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2008 Mounds View Comprehensive Plan <br />______________________________________________________________________________ <br /> <br />Chapter 7: Economic Development 7-2 <br /> <br />Introduction <br /> <br />The intent and purpose of Mounds View’s economic development chapter 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 /> <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 /> <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 /> <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 /> <br /> <br />Table 26: Tax Contribution - Residential Property vs. Commercial Property <br />Property <br />Type <br />2007 <br />Property Value <br />2007 <br />City Tax Contribution <br />2007 <br />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 /> <br /> <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 />