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Hugo City Hall • 14669 Fitzgerald Avenue North • Hugo, Minnesota 55038 �s ILI0 Mid-Year Budget Review 130th and 147111 Street Hugo's Property Tax Rate Will Decline Improvements For the seventh consecutive year Hugo's prop- For several years the City has erty tax rate will decline. Based on a prelimi- ROAD recognized a need for traffic nary levy of$5,252,787, a fiscal disparities re- AHEAD improvements on Highway 61 duction of$556,789 and a county tax capacity at the intersections of 130th of just over$14 million,the urban tax rate will and 147th Streets. Growth within decline by over one-half of one percent. This Hugo and its surrounding neighbor- represents a tax reduction of $109.31 or 11.9 hoods, as well as safety concerns for safe traf- percent on a median value homestead. City Fi- fic flow, prompted the City Council to seek • nance Director Ron Otkin adds,"Our proposed funding from the Minnesota Department of • tax levy is $600,000 lower than the maximum Transportation (MNDOT) for street improve- allowed by state statute and provides for a bal- ments at these sites. After several years of anced operating budget." applying,funding for these projects was award- ed to Hugo in 2008. ' - - • Otkin's presentation at the City Council's Sep- tember 8, 2009 meeting also highlighted the Through joint funding with MNDOT,construc- • following specifics of Hugo's 2010 property tion on these projects is scheduled to begin in taxes: the spring of 2010. "The projects have been • ••a approved, and the City is waiting for final b• ••o Decline In Median Value Homestead approval from MNDOT for actual construc- _" According to the 2010 assessment report pre- tion plans," states Hugo City Engineer Jay pared by the County Assessor,the taxable value Kennedy. The construction plans will include traffic signals, turn lanes drainage and utility of the median value residential homestead in g � g Hugo has declined from$280,300 to$253,100. improvements. The intersection at 147th Street • will also include sidewalk construction. • Debt Service Tax Levies These taxes are used to make principal and in- "MNDOT is contributing to the funding of the Budget Review: Page 5 Improvements: Page 3