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486853v2 AMB MU205-13 Item No: 7.A. Meeting Date: August 28, 2017 Type of Business: EDA Business City Administrator Review: ______ City of Mounds View Staff Report To: Mounds View Economic Development Authority From: Mark Beer, Finance Director Item Title/Subject: Resolution 17-EDA-301 Approving the Preliminary EDA Property Tax Levy Request and Budget for Fiscal Year 2018 Previously the City’s economic development activities were funded with tax increment revenues. These tax increment revenues were discontinued as required by state statute when the districts were decertified. This left the City with limited resources to continue existing business outreach, marketing, advertising, small scale incentives, property acquisitions, professional services, and staff training and development. The City Council established a levy of $100,000 ($60,000 EDA, $40,000 HRA) for these purposes for 2017. There is no proposed increase in this amount for 2018. The City’s EDA is requesting that the City levy on behalf of the EDA $100,000 to support the above activities within the City of Mounds View. The HRA levy will be reduced to 0$ and the EDA levy increased to $100,000 or no net increase between the two levies. The EDA has been authorized with joint powers of an Economic Development Authority (EDA) and a Housing and Redevelopment Authority (HRA). The EDA may choose to establish either an EDA levy or an HRA levy, or both, to fund the above activities. The proposed EDA budget of $228,509 is attached, there will be changes as additional information becomes available. Once this amount is set, the levy cannot be increased but can be lowered. A Truth-In-Taxation meeting will be held December 4, 2017 at 6pm at City Hall. The final levy will be adopted on or about December 11, 2017. Respectfully submitted, ___________________________ Mark Beer, Finance Director