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EDC Minutes July 15, 2016 Page 4 of 10 have offered high remarks of this program. Beeman thought Mounds View could also look into this program in the future. Other uses from Brooklyn Park are for DEED’s site selector program, vision for the light rail transit renderings, print advertising and merchandizing, a banker’s breakfast, business forward forum, branding, and newsletters. The City of Prior Lake used their EDA levy for a small business incubator program, and a SAC & WAC deferred loan program, which is the sewer and water access charge. Beeman suggested that Mounds View may also want to look into starting this type of program. The City of Watertown has a program similar to Mounds View’s building façade program. Watertown also uses their levy for a revolving loan fund in addition to a downtown free WIFI program and property acquisition for redevelopment activities such as, demolition, environmental, etc. as well as staff support and marketing. Beeman stated that revolving loan programs are nice because once the money is paid back it can be used to fund another business. Beeman asked the EDC to review and discuss the EDA levy asking their opinion if they believe the EDA levy is a good or bad idea etc. Beeman will take the EDA’s comments and recommendation to a City Council Work Session on August 1. Any EDC Member is welcome to attend the Work Session and it is open to the public as well. Chair Helgemoe asked the Commission if they had any comments. Commissioner Gary Stevenson asked if the .01813 percent calculation set by State Statute is used by all of the cities listed on the chart. Beeman responded that the percent is the maximum allowed under the statutes, but not all cities have chosen to use the maximum amount. That decision is at the discretion of the City Council. Stevenson asked if there was a chart that showed the amount each city was using. Beeman said it was not listed in the spreadsheet but that he could poll the cities or find a different way to get those amounts. Commissioner Freichels asked what amount the city is looking to acquire. Beeman said that from what he was told based on the current property valuations a maximum EDA levy could potentially generate around $161,000 annually. Helgemoe asked if the .01813 percent was calculated at .0001813 times the valuation. So, based on a home valued at around $200,000 it would be around $30. Beeman thought this sounded right but said he would check that calculation with the City’s Finance Director. Helgemoe asked if staff knew the current valuation of the city’s properties. Beeman didn’t know the exact number and explained that the valuation fluctuates depending on how the property is classified as residential and commercial, and also any TIF districts, and other exemptions. Beeman will check with the Finance Department to see if they have the current valuations and calculations. Helgemoe stated that he presumes that most residents will want to know the actual dollar amount their taxes will be raised instead of the percentage. Helgemoe said the idea of an EDA levy is commendable in terms of the use; it appears to be a good use to help support businesses in the area. Theoretically, if the funds are used to attract new businesses, retain current businesses, then used to acquire properties that would be more valuable in the future, the city could acquire its tax base