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ARDEN HILLS CITY COUNCIL—SEPTEMBER 23, 2024 10 Councilmember Fabel stated whatever percentage the Council settles on this would be a preliminary number that could be reduced but could not be increased. He recommended the Council move forward with the 15.5%preliminary levy at this time in order to have the maximum amount of flexibility. Mayor Grant commented on how a reduction in commercial property value shifts the burden of property taxes to residential property owners and that the pendulum was swinging strongly to fall on residential. He explained he was unaware of what the County and School Board levy increases would be. He stated he feared how Arden Hills' taxpayers would be impacted by overall tax increases. Councilmember Monson asked if property taxes have swung strongly towards residential property owners. Finance Director Yang reported there has been a shift but would not characterize it as strongly. She commented in the past the levy has been spread between apartments and industrial, but this has dwindled. Councilmember Holden recalled Ramsey County Commissioner Victoria Reinhardt had mentioned there was a significant shift from commercial to residential for property taxes in a recent article in the Pioneer Press. Councilmember Fabel stated he understood these were big numbers. He reported he did a quick analysis and stated even with a 15.5% levy increase, Arden Hills would still be in the lower one- third of all cities in Ramsey County when it comes to taxes. He stated Arden Hills was a low taxing city and has been a low spending city. Councilmember Monson reiterated that this was a preliminary levy and noted she would be open to a lower rate in December. She stated if a Councilmember had proposed cuts she would be willing to make considerations. Councilmember Holden indicated she will lay this information out for the Council in the coming months but understood at this time there were three Councilmembers that supported the 15.5% levy increase. MOTION: Councilmember Monson moved and Councilmember Rousseau seconded a motion to adopt Resolution 2024-045 — Setting the Preliminary Lew at 15.5% for Taxes Payable in 2025. Councilmember Rousseau indicated if the Council were to move forward with a 13% or 14% levy increase, she would like to better understand how this would impact the fund balance. Mayor Grant requested a roll call vote. A roll call vote was taken. The motion carried 3-2 (Councilmember Holden and Mayor Grant opposed). 12. UNFINISHED BUSINESS