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• <br /> Introduction <br /> The intent and content of Mounds View's economic development element is towards future business <br /> development (both retention and recruitment) and redevelopment in the city. It is important to <br /> maintain and improve the quality and diversity of existing and prospective Mounds View businesses <br /> and to embrace redevelopment opportunities. Such actions will enhance the City's tax base by <br /> creating additional property market value through building enhancements or new buildings and the <br /> creation of jobs. <br /> Business is one of the key foundations to the high quality of life experienced in Mounds View both <br /> directly(through jobs, goods and services) and indirectly(through a diversified tax base). <br /> Businesses contribute more to a city's tax base(while at the same time requiring less City services) <br /> than residential properties. This difference is why many cities focus economic development efforts <br /> on business development. <br /> The table below provides an example of the amount of taxes the owner of a $250,000 home in <br /> Mounds View contributed in 2007 versus the amount a commercial property owner contributed. The <br /> $250,000 amount was used for comparison purposes although there are no commercial properties in <br /> Mounds View valued as low as $250,000. <br /> • Tax Contribution: Residential Property vs. Commercial Property <br /> Property 2007 2007 2007 <br /> Type Property Value City Tax Contribution Total Tax Contribution <br /> Residential $250,000 $933 $3,332 <br /> Commercial $250,000 $1,586 $7,389 <br /> Source: League of MN Cities Property Tax Calculator <br /> It is essential that the City establish and maintain economic development strategies that are <br /> continually reviewed and modified to reflect changes in market conditions, service demands and <br /> resource allocations. This can be achieved through the efforts of the City's Economic Development <br /> Authority(EDA). <br /> Economic Development Authority(EDA) <br /> In 1994, the City Council approved the establishment of an EDA for the City as a mechanism for <br /> achieving major economic development goals. Minnesota State Statutes guide the powers of the <br /> EDA; however the EDA is generally able to purchase property,redevelop property and/or provide <br /> public financing of projects. The members of the City Council make up the membership of the <br /> Mounds View EDA. <br /> • <br />