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MINUTES OF THE SPECIAL MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />3, 2007 <br />Pursuant to due call and notice thereof a special meeting of the City <br />Council of Little Canada, Minnesota was convened on the 3rd day of <br />December, 2007 in the Council Chambers of the City Center located at <br />515 Little Canada Road in said City. <br />Mayor Bill Blesener 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: <br />Mayor <br />Council Member <br />Council Member <br />Council Member <br />Mr. Bill Blesener <br />Mr. John Keis <br />Mr. Mike McGraw <br />Mr. Rick Montour <br />ABSENT: <br />Council Member <br />Ms. Barbara Allan <br />ALSO PRESENT: City Administrator Mr. Joel R. Hanson <br />Finance Director Ms. Shelly Rueckert <br />Cable TV Producer Mr. Kevin Helander <br />City Clerk Ms. Kathy Glanzer <br />TRUTH Mayor Blesener opened the City's Truth In Taxation Hearing for <br />IN presentation of the proposed 2008 Budget. <br />TAXATION <br />HEARING On behalf of the Mayor and City Council, the Finance Director welcomed <br />those present and the viewing public to the City's Truth In Taxation <br />Hearing for the proposed 2008 Budget. She indicated that the purpose of <br />this hearing is to provide information regarding the City's impact on the <br />2008 property tax bill. <br />The Finance Director then reviewed the various agencies that determine <br />property tax levels for Little Canada. These include the State Legislature, <br />Ramsey County, the City, and other taxingjurisdictions as well as the <br />County Assessor in determining market values and property class rates. <br />Another factor that impacts property taxes is the State's Limited Market <br />Value program. The Finance Director noted that the original Limited <br />Market Value program sheltered homeowners and cabin owners from the <br />rapid escalation of property values. However, by 2001 the effect of the <br />program created a sizable shift in tax burden away from these properties to <br />commercial properties. The Legislature's solution was to phase out the <br />limited market value and reverse the tax shift back to residential and <br />vacation properties. This resulted in significant increases in the values of <br />