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<br />486853v2 AMB MU205-13 <br />Item No: 7.A. <br />Meeting Date: August 26, 2024 <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: Gayle Bauman, Finance Director <br />Item Title/Subject: Resolution 24-EDA-374 Approving the Preliminary EDA Property <br />Tax Levy Request for Fiscal Year 2025 <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. <br /> <br />Since 2018, the EDA has had a levy of $100,000 and a transfer in from the General Fund of <br />$50,000, for a total of $150,000. The EDA is proposing to levy for the entire amount in 2025 and <br />eliminate any transfer from the General Fund. The City’s EDA is requesting that the City Council <br />levy on behalf of the EDA $160,000 (an increase of $10,000 over 2024) to support its activities <br />within the City of Mounds View. The proposed EDA budget is attached. <br /> <br />Once the preliminary levy amount is set, the levy cannot be increased, but can be lowered. A Truth- <br />In-Taxation meeting will be held December 2, 2024 at 6pm at City Hall. The final levy will be <br />adopted on or about December 9, 2024. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />