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485712v2 AMB MU205-13 <br />Item No: 7.A.3. <br />Meeting Date: September 12, 2016 <br />Type of Business: Council Business <br />City Administrator Review: ______ <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8675 Approving the Mounds View Economic <br />Development Authority’s Special Benefits Tax for Fiscal Year <br />2017 <br /> <br />The City’s EDA has been authorized with joint powers of an Economic Development Authority <br />(EDA) and a Housing and Redevelopment Authority (HRA). The EDA may choose to establish <br />either an EDA levy or an HRA levy, or both, to fund the above activities. The EDA adopted a <br />preliminary HRA levy of $100,000 and requested the City Council adopt a preliminary EDA levy of <br />$60,000 to provide the greatest flexibility in developing the EDA budget. <br /> <br />The EDA adopted resolution 16-EDA-295 approving a final HRA levy of $40,000 and the City <br />Council has considered resolution 8674 approving an EDA levy of $60,000. The total of both levies <br />is $100,000 and represents a 2.28% levy increase. Staff recommends that the City Council consider <br />the attached resolution for approval. <br /> <br />Respectfully submitted, <br /> <br /> <br />___________________________ <br />Mark Beer, Finance Director <br /> <br /> <br /> <br />