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MINUTES OT THI/ SPDC.TAL M:I/ETING <br />CITY COUNCIL <br />LITTLE CANADA, MINN1;5OTA <br />D1CI;MBT/R 6, 2004 <br />1?ursuant to due call and notice thereof a special meeting of the City <br />Council of Little Canada, Minnesota was convened on the 6th day of <br />December, 2004 in the Council Chambers of the City Center located at <br />515 Little Canada Road in said City. <br />Mayor Michael I. Fahey called the meeting to order at 7:00 p.m. and the <br />following members of the City Council were present at roll call: <br />CITY COUNCIL: Mayor Mr. Michael I. Fahey <br />Council Member Mr. Bi11 Blcsener <br />Council Member Mr. Riclc Montour <br />ABSENT: Council Member Ms. Barbara Allan <br />Council Member Mr. Jim LaVa(le <br />ALSO PRESIiNT: City Administrator Mr. Joel R. Hanson <br />Accounting Supvr. Ms. Shelly Rueckert <br />Cable TV Producer Mr. Brandon RickerC <br />Deputy Clerlc Ms. Kathy Glanzer <br />2005 Mayor Fahey opened the City's 2005 Truth In Taxation Hearing the <br />TRUTH IN purpose of which is to review property taxes within the City of Little <br />TAXATION Canada as relates to the proposed 2005 Budget. <br />H~T,iAR~ING <br />The City Administrator welcomed those present and the viewing public to <br />the City's 2005 Truth In Taxation Hearing and indicated that the purpose <br />of the hearing is to provide information regarding the City's impact on <br />2005 property taxes. The Administrator began his presentation noting it is <br />the combination of the State Legislature, taxing jurisdictions, and the <br />County Assessor who determine property taxes. The Administrator <br />explained that the Legislature's phasing out of the limited market value <br />credit, which was enacted to shelter homeowners and cabin owners from <br />the rapid escalation of properly values, has had a dramatic impact on the <br />property tax bill paid by residential properties. The phasing out of this <br />program is shining the tax burden from commercial properties to <br />residential properties. The Administrator noted that with normalized <br />increases in property values, the phase out program would have smoothed <br />out tax increases over a six year period. However, with the significant <br />increases in property values, there has been a more dramatic impact on <br />residential properties. The Administrator reported that the impact of this <br />phase-out will continue through 2007, and that the phase-out impact <br />