Here’s the transcript of the relevant section (boldface emphasis mine):

[W]e’ve got to constantly be thinking about the benefits of some height and density in some selected small parts of our community that don’t affect single-family living. As I said, preserve what’s great about Edina, but make sure that we’re helping grow the community and help pay for what we all own together.

We own this town together: that’s how I look at it. And it’s our responsibility to take care of it, just like you take care of your house. And so, when the plumbing’s got to be fixed, we’ve got to fix the plumbing. When the roof needs to be fixed, we’ve got to fix the roof.

If we don’t do that, we don’t maintain our double / triple-A bond rating from Moody’s and Standard and Poor’s. It’s that simple. If you go into deferred maintenance mode, you’re in trouble with your bond rating and that means you’re borrowing money at a higher rate and putting it on the backs of your residents. We’re trying to keep those rates as low as we can.

So what does height and density do for you in some circumstances? If we’re doing it in 7 percent of our land area, out in the Southdale district primarily, how does that help all of us that are living in single-family homes? Well, here’s the way it helps.

The average single-family home—the median priced home in Edina, $550,000, might generate 5 dollars and 50 cents a square foot in property tax. A multifamily dwelling out in the Southdale district with some height to it might generate at least twice or more than twice that amount per square foot. I view that as a subsidy for single-family homeownership, and I also view it as a way of helping us pay for everything we own together, without putting the burden on all the single-family homeowners.”