Agenda Packets - 2025/09/08 - Laserfiche WebLink

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Item No: 8.E. Meeting Date: September 8, 2025 M101J�� V Type of Business: Council Business NDS City Administrator Review: City of Mounds View Staff Report To: City Council From: Gayle Bauman, Finance Director Item Title/Subject: Resolution 10151 Approving the Preliminary EDA Property Tax Levy for Fiscal Year 2026 Previously, the City's economic development activities were funded with tax increment revenues. These tax increment revenues were discontinued as required by state statute when the tax increment districts were decertified. This left the City with limited resources to continue existing business outreach, marketing, advertising, small scale incentives, property acquisitions, professional services, and staff training and development. The 2025 tax levy for the EDA was $160,000. The City's EDA is requesting that the City Council levy on behalf of the EDA $160,000 (the same amount as 2025) to support its activities within the City of Mounds View. The proposed EDA budget is attached. Once the preliminary levy amount is set, the levy cannot be increased, but can be lowered. A Truth - In -Taxation meeting will be held December 1, 2025 at 6pm at City Hall. The final levy will be adopted on or about December 8, 2025. Vision: Financial Stability and Structurally Balanced Budgets that Fund the Needs of the Community Strategic Plan Strategy/Goal: Increase EDA Levy: Spur Redevelopment to Increase Tax Valuation, Add Jobs, and Housing Diversity 1. Increase the EDA levy to the maximum allowed overtime. The Mounds View Vision A Thriving Desirable Community