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2008 Mounds View Comprehensive Plan <br />______________________________________________________________________________ <br /> <br />Chapter 7: Economic Development 7-3 <br /> <br />Economic Development Authority (EDA) <br /> <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 />Economic Development Commission (EDC) <br /> <br />The Economic Development Commission (EDC) is a seven-member body that advises the EDA on <br />economic development activities and is required to consist of Mounds View residents and non- <br />resident business representatives. The City established the Commission to facilitate positive <br />interaction between the City and the business community. The City should use EDA powers and the <br />advice of the EDC and City staff, to address the following economic development challenges in <br />Mounds View. <br /> <br />Fiscal Disparities <br /> <br />Fiscal Disparities is unique to Minnesota and has been in existence for over thirty years. Up to 40% <br />of the value of commercial and industrial property in Mounds View is sent to what is called the <br />Fiscal Disparities tax base “pool of value.” From this pool, it is combined with similar tax values <br />from the seven-county metro area and redistributed based on whether each community or taxing <br />unit’s fiscal capacity per capita was higher or lower than the metro area average. Mounds View <br />contributes to the Fiscal Disparities “pool of value” but receives more Fiscal Disparities in return. In <br />other words, Mounds View is a net receiver of Fiscal Disparities. Below is a chart showing the <br />amount of Fiscal Disparities received by the City from 2002 to 2008. <br /> <br />Table 27: Mounds View Fiscal Disparities Receipts, 2002-2008 <br /> <br />Year Amount % of Gross Levy <br />2002 $628,289 23.79% <br />2003 $664,704 25.48% <br />2004 $561,710 18.66% <br />2005 $594,802 15.50% <br />2006 $742,017 19.33% <br />2007 $680,323 17.72% <br />2008 $903,922 23.55% <br /> Source: Mounds View Finance Department