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Item No: 8.D. <br />Meeting Date: September 13, 2021 <br />MOTypeUN-DISVVIEW of Business: Council Business <br />City Administrator Review: <br />City of Mounds View Staff Report <br />To: City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 9467 Approving the Preliminary EDA Property Tax <br />Levy Request and Budget for Fiscal Year 2022 <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 2021. 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 $249,633 <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 6, 2021 at 6pm at City Hall or via remote meeting. The final levy <br />will be adopted on or about December 13, 2021. <br />Vision: Financial Stability and Structurally Balanced Budgets that Fund the Needs of the <br />Community <br />Strategic Plan Strategy/Goal: Increase EDA Levy: Spur Redevelopment to Increase Tax <br />Valuation, Add Jobs, and Housing Diversity <br />1. Increase the EDA and HRA levies to the maximum allowed over time. <br />Respectfully submitted, <br />Mark Beer, Finance Director <br />The Mounds View Vision <br />A Thriving Desirable Community <br />