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Item No: 8.C.2. <br /> Meeting Date: December 9, 2024 <br /> MaL-J-1qbtSVVttW <br /> 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 10016 Approving the EDA Property Tax Levy Request <br /> 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. This left the City <br /> with limited resources to continue existing business outreach, marketing, advertising, small scale <br /> incentives, property acquisitions, professional services, and staff training and development. The <br /> City Council, as part of the 3 year Strategic Plan, indicated that maintaining this levy is a priority. <br /> The EDA established levies in 2017 to help accomplish some of the above goals. An increase of <br /> $60,000 is being proposed for the 2025 levy, which includes the previous transfer in from the <br /> General Fund of$50,000 and an increase in the funding amount of$10,000. <br /> The EDA adopted a request to the City to levy $160,000 on behalf of the EDA at the August 28, <br /> 2023 meeting and the City Council approved that request at the September 11, 2023 meeting and <br /> there is no change in that request since preliminary adoption. <br /> Respectfully submitted, <br /> Gayle Bauman <br /> Finance Director <br />