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Item No: 8.C. <br />Meeting Date: September 10, 2018 <br />Type of Business: Council Business <br />City Administrator Review: <br />To: City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 9011 Approving the Preliminary EDA Property Tax <br />Levy Request and Budget for Fiscal Year 2019 <br />Previously the City's economic development activities were funded with tax increment revenues. <br />These tax increment revenues were discontinued as required by state statute when the districts <br />were decertified. This left the City with limited resources to continue existing business outreach, <br />marketing, advertising, small scale incentives, property acquisitions, professional services, and staff <br />training and development. The EDA established a levy of $100,000 in 2017 for these purposes. <br />There is no proposed increase in this amount for 2019. The City's EDA is requesting that the City <br />levy on behalf of the EDA $100,000 to support the above activities within the City of Mounds View. <br />The EDA has been authorized with joint powers of an Economic Development Authority (EDA) and <br />a Housing and Redevelopment Authority (HRA). The EDA may choose to establish either an EDA <br />levy or an HRA levy, or both, to fund the above activities. The proposed EDA budget of $284,412 <br />is attached, there may be changes as additional information becomes available. <br />Once this amount is set, the levy cannot be increased but can be lowered. A Truth -In -Taxation <br />meeting will be held December 3, 2018 at 6pm at City Hall. The final levy will be adopted on or <br />about December 10, 2018 <br />Respectfully submitted, <br />Mark Beer, Finance rector <br />486850v2 AMB MU205-13 <br />