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3) A comprehensive data processing study of the City's needs was completed to determine how these needs can best be provided over the long term. As a result of this study the City has joined Local Government Information Systems (LOGIS) a consortium of some twenty Minnesota cities that have formed a nonprofit corporation to provide data processing services to the member cities. Prospects for the Future 1. The need for economic development has been recognized and the City has responded by adopting an industrial revenue bond policy and by establishing three tax increment financing districts. An Economic Development Director will be hired in 1985. 2. Two new shopping malls will be built north of Rosedale, the City's largest enclosed shopping center. The estimated market value for these two new shopping malls is $20,000,000, both of which will be located in existing tax increment financing districts. Impact of State Law on Municipal Taxes Fiscal Disparities The State Legislature enacted a Fiscal Disparity Law in 1971, which was not implemented until taxes payable in 1975, due to constitutional challenge. The law provides for the pooling of forty percent of all new commercial and industrial property valuations in the seven-county metropolitan area. In turn, valuations from this pool are to be redistricted to taxing jurisdictions according to specific criteria. Although it is difficult to determine the future impact of the Fiscal Disparity Law on the City, the law had the effect of reducing taxable valuation as follows: Assessed Value Real Estate Personal Property Total Area-wide Pool Contributed to pool Distributed from pool Net (lass) Net assessed value 1984 $353,872,692 5,735,297 $359,607,989 1984 $(34,756,584) 15,252,577 • $(19,504,007) $340,103,982 1983 $333,861,639 5,464,122 $339,325,761 1983 $(31,120,700) 12,683,197 $(18,437,503) $320,888,258 Roseville's 1984 mill rate would have been 5.8% less without fiscal disparities.