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REGULAR COUNCIL MEETING <br /> OCTOBER 22 , 1991 <br /> 3 PAGE 4 <br /> 4 <br /> 5 <br /> 6 which go to the City in both counties will decrease. <br /> 7 <br /> 8 The overall increase in taxes is 1 . 8% , but the City <br /> 9 Council ' s proposed budget for 1992 is exactly the same as <br /> 10 the budget for 1991 . Using an overhead slide, the City <br /> 11 Manager reviewed all of the entities who receive funding <br /> 12 from property taxes and their estimated share of those <br /> 13 taxes . <br /> 14 <br /> 15 Mayor Ranallo stated that the only thing which could <br /> 16 change the property tax on a given property would be a <br /> 17 change in the valuation which is based on the market <br /> 18 rate of the home. <br /> 19 <br /> 20 Councilmember Marks observed that the City ' s share of the <br /> 21 property tax is approximately one-fifth of the total tax . <br /> 22 The City Manager agreed and noted that values of land in <br /> 23 St . Anthony have increased at the same rate as home <br /> 24 values have decreased. <br /> 25 <br /> 26 A resident expressed concern with the value placed on <br /> Apache Plaza Shopping Center . He stated he was made aware <br /> that the owners of this shopping center had appealed its <br /> 29 valuation and it had been reduced . The City Manager <br /> 30 stated that this is correct and was made on the basis of <br /> 31 low occupancy of the shopping center . This reduction in <br /> 32 value cost the City approximately $80 , 000 in taxes . <br /> 33 <br /> 34 The City Manager noted he and others have been meeting <br /> 35 with representatives of Apache Plaza regarding the <br /> 36 marketing of it and future development . He stated that <br /> 37 C. J . Ryan , who owns the shopping center , had indicated <br /> 38 there would be some positive changes at the shopping <br /> 39 center in the near future. The City Manager noted that <br /> 40 representatives of the City Council and of the City staff <br /> 41 have been working to improve the center as i-t is the <br /> 42 City' s largest taxpayer . <br /> 43 <br /> 44 The Mayor advised that the shopping center is no longer <br /> 45 for sale. He noted that a rental agent is on site all of <br /> 46 .- the time. The owner is hopeful of securing some public <br /> 47 funding to revitalize the center. <br /> 48 <br /> 49 The City Manager stated that seventy-three percent of the <br /> 50 City ' s budget is made up from property tax . There is not <br /> 51 much opportunity for growth as the City is almost <br /> completely built up. He noted this lack of growth also <br /> impacts on collectable fees such as licenses and permits <br /> 4 for contractors . In 1991 , permits were up one percent <br />