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HomeMy WebLinkAbout3-12-12 Agenda Packet O� P ��+� � 9 v � 4646 Dakota Street SE Prior Lake, MN 55372 +1- lrj��SpK P ' PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY AGENDA Monday, March 12, 2012 4:00 p.m. Reports included with this agenda can be found in the Document Center at www.cityofpriorlake.com Please follow this file path: City of Prior Lake\Economic Development Authority12012\March 12, 2012 1. CALL TO ORDERlINTRODUCTION 2. APPROVAL OF AGENDA 3. APPROVAL OF MEETING MINUTES A. February 13, 2012 4. PUBLIC HEARINGS A. No public hearing is scheduled. 5. OLD BUSINESS A. Approval of Venture Fair Contract B. Status Report on EDA Member Recruitment 6. NEW BUSINESS A. EDAC Report and Subcommittee Reports: (1) EDAC (2) Broadband Fiber Network (3) Technology Village Incubator B. EDA Business Plan Outline C. Business Inquiry List (through 2/29/12, to be handed out at meeting) 7. OTHER BUSINESS A. Draft April 9, 2012 Agenda 8. ADJOURNMENT: 6:00 p.m. Phone 952.447.9800 / Fax 952.447.4245 / www.cityofpriorlake.com r � O � P � o+ � �� � v � 4646 Dakota Street SE Prior Lake, MN 55372 �INNESO'��' Economic Development Authority Meeting Minutes February 13, 2012 1. CALL TO ORDER President Hedberg called the meeting to order at 4:06 p.m. Present were Hedberg, Morris, Choudek and Myser, Executive Director Boyles, Community & Economic Development Director Rogness, and Treasurer Er- ickson. Absent was Hitchcock, who submitted a resignation letter effective February 13, 2012. 2. APPROVAL OF AGENDA MOTION BY MYSER, SECONDED BY MORRIS TO APPROVE THE AGENDA AS PRESENTED. VOTE: Ayes by Hedberg, Morris, Choudek and Myser. The motion carried, 3. APPROVAL OF MEETING MINUTES MOTION 8Y MYSER, SECONDED BY MORRIS TO APPROVE THE MEETING MINUTES OF JANUARY 9, 2012; VOTE: Ayes by Hedberg, Morris, Choudek and Myser. The motion carried. MOTION BY MYSER, SE- CONDED BY MORRIS TO APPROVE THE MEETING MINUTES OF JANUARY 23, 2012; VOTE: Ayes by Hedberg, Morris, Choudek and Myser. The motion carried 4. PUBLIC HEARING No public hearing was scheduled. 5. OLD BUSINESS A. EDA Budget Amendment. Rogness: explained the proposed EDA 2012 budget amendment that was previously removed from the City Council agenda on February 6, Two fund transfers had occurred from city accounts into the EDA ac- count in 2011 that included two dedicated business revolving loan funds. One related to a$50,000 foan from the city to E.M. Products in 1995, and the second one related to $75,000 loan from the city to NBC Products in 1998. Further investigation into these funds now requires that they be retained by the city in separate dedicated revolving loan funds. In addition, the E.M. Products loan was secured from the state with federal funds, and the NBC Products loan with state funds. Boyles: stated that each loan fund has its own restrictions on eligibility for how funds can be used to assist businesses. The total combined balance of the two funds was $196,392.96 on December 31, 2011. Due to the need to move those funds back out of the EDA's account, staff has proposed a way to amend the EDA and General Fund budgets in order to fully fund the broadband consulting cost of $80,000, the pro- posed Venture Fair event cost of $10,000, and the annual EDA membership of $1,000 for the National Business Incubation Association. Erickson: summarized staff's proposed budget amendment to include: (1) utilize the Scott County CDA grant of $15,000 as revenue for broadband study; (2) transfer $12,000 from General Fund as revenue for broadband study; (3) transfer $4,000 from General Fund as revenue for Venture Fair; (4) reallocate $2,000 from EDA legal divitled evenly for broadband and incubator membership; and (5) reduce $1,200 interest earnings in EDA budget to be offset by an equal reduction in personnel cost due to some per diem's being waived. The General Fund transfers come from the Urban & Economic Development Account No. 4600. Hedberg: discussed the need to evaluate short and long term funding needs of the EDA, recognizing that some commitments have been made for strategic initiatives related to broadband (Lookout Point Commu- nications contract) and business financing (Venture Fair event). Phone 952.447.9800 / Fa1c 952.447.4245 / www.cityofpriorlake.com l EDA Members: agreed that there is a need to move forward with the 2012 initiatives and to fully fund them during 2012. All members discussed the current funding outlook of the EDA, which includes no fund bal- ance after the revolving loan fund transfers, but the ability to discuss the use of excess TIF 1-1 funds and the ability to assist businesses with revolving loans using a new loan policy to be developed by staff with fu- ture review by the EDA. MOTION BY MYSER, SECONDED BY CHOUDEK TO APPROVE THE PROPOSED EDA AND GENERAL FUND BUDGET AMENDMENTS AS PRESENTED BY STAFF SHOWING A NEW 2012 EDA BUDGET OF $167,723, AND TO FORWARD THIS RECOMMENDATION TO THE CITY COUNCIL. VOTE: Ayes by Hedberg, Morris, Choudek and Myser. The motion carried. 6. NEW BUSINESS A. (1) EDAC Report Rogness: informed the EDA that a quorum was not present at the EDAC January 26th meeting; however, they did discuss responses received at the 2011 Meet-N-Greet event and other topics of interest to mem- bers. (2) Broadband Fiber Network Report Rogness: informed EDA that the subcommittee is continuing to have productive meetings with Eric Lamp- land every two weeks. (3) Technology Village Incubator Report Rogness: indicated that a subcommittee report will follow. B. Technology Village Report (from the Subcommittee) Rogness: asked EDA members whether they wanted to hear a report from Casey McCabe who authored the report on behalf of the subcommittee. Members agreed to ask questions only since they've all been able to read the report. Morris: indicated that the subcommittee has worked hard to identify options, examples and an initial plan for the old NOREX building on Franklin Trail. He further reminded the EDA that this initial start is only one step toward a larger Technology Village vision for areas on vacant land in the northern part of Prior Lake. Myser: recognized the lack of fu11y private incubators in the country, and he asked staff why some other city-owned buildings had not been considered due to lower potential costs with no direct lease subsidies. He advocated for more analysis on city buildings, including those on Main Avenue and the Club Prior space. In addition, he inquired about utilizing areas that could result in a combination of redevelopment, such as the Welcome Avenue or Svoboda areas in southeast Prior Lake. Hedberg: supported the need for a full evaluation of short and long-term financial commitment by the EDA to a business incubator facility in light of staff's estimated $160,000 cost over three years. This will have an impact on the EDA budget and its final support for a project. He also recognized staff's description of a possible funding source from the business revolving loan fund, but not without restrictions to its use. He thanked the subcommittee for its work and asked that group to continue further evaluation of space options and project funding. Choudek left the meeting at 5:15 PM. + C. Venture Fair Event Update Rogness: reviewed the latest outline fior a March Venture Fair event to be held at the Wilds, including a two-track event starting with a lunch for all participants and ending with a dinner for potential angel inves- tors. The primary organizer and facilitator will be Steve Mercil, and other speakers are being selected for the event. EDA Members: agreed that March is too early for this event in order to have adequate time to market and to solicit participants. Moving it out at least two months was strongly recommended by all members. DRAFT 121211 EDA meeting minutes 2 � D. Termination of Lease, Etc. Related to Issuance of Refunding Bonds Erickson; reviewed the proposed EDA action necessary to refinance $10 million Public Project Revenue Bonds in 2005, Series 2005C, for City Hall and Police Station. The proposed $9.825 million General Obli- gation Capital Improvement Plan Refunding Bonds, Series 2012A, will pay off the 2005 bond with a lower interest rate, thereby saving annual costs. By doing so, the EDA must adopt a resolution to terminate the existing lease agreement since this agreement was only necessary for the 2005 bond issue. EDA Members: agreed that this refunding opportunity will save the taxpayers dollars in the long term and help the two city projects overall. MOTION BY MYSER, SECONDED BY MORRIS TO APPROVE A RESOLUTION AUTHORIZING TERMI- NATION OF A LEASE WITH OPTION TO PURCHASE AGREEMENT, GROUND LEASE AGREEMENT, AND AUTHORIZING EXECUTION OF AN ESCROW AGREEMENT RELATING TO THE ISSUANCE BY THE CITY OF PRIOR LAKE, MINNESOTA, OF ITS $9,825,000 GENERAL OBLIGATION CAPITAL IM- PROVEMENT PLAN REFUNDING BONDS, SERIES 2012A. VOTE: Ayes by Hedberg, Morris and Myser. The motion carried. E. Business Inquiry List Rogness: distributed the business inquiry list updated through January of 2012. He explained that new in- formation was added showing "next steps" for staff follow-up to business inquiries. This was provided as information only. 7. OTHER BUSINESS A. Draft March 12, 2012 Agenda was reviewed by the commissioners. ADJOURNMENT MOTION BY MYSER, SECOND BY MORRIS TO ADJOURN THE MEETING. With all in favor, the meeting ad- journed at 6;10 p.m. Frank Boyles, Executive Director DRAFT 121211 EDA meeting minutes 3 . O ,� p� � � v �'' 4646 Dakota Street SE Prior Lake. MN 55372 ` �jNNESO'T P ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: March 12, 2012 AGENDA #: 5.A PREPARED BY: Dan Rogness, Community & Economic Development Director AGENDA ITEM: VENTURE FAIR UPDATE DISCUSSION: Introduction On October 25, 2011, Dan Rogness and Suesan Lea Pace met with Steve Mer- cil of RAIN Source Capital. The purpose of this meeting was to explore Steve's involvement with a Venture Fair event in Prior Lake in 2012. This half-day or full-day event would conclude with a dinner for prospective investors to a local community angel fund. Y Historv Attorney Pace has advised the EDA that it cannot be a direct investor to the pro- posed community angel fund in Prior Lake. However, it can fund a local busi- ness event that would include an opportunity for investors to meet and discuss angel investing opportunities. The EDA previously identified a"venture fair" concept that would include session topics such as entrepreneur seed capital, the investment process, fundraising strategies and business incubation. Conclusion The agenda and budget have been finalized, and a standard city contract was completed for coordination and speaking services with RAIN Source Capital, Inc. Staff is estimating 50 attendees for the afternoon seminar and 25 attending the reception and dinner for potential angel investors. tSSUES: Staff will finalize details of this event once a contract is signed; the target date is mid-May to mid-June. FINANCIAL The City Council has approved an EDA budget amendment that provides IMPACT: $10,000 for this event in 2012. ALTERNATIVES: 1. Motion to authorize the EDA President and Executive Director to execute a Standard Agreement for Professional Services with RAIN Source Capital, Inc. for $7,500.00 to coordinate the Venture Fair Event. 2. Don't authorize the Agreement and provide direction to staff. RECOMMENDED Staff recommends Alternative 1. MOTION: . VENTURE FAIR Prior Lake, Minnesota , 2012 I was just trying to make the thing flow. Location: The Wilds in Prior Lake Start Time: 11:30 AM Sign-up �****************,�*,�********,�* 12:00-1:30: Lunch with Featured Speaker, INac Lewis, CEO of FieldSolutions Track 1 for Entrepreneurs and New Businesses (Bob Voss, Dakota County Technical College): 1:30 — 2:30 Why Starting a Business Works in a Bad Economy 2:30 — 3:30 Five Reasons Start-up Businesses Fail, and Five Things to Enhance Business Success 3:30 — 3:45 Break 3:45 — 4:45 The Importance of Business Planning, and Business Plan Writing Made Easy Track 2 for Entrpreneurs and Angel Investors (Steve Mercil, RAIN Source Capital): 1:30 — 2:30 What Do Angels Look for in Investment Opportunities, and How to Pitch to Angel Investors 2:30 — 3:30 Private and Public Sources of Capital for Your Business (panel discussion) 3:30 — 3:45 Break 3:45 — 4:45 Is Angel Investing Right for You? 5:00-6:00 Reception 6:00-7:30pm Dinner for Potential An�el InvestorsSteve Mercil, RAIN Source Capital) � � STANDARD AGREEMENT FOR PROFESSIONAL SERVICES TH�s A�REEMErvT is made on 12th day of March, 2012, between the City of Prior Lake Economic Development Authority (hereinafter "EDA"), whose business address is 4646 Dakota St. SE, Prior Lake, MN 55372, and RAIN Source Capital, Inc. a Minnesota Non-Profit (hereinafter "Consultant") whose business address is Box 2289, Minneapolis, Minnesota 55402. PRELIMINARY STATEMENT The City of Prior Lake, Minnesota has adopted a policy regarding the selection and hiring of consultants to provide a variety of professional services for municipal projects. That policy requires that persons, firms or corporations providing such services enter into written agreements with the EDA. The purpose of this agreement is to set forth the terms and conditions for professional services Consultant will provide in connection with the Venture Fair, hereinafter referred to as the "Work". The EDA and Consultant agree as follows: 1. Scope of Work. The Consultant agrees to provide the professional services described in Exhibit "A" hereinafter "the Work." 2. Time for Performance of Services. The Consultant shall perform the services described in Exhibit A between March 13 and June 30, 2012. 3. Compensation for Services. EDA agrees to pay the Consultant an amount not to exceed Seven Thousand Five Hundred Dollars ($7,500) for the services as described in Paragraph 1 (and Exhibit A). A. Any changes in the scope of the Work which may result in the compensation due the Consultant shall require prior written approval by an authorized representative of the EDA or by the City Council. The EDA wifl not pay additional compensation for services that do not have prior written authorization. B. Special Consultants may be utilized by the Consultant when required by the complex or specialized nature of the Project and with prior authorization in writing by the EDA. C. EDA agrees to pay Consultant for extra services by the Consultant or Special Consultants with prior authorization in writing by the EDA. 4. The EDA agrees to provide the Consultant with the complete information concerning the Scope of the Work. 5. Method of Payment. The Consultant shall submit invoices to the EDA for professional services performed under Paragraph 1of this Agreement as follows: (a) 50% of the compensa#ion shall be invoiced upon execution of this Agreement, and (2) 50% of the compensation shall be invoiced upon completion of the Work. Invoices submitted shall be paid in the same manner as other claims made to the EDA. 6. Project Manager and Staffing. The Consultant has designated Steve Mercil to serve as primary manager of the Work. They shall be assisted by other staff members as necessary to � t facilitate the completion of the Work in accordance with the terms established herein. Consultant may not remove or replace Steve Mercil from the Work without the approval of the EDA. 7. Standard of Care. All Work performed pursuant to this Agreement shall be in accordance with the standard of care in Scott County, Minnesota for professional services of the like kind. 8. Audit Disclosure. The Consultant shall allow the EDA or its duly authorized agents reasonable access to such of the Consultant's books and records as are pertinent to all services provided under this Agreement. Any reports, information, data, etc. given to, or prepared or assembled by, the Consultant under this Agreement which the EDA requests to be kept confidential shall not be made available to any individual or organization without the EDA's prior written approval. All finished or unfinished documents, data, studies, surveys, drawings, maps, models, photographs, and reports prepared by the Consultant shall become the property of the EDA upon termination of this Agreement, but Consultant may retain copies of such documents as records of the services provided. 9. Term. The term of this Agreement shall be from March 13, 2012 through June 30, 2012, the date of signature by the parties notwithstanding. This Agreement may be extended upon the written mutual consent of the parties for such additional period as they deem appropriate, and upon the terms and conditions as herein stated. 10. Termination. This Agreement may be terminated by either party by seven (7) days' written notice delivered to the other party at the address written above. Upon termination under this provision if there is no fault of the Consultant, the Consultant shall be paid for services rendered and reimbursable expenses until the effective date of termination. 11. Independent Consultant. At all times and for all purposes herein, the Consultant is an independent contractor and not an employee of the EDA. No statement herein shall be construed so as to find the Consultant an employee of the EDA. 12. Non-Discrimination. During the performance of this Agreement, the Consultant shall not discriminate against any employee or applicants for employment because of race, color, creed, religion, national origin, sex, marital status, status with regard to public assistance, disability, or age. The Consultant shall post in places available to employees and applicants for employment, notices setting forth the provision of this non-discrimination clause and stating that all qualified applicants will receive consideration for employment. The Consultant shall incorporate the foregoing requirements of this paragraph in all of its subcontracts for program work, and will require all of its subcontractors for such work to incorporate such requirements in all subcontracts for program work. 13. Assignment. Neither party shall assign this Agreement, nor any interest arising herein, without the prior written consent of the other party. 14. Services Not Provided For. No claim for services furnished by the Consultant not specifically provided for in Exhibit A shall be honored by the EDA. 15. Severability. The provisions of this Agreement are severable. If any portion hereof is, for any reason, held by a court of competent jurisdiction to be contrary to law, such decision shall not affect the remaining provisions of this Agreement. a 16. Entire Agreement. The entire agreement of the parties is contained herein. This Agreement supersedes all oral agreements and negotiations between the parties relating to the subject matter hereof as well as any previous agreements presently in effect between the parties relating to the subject matter hereof. Any alterations, amendments, deletions, or waivers of the provisions of this Agreement shall be valid only when expressed in writing and duly signed by the parties, unless otherwise provided herein. 17. Compliance with Laws and Regulations. In providing services hereunder, the Consultant shall abide by all statutes, ordinances, rules and regulations pertaining to the provisions of services to be provided. The Consultant and EDA, together with their respective agents and employees, agree to abide by the provisions of the Minnesota Data Practices Act, Minnesota Statutes Section 13, as amended, and Minnesota Rules promulgated pursuant to Chapter 13. Any violation of statutes, ordinances, rules and regulations pertaining to the services to be provided shall constitute a material breach of this Agreement and entitle the EDA to immediately terminate this Agreement. 18. Waiver. Any waiver by either party of a breach of any provisions of this Agreement shall not affect, in any respect, the validity of the remainder of this Agreement. 19. Indemnification. Consultant agrees to defend, indemnify and hold the EDA, its officers, and employees harmless from any liability, claims, damages, costs, judgments, or expenses, including reasonable attorney's fees, resulting directly or indirectly from a negligent act or omission (including without limitation professional errors or omissions) of the Consultant, its agents, employees, or subcontractors in the performance of the services provided by this Agreement and against all losses by reason of the failure of said Consultant fully to perform, in any respect, all obligations under this Agreement. 20. Insurance. A. General Liabilitv. During the term of this Agreement, Consultant shali maintain a general liability insurance policy with limits of at least $600,000 for each person, and each occurrence, for both personal injury and property damage. This po�icy shall name the EDA as an additional insured for the services provided under this Agreement and shall provide that the Consultant's coverage shall be the primary coverage in the event of a loss. The policy shall also insure the indemnification obligation contained in Paragraph 19. A certificate of insurance on the EDA's approved form which verifies the existence of this insurance coverage must be provided to the EDA before work under this Agreement is begun. B. Worker's Compensation. The Consultant shall secure and maintain such insurance as will protect Consultant from claims under the Worker's Compensation Acts and from claims for bodily injury, death, or property damage which may arise from the performance of Consultant's services under this Agreement. C. Professional Liability Insurance. The Consultant agrees to provide to the EDA a certificate evidencing that they have in effect, with an insurance company in good standing and authorized to do business in Minnesota, a professional liability insurance policy. Said policy shall insure payment of damage for legal liability arising out of the performance of professional services for the EDA, in the insured's capacity as the Consultant, if such legal liability is caused by an error, omission, or negligent act of the ; � insured or any person or organization for whom the insured is legally liable. Said policy shall provide an aggregate limit of $1,000,000. 21. Records Access. The Consultant shall provide the EDA access to any books, documents, papers, and records which are directly pertinent to the specific contract, for the purpose of making audit, examination, excerpts, and transcriptions, for three years after final payments and all other pending matters related to this contract are closed. 22. Ownership of Documents. Except for proprietary training materials, all plans, diagrams, analyses, reports and information generated in connection with the performance of the Agreement ("Information") shall become the property of the EDA. The City may use the Information for its purposes and the Contractor also may use the Information for its purposes. Reuse of the Information for the purposes of the Work contemplated by this Agreement does not relieve any liability on the part of the Contractor, but any reuse of the Information by the EDA or the Contractor beyond the scope of the Work is without liability to the other, and the party reusing the Information agrees to defend and indemnify the other from any claims or liability resulting therefrom. 23. Governing Law. This Agreement shall be controlled by the laws of the State of Minnesota. Executed as of the day and year first written above. City of Prior Lake EDA: Ken Hedberg, President Frank Boyles, Executive Director RAIN Source Capital: Steve Mercil Its: CEO t7 t � EXHIBIT A Professional Services for the Venture Fair Prealanning: (up to 2 hours) To ensure intent and area goals are addressed and met. 1. Up to two teleconference calls between Steve Mercil and Dan Rogness, including Key Note/Track 1 Speakers Coordination: (up to 3 hours) To ensure congruency of key messaging and positioning of the City of Prior Lake's Economic Devel- opment Authority amongst all speakers & panelists. 1. One teleconference call between Steve Mercil and all speakers; appropriate email fol- low up. 2. Willingness by Steve Mercil to coordinate/identify expert and seasoned professionals and moderate the panel session of "Private and Public Sources of Capital for Your Business" � 3. Availability of Steve Mercil to host a teleconference with panelist for "Private and Public Sources of Capital for Your Business" Event Attendance: (up to 8 hours) Steve Mercil will attend the entire event on a date to be determined (before June 30, 2012) from 11:30 a.m. until the conclusion of the dinner with Angel Investors. Sessions Execution: The live delivery and the use of Steve Mercil's proprietary content for two sessions. This includes packet materials for the session attendees at: 1. What Do Angels Look for in Investment Opportunities, and How to Pitch to Angel In- vestors 2. Is Angel Investing Right for You? Dinner with Anqel Investors Steve Mercil will provide his basic presentation on how to form an angel fund. Follow-up with EDA Staff: (up to 2 hours) Steve Mercil shall provide advice and/or follow-up information to Frank Boyles, Dan Rogness or other EDA staff as needed following the Venture Fair. O � PRIp ti � v �'' 4646 Dakota Street SE Prior Lake. MN 55372 � ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: March 12, 2012 AGENDA #: 5.B PREPARED BY: Casey McCabe, Community Development Specialist AGENDA ITEM: ECONOMIC DEVELOPMENT AUTHORITY VACANCY DISCUSSION: Introduction Terry Hitchcock, who was a non-Council appointment to the Economic Devel- opment Authority, submitted a letter of resignation from the EDA effective Feb- ruary 13, 2012. Article 3 of the attached Bylaws of the Prior Lake Economic Development Au- thority, last amended on October 18, 2010, address filling a vacancy on the EDA. If the seat on the EDA is vacated by a commissioner who is not a City Council member the following process should be used to fill the vacancy: • The President of the EDA declares a vacancy and advises the Mayor. • The City advertises the vacancy information concerning how interested individuals may obtain applications and the deadline for applications. • The City may also invite individuals known to them to submit an applica- tion. • The City Manager, Mayor and one non-Council member of the EDA ("Screening Committee") shall review all applications and select candi- dates for interviews and further consideration. • The Screening Committee shall narrow the non-Council candidates to three (3) finalists. Up to this point the names of the applicants have been "private data" and not available to the public. The names of the finalists are "public data." The finalists shall be interviewed by the entire Council and allowed to make a five minute presentation regarding their qualifica- tions and reasons for seeking the appointment. Members of the Council may ask questions of the candidate, but the time used for questions will not be counted against the candidates five (5) minute presentation. Histo The Prior Lake Economic Development Authority shall consist of five (5) mem- bers. The five (5) member Authority shall be comprised of two (2) members of the City Council and three (3) members appointed from the public. The appoint- ments shall be made by the Mayor and approved by the City Council. The public members initially shall be appointed for staggered terms of two, three and four years; and thereafter upon expiration of the initial term for four (4) year terms. The City Council members appointed to the Authority shall serve four (4)-year terms that coincide with their term of office. Members of the EDA are not term limited. Members of the public appointed to serve on the EDA must have relevant busi- ness experience in: the private sector, business development or redevelopment, business retention, business management, real estate, project management, planning, financing and/or familiarity or experience working in the public sector. Preferred candidates should have a work history that includes serving in a man- agement and decision-making position. The individual should have experience working in a team environment, have good communication and problem-solving skills and have the time and creativity to serve and actively contribute as a commissioner. To be eligible to serve on the EDA, an individual must either: - Be a resident of the City; or - Hold a controlling financial interest in a business located within Prior Lake. Conclusion City staff has posted a notice seeking applicants for the EDA on the City of Prior Lake website and published notices of the position availability in the Prior Lake American with an application deadline of Friday, March 16, 2012. Submitted ap- plications will be reviewed by a screening committee consisting of the City Man- ager, Mayor and one non-Council member of the EDA. The screening commit- tee shall narrow the candidates to three (3) finalists and interviews will be scheduled with the entire City Council. ISSUES: Staff will update the EDA on those who have applied to date. EDA members may want to identify any other candidates that should be contacted by city staff for consideration. Finally, the EDA will need to determine which non-Council member of the EDA will be on the screening committee. FINANCIAL None. IMPACT: ALTERNATIVES: None. RECOMMENDED Motion to identify a non-Council member of the EDA to be on the screening MOTION: committee. Discuss any potential candidates for city staff to contact before the deadline of March 16. ATTACHMENT: Bylaws of Prior Lake Economic Development Authority � O� P ��+� ti � v � 4646 Dakota Street SE Prior Lake_ MN 55372 �INNESO'� ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: March 12, 2012 AGENDA #: 6.A (1) (2) (3) PREPARED BY: Dan Rogness, Community & Economic Development Director AGENDA ITEM: EDAC AND EDA SUBCOMMITTEE REPORTS DISCUSSION: EDAC Reaort The EDAC met on February 23, but a quorum was not present to conduct officiai business. This was the second month in a row with no quorum. Once again, they discussed various topics with the majority of discussion focused on com- ments received at the recent Meet-N-Greet event. Those topics included the Farmer's Market, business signage and the city's "business friendliness" ap- proach to businesses and developers. No action was taken; the next regular meeting is scheduled for March 29. Broadband Fiber Network Subcommittee Report This subcommittee held its third meeting with Eric Lampland of Lookout Point Communications on March 8. There continues to be good discussion from all members on issues surrounding a fiber network system in Prior Lake. The most recent discussions have centered around existing providers, desired types and levels of service, and some preliminary financial analysis. The subcommittee continues to meet every other Thursday from 4:00-6:00 PM. Technology Villaqe Subcommittee Reqort This subcommittee met most recently on March 9. This will be their first meeting after a report was given to the EDA on February 13. Michelle Choudek has agr�ed to chair the meetings in the absence of Terry Hitchcock: Since that meeting is being held after this agenda goes out, a verbal report will be given by staff. ISSUES: None FINANCIAL No additional budget impact at this time. IMPACT: ALTERNATIVES: 1. (no alternatives are provided at this time) RECOMMENDED Discussion only. MOT10N: o� p �O�P ti � v �' 4646 Dakota Street SE Prior Lake, MN 55372 �INNESD� ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: March 12, 2012 AGENDA #: 6.B PREPARED BY: Dan Rogness, Community & Economic Development Director AGENDA ITEM: EDA BUSINESS PLAN OUTLINE DISCUSSION: Introduction The purpose of this agenda item is to ask the EDA to approve the outline for the EDA Business Plan. Historv The EDA has directed the staff to prepare a short and long range business plan for the EDA. Given the importance and scope of this document, the staff has un- dertaken this effort in phases. The first phase is to outline the document to as- sure that the content meets the EDA's expectations. Once the EDA has ap- proved the outline, we will be in a better position to complete the document. The Business Plan will be based on the approved 2030 Vision and Strategic Plan, and it also incorporates economic development strategies developed by SCALE, metrics proposed by city staff, and a summary of funding resources and future budget options to sustain EDA strategic initiatives. Current Circumstances An outline of the plan includes the following general categories: • Purpose • Existing Economic Development Landscape • Measuring Success (Metrics) • SCALE • Implementation Plan — 2012 / 2013 • Looking Ahead — 2020 and 2030 • Summary of Funding Needs and Resource Options • Achievement Goals — Jobs, Business, C/I Tax Base (5-year increments) ISSUES: The key issue is whether or not the city council believes that the above outline is comprehensive and addresses all of the critical issues that a business plan should address. It is our intent to have a draft business plan for your considera- tion on the April 9 agenda. FINANCIAL To be identified in the EDA Business Plan presented and discussed in April. I M PACT: ALTERNATIVES: 1. Approve the business plan outline as submitted. 2. Approve the business plan outline with amendments RECOMMENDED MOTION: As determined by the EDA. O � PRlp� ti � V 4646 Dakota Street SE Prior Lake, MN 55372 �rtN�so� PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY DRAFT AGENDA Monday, April 9, 2012 4:00 p.m. Reports included with this agenda can be found in the Document Center at www.cityofpriorlake.com Please follow this file path: City of Prior LakelEconomic Development Authority�20121April 9, 2012 1. CALL TO ORDER/INTRODUCTION 2. APPROVAL OF AGENDA 3. APPROVAL OF MEETING MINUTES A. March 12, 2012 4. PUBLIC HEARINGS A. No public hearing is scheduled. 5. OLD BUSINESS 6. NEW BUSINESS A. EDAC Report and Subcommittee Reports: (1) EDAC (2) Broadband Fiber Network (3) Technology Village Incubator B. EDA Business Plan Approval C. Amended Plan for TIF District 1-1 D. Business Revolving Loan Fund Guidelines Approval E. Business Inquiry List (through 3/31/12) . 7. OTHER BUSINESS A, Draft May 14, 2012 Agenda 8. ADJOURNMENT: 6:00 p.m. Phone 952.447.9800 / Fax 952.447.4245 / www.cityofpriorlake.com