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EDC Minutes December 17, 2019 Page 2 of 4 ----------------------------- sees a $132 annual tax revenue; another was $9,800 which produces $112 annual income; another$3,800 with $43 annual tax revenue; $12,600; and lastly $13,000. Mr. Jurchen stated the first vacant lot sold in 2019 for$70,000, which he hopes will have an effect on the valuation. He is concerned and believes they need to talk to an assessor. He believes that this low valuation and small tax revenue is why the City's tax base is struggling to get over three hundred million. Nancy Malecha informed the EDC that the market values have increased for 2020 and noted that they are talking about 2019 market values currently. Discussion ensued about the increase of property values and that housing is scarce. Commissioner Holley pointed out that the Median price range homes are costing contractors a lot which is causing them to lean towards building higher priced homes. Discussion also ensued about the City of Pequot Lakes tax rate decreasing even though property values increasing. Ms. Malecha and Ms. Haverkamp explained to the EDC how Tax Rate is determined and talked about the differences between other Cities in the area. 5. Welcominq Communities Initiative Goals Implementation Process Nancy Malecha reached out to Dawn Espe at Region 5 Development Commission to get more information on the IDI Process to help the EDC decide if they would like to proceed with that in 2020 or 2021. She stated she received an email from Ms. Epse listing advocacy groups which is made up of local government, public and private sector organizations, students, non-profits, and community organizations. She also stated that there would be six quarterly meetings facilitated by Region 5 that would be around two hours in length with homework in-between and the fee would be $3,000. Ms. Malecha said that Cheryal Hills from Region Five will be looking into additional funding and will get back to her in February. Discussion ensued about the timeline and that they will be waiting on the funding to know more. Commissioner Lubke inquired who would be involved with the process and Ms. Malecha stated they would have to determine who the advocacy group would be. Chair Lindholm believed that they should have a fair amount of business representation, School, Chamber, and City. He also recommended reaching out to Breezy Point and Jenkins to have a bigger economic footprint. Discussion ensued about other Cities that have went through the IDI Process and Tyler Glynn stated he could reach out to these Cities and get back to the EDC about their results. 6. PeQuot Lakes Incentive Procaram Commissioner Lelwica said it has been discussed that they identified an individual like Bruce Buxtun in the Pequot Lakes Community. She stated that the person they have in mind is currently retiring so they are waiting until that process is finished to approach this person to see if the person would be interested.