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2008 Mounds View Comprehensive Plan <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 new construction,building enhancements or new <br /> buildings and job creation. <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 /> Table 26 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. <br /> • The $250,000 amount was used for comparison purposes although there are no commercial <br /> properties in Mounds View valued as low as $250,000. <br /> Table 26: 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) working closely with the City's Economic Development Commission (EDC), <br /> Community Development staff and the Economic Development Specialist. <br /> Chapter 7: Economic Development 7-2 <br />