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July 15, 2016 EDC Meeting Item 5A – EDA Levy Page 2 of 8 If an EDA levy is imposed under the authority granted in Minnesota Statutes, section 469.033, subdivision 6, it is a levy for housing and/or redevelopment purposes under the EDA’s authority to exercise the powers of an HRA. Discussion In order to address several economic development issues, the City is considering an EDA levy as a mechanism to provide much needed funding in support of its program goals. Summary of Mounds View Program Goals Being Proposed: Specifically, this program will provide the resources necessary to purchase land, demo buildings and package parcels as redevelopment projects that, when completed, will add to the tax valuation and ultimately the tax base. Some projects may assist in creating additional jobs as well as the attraction, retention, rehabilitation and preservation of commercial, industrial, retail, residential, recreational, and public service centers. Other goals of the EDA levy is the support of senior/mature adult and /or other housing development partnerships or other multi-use housing projects and facilities, other public utilities (including telecommunications), business incubator loan and other business programs, and transportation systems. Through programs funded by an EDA levy, m ore emphasis will be placed on those items which increase the tax base, eliminate blight, and meet the City’s economic and redevelopment goals. The remaining goals of the EDA levy will be to assist in funding operational costs associated with economic development activities. Authority: The City of Mounds View has granted to the EDA pursuant to Minnesota Statutes, Section 469.09, subdivision 1, specific authority to exercise all powers granted to a Housing and Redevelopment Authority under Minnesota Statutes, Sections 469.001 to 469.047. This power was granted to the EDA on November 23, 2015 through Resolution 8467; a resolution amending and restat ing resolution 4532, an enabling resolution establishing the Mounds View Economic Development Authority under Minnesota Statutes, Sections 469.090 through 469.108. Due to lack of funding, the city has been restricted or hasn’t been able to support the following: Marketing: Currently there are no funds budgeted in marketing. Normally, marketing funds are used for new signage, branding, marketing redevelopment sites, and promoting the city in the attraction of new businesses. Many cities pay their staff to