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Mounds View EDA August 12, 2019 <br />Regular Meeting Page 2 <br /> <br />which will delay the closing date for Crossroad Pointe. As a result, an amendment to the <br />Purchase Agreement and Development Agreement is necessary to adjust the closing date. He <br />reported a Resolution has been prepared for the EDA’s consideration amending the Purchase and <br />Development Agreement for the Crossroad Pointe project. <br /> <br />President Mueller asked if the Final Plat approval required a public hearing. Finance Director <br />Beer reported a public hearing would be required. <br /> <br />President Mueller explained she supported the December 31, 2019 deadline. <br /> <br />MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 19- <br />EDA-328, Approving Assignment, Assumption, and Amendment to Purchase and Development <br />Agreement for INH Properties. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br />B. Resolution 19-EDA-329, Approving the Preliminary EDA Property Tax Levy <br />Request and Budget for Fiscal Year 2020. <br /> <br />Finance Director Beer stated previously the City’s economic development activities were funded <br />with tax increment revenues. These tax increment revenues were discontinued as required by <br />State Statute when the tax increment districts were decertified. This left the City with limited <br />resources to continue existing business outreach, marketing, advertising, small scale incentives, <br />property acquisitions, professional services, and staff training and development. The EDA <br />proposes to continue a levy of $100,000 for 2020. <br /> <br />Finance Director Beer explained the City’s EDA is requesting that the City Council levy on <br />behalf of the EDA $100,000 to support the stated activities within the City of Mounds View. <br />The EDA has been authorized with joint powers of an Economic Development Authority (EDA) <br />and a Housing and Redevelopment Authority (HRA). The EDA may choose to establish either <br />an EDA levy or an HRA levy, or both, to fund the above activities. The proposed EDA budget of <br />$238,130 was reviewed noting there will be changes as additional information becomes <br />available. Staff noted once the levy amount is set, the levy cannot be increased but can be <br />lowered. A Truth-In-Taxation meeting will be held December 2, 2019 at 6pm at City Hall. The <br />final levy will be adopted on or about December 9, 2019. <br /> <br />President Mueller indicated this was the same levy amount that has been requested in years past. <br />Finance Director Beer reported this was the case. <br /> <br />MOTION/SECOND: Hull/Bergeron. To Waive the Reading and Adopt Resolution 19-EDA- <br />329, Approving the Preliminary EDA Property Tax Levy Request and Budget for Fiscal Year <br />2020.