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EDC Minutes <br /> July 15, 2016 <br /> Page 4of10 <br /> have offered high remarks of this program. Beeman thought Mounds View could also <br /> look into this program in the future. Other uses from Brooklyn Park are for DEED's site <br /> selector program, vision for the light rail transit renderings, print advertising and <br /> merchandizing, a banker's breakfast, business forward forum, branding, and <br /> newsletters. The City of Prior Lake used their EDA levy for a small business incubator <br /> program, and a SAC & WAC deferred loan program, which is the sewer and water <br /> access charge. Beeman suggested that Mounds View may also want to look into starting <br /> this type of program. <br /> The City of Watertown has a program similar to Mounds View's building fagade program. <br /> Watertown also uses their levy for a revolving loan fund in addition to a downtown free <br /> WIFI program and property acquisition for redevelopment activities such as, demolition, <br /> environmental, etc. as well as staff support and marketing. Beeman stated that revolving <br /> loan programs are nice because once the money is paid back it can be used to fund <br /> another business. <br /> Beeman asked the EDC to review and discuss the EDA levy asking their opinion if they <br /> believe the EDA levy is a good or bad idea etc. Beeman will take the EDA's comments <br /> and recommendation to a City Council Work Session on August 1. Any EDC Member is <br /> welcome to attend the Work Session and it is open to the public as well. <br /> Chair Helgemoe asked the Commission if they had any comments. Commissioner Gary <br /> Stevenson asked if the .01813 percent calculation set by State Statute is used by all of <br /> the cities listed on the chart. Beeman responded that the percent is the maximum <br /> allowed under the statutes, but not all cities have chosen to use the maximum amount. <br /> That decision is at the discretion of the City Council. Stevenson asked if there was a <br /> chart that showed the amount each city was using. Beeman said it was not listed in the <br /> spreadsheet but that he could poll the cities or find a different way to get those amounts. <br /> Commissioner Freichels asked what amount the city is looking to acquire. Beeman said <br /> that from what he was told based on the current property valuations a maximum EDA <br /> levy could potentially generate around $161,000 annually. <br /> Helgemoe asked if the .01813 percent was calculated at .0001813 times the valuation. <br /> So, based on a home valued at around $200,000 it would be around $30. Beeman <br /> thought this sounded right but said he would check that calculation with the City's <br /> Finance Director. Helgemoe asked if staff knew the current valuation of the city's <br /> properties. Beeman didn't know the exact number and explained that the valuation <br /> fluctuates depending on how the property is classified as residential and commercial, <br /> and also any TIF districts, and other exemptions. Beeman will check with the Finance <br /> Department to see if they have the current valuations and calculations. Helgemoe stated <br /> that he presumes that most residents will want to know the actual dollar amount their <br /> taxes will be raised instead of the percentage. <br /> Helgemoe said the idea of an EDA levy is commendable in terms of the use; it appears <br /> to be a good use to help support businesses in the area. Theoretically, if the funds are <br /> used to attract new businesses, retain current businesses, then used to acquire <br /> properties that would be more valuable in the future, the city could acquire its tax base <br />