota Statutes Chapter 469.033 limits the amount of an H.R.A. <br />levy to 0.0144% of the taxable market value in the City. Here again, in certain <br />instances, it could be possible to fund a street reconstruction project included ii <br />the PMR with an HRA tax levy. These would generally include a street <br />reconstruction needed to facilitate a redevelopment project. Based on the City' <br />2005 estimated taxable market value ($1,535,208,800), an H.R.A. levy could <br />amount to approximately $221,070 each year. H.R.A. levies are outside of the <br />City's overall levy limits. <br />The City has created a number of Capital Projects Funds for various capital <br />expenditures. The Sealcoating Fund was created to account for funds receive( <br />from developers to pay for the first sealcoat on the streets in their developmer. <br />-189- <br />City of Lino Lakes • Pavement Management Plan Financing RI <br />