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Item No: 8.C. <br /> Meeting Date: September 9, 2024 <br /> N10UND1tSVVfE_W Type of Business: Council Business <br /> City Administrator Review: <br /> City of Mounds View Staff Report <br /> To: City Council <br /> From: Gayle Bauman, Finance Director <br /> Item Title/Subject: Resolution 9981 Approving the Preliminary EDA Property Tax <br /> Levy for Fiscal Year 2025 <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 /> 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 /> 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 /> 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 levy to the maximum allowed overtime. <br /> The Mounds View Vision <br /> A Thriving Desirable Community <br />