Laserfiche WebLink
486853v2 AMB MU205-13 <br />Item No: 6.B. <br />Meeting Date: August 12, 2019 <br />Type of Business: EDA Business <br />City Administrator Review: ______ <br />City of Mounds View Staff Report <br />To: Mounds View Economic Development Authority <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 19-EDA-329 Approving the Preliminary EDA Property <br />Tax Levy Request and Budget for Fiscal Year 2020 <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 tax <br />increment districts were decertified. This left the City with limited resources to continue existing <br />business outreach, marketing, advertising, small scale incentives, property acquisitions, <br />professional services, and staff training and development. The EDA proposes to continue a levy of <br />$100,000 for 2020. The City’s EDA is requesting that the City Council levy on behalf of the EDA <br />$100,000 to support the above activities within the City of Mounds View. The EDA has been <br />authorized with joint powers of an Economic Development Authority (EDA) and a Housing and <br />Redevelopment Authority (HRA). The EDA may choose to establish either an EDA levy or an HRA <br />levy, or both, to fund the above activities. The proposed EDA budget of $238,130 is attached, there <br />will 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 2, 2019 at 6pm at City Hall. The final levy will be adopted on or <br />about December 9, 2019. <br />Respectfully submitted, <br />___________________________ <br />Mark Beer, Finance Director