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Mounds View EDA August 12, 2019 Regular Meeting Page 2 which will delay the closing date for Crossroad Pointe. As a result, an amendment to the 1 Purchase Agreement and Development Agreement is necessary to adjust the closing date. He 2 reported a Resolution has been prepared for the EDA’s consideration amending the Purchase and 3 Development Agreement for the Crossroad Pointe project. 4 5 President Mueller asked if the Final Plat approval required a public hearing. Finance Director 6 Beer reported a public hearing would be required. 7 8 President Mueller explained she supported the December 31, 2019 deadline. 9 10 MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 19-11 EDA-328, Approving Assignment, Assumption, and Amendment to Purchase and Development 12 Agreement for INH Properties. 13 14 Ayes – 5 Nays – 0 Motion carried. 15 16 B. Resolution 19-EDA-329, Approving the Preliminary EDA Property Tax Levy 17 Request and Budget for Fiscal Year 2020. 18 19 Finance Director Beer stated previously the City’s economic development activities were funded 20 with tax increment revenues. These tax increment revenues were discontinued as required by 21 State Statute when the tax increment districts were decertified. This left the City with limited 22 resources to continue existing business outreach, marketing, advertising, small scale incentives, 23 property acquisitions, professional services, and staff training and development. The EDA 24 proposes to continue a levy of $100,000 for 2020. 25 26 Finance Director Beer explained the City’s EDA is requesting that the City Council levy on 27 behalf of the EDA $100,000 to support the stated activities within the City of Mounds View. 28 The EDA has been authorized with joint powers of an Economic Development Authority (EDA) 29 and a Housing and Redevelopment Authority (HRA). The EDA may choose to establish either 30 an EDA levy or an HRA levy, or both, to fund the above activities. The proposed EDA budget of 31 $238,130 was reviewed noting there will be changes as additional information becomes 32 available. Staff noted once the levy amount is set, the levy cannot be increased but can be 33 lowered. A Truth-In-Taxation meeting will be held December 2, 2019 at 6pm at City Hall. The 34 final levy will be adopted on or about December 9, 2019. 35 36 President Mueller indicated this was the same levy amount that has been requested in years past. 37 Finance Director Beer reported this was the case. 38 39 MOTION/SECOND: Hull/Bergeron. To Waive the Reading and Adopt Resolution 19-EDA-40 329, Approving the Preliminary EDA Property Tax Levy Request and Budget for Fiscal Year 41 2020. 42