"Hi everyone, EHB on the BET here. I just passed my first resolution and I want to tell you about it. A resolution in this case is just a suggestion for the City Council, but because it passed with four votes, it officially expresses the board's perspective on alternative revenues. Now the city's tax policy options are pretty limited. Without a change in state law, we can only levy property taxes and certain pre-approved sales taxes. So the first part of the resolution just affirms that we should seek broader powers of taxation. But there are at least two options that we can pursue without state permission and most of my colleagues agree they'd be worth considering. The first idea is a payment in lieu of taxes, or pilot program, which would encourage certain tax-exempt organizations like universities and foundations to voluntarily pay property taxes. Boston has a program like this, and in 2024 they raised $34 million on top of $64 million of in-kind benefits from organizations that gave willingly understanding that their best interests are intrinsically tied to the city's overall well-being. For Minneapolis, a comparable pilot program could generate tens of millions with little cost to launch. That's a no-brainer, but there's another part of the resolution that's important to me, and it has to do with how the money would be used. Because pilot funds are not mandatory, it would be unwise to use them for ongoing programs. So we need a use for the money that would strengthen the city's fiscal outlook without adding new annual expenses. That's where my idea comes in. I'm suggesting that we dedicate pilot proceeds to a public asset trust fund or an urban wealth fund charged with acquiring, improving, and maintaining public assets, including assets that could generate income. So, for example, the city could use the money to purchase underutilized commercial space and rent it out at a sustainable rate. We could purchase naturally occurring affordable housing and maintain it in the public trust. Or we could enter as an investor in the commercial conversions that we will need downtown. That way we could not just subsidize, but actually partner in our city's growth and development. It's a big idea and will take time to develop, but it's not far-fetched. The city already owns spaces like the Target Center and the Convention Center that we rent out to earn revenue and cover expenses. I believe that we should do more of that and do it better. Minneapolis has a proud tradition of forward-thinking leadership. We built our parks, dredged our lakes, and shaped the future we enjoy today. Now we live under darkening skies. How will we maintain strong services and affordable levies with a shifting tax base? We need innovative strategies to generate the investment we want. This is one idea to help build a city that serves us all for generations to come. I'm grateful to my colleagues for supporting it and I hope the city council and the mayor will give it some serious thought. Let's show we can be smart and creative in finding the means to build a brighter future for everyone. EHB out!"