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<br />486853v2 AMB MU205-13 <br />Item No: 6.A. <br />Meeting Date: September 13, 2021 <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 21-EDA-346 Approving the Preliminary EDA Property <br />Tax Levy Request and Budget for Fiscal Year 2022 <br /> <br /> <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 2022. 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 $249,633 is attached, there <br />will be changes as additional information becomes available. <br /> <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 6, 2021 at 6pm at City Hall. The final levy will be adopted on or <br />about December 13, 2021. <br /> <br />Respectfully submitted, <br /> <br /> ___________________________ <br />Mark Beer, Finance Director <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />