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PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY
AGENDA
Monday, May 14, 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 Authority120121May 14, 2012
1. CALL TO ORDERIINTRODUCTION
2. APPROVAL OF AGENDA
3. APPROVAL OF MEETING MINUTES
A. April 9, 2012
4, PUBLIC HEARINGS
A. No public hearing is scheduled.
5. OLD BUSINESS
A. EDA Business Plan — Draft #2
B. Modification of the TIF Plan for District 1-1
C. Final Update for Venture Fair
6. NEW BUSINESS
A. EDAC Report and Subcommittee Reports:
(1) EDAC
(2) Broadband Fiber Network
(3) Technology Village Incubator
B. Business Assistance Matrix and Target Area
C. Future Guests at EDA Meetings
D, Extension of Professional Services Agreement with Lookout Point Communications
7. OTHER BUSINESS
A. Draft June 11, 2012 Agenda
B. Revised Economic Development Authority Meeting Schedule
8. ADJOURNMENT; 6:00 p.m.
Pl�one 952.447.9800 / Fa� 952.447.4245 / �v�vw.cityofpriorlake.com
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Economic Development Authority Meeting Minutes
April 9, 2012
1. CALL TO ORDER
President Hedberg called the meeting to order at 4:04 p.m. Present were Hetlberg, Morris, Choudek and
Myser, Executive Director Boyles, Community & Economic Development Director Rogness and Community
Development Specialist McCabe.
2. APPROVAL OF AGENDA
MOTION BY CHOUDEK, SECONDED BY MYSER TO APPROVE THE AGENDA AS PRESENTED.
VOTE: Ayes by Hedberg, Morris, Choudek and Myser, The motion carried.
3. APPROVAL OF MEETING MINUTES
MOTION BY MYSER, SECONDED BY MORRIS TO APPROVE THE MEETING MINUTES OF MARCH 12,
2012
VOTE: Ayes by Hedberg, Morris, Choudek and Myser. The motion carried.
4. PUBLIC HEARING
No public hearing was scheduled.
5. OLD BUSINESS
A. Venture Fair Promotional Material.
Rogness: summarized the proposed promotional material, including a 2-sided card as a mailer. Back-
ground pictures varied between one of downtown and one of the north commercial area. A proposed tel-
phone script was shown, as well as a draft letter for potential angel investors. The Venture Fair will take
place on Wednesday, May 23 at The Wilds. A$25 registration fee is required, which includes lunch. The
angel investor dinner cost will not be charged to participants.
EDAC Members: recommended that a picture of downtown be used, but not the one that was shown.
Members asked that staff email them a copy of the letter and the final informational piece, which can then
be used as a basis for contacting potential participants. No script is necessary.
Rogness: said that staff will use a list from the Minnesota Department of Commerce showing recent busi-
nesses names in Prior Lake for the mailing. The city's web site, Chamber of Commerce antl local newspa-
per will also be usetl for marketing purposes.
6. NEW BUSINESS
A. (1) EDAC Report
Rogness: informed the EDA that a quorum was finally present at the March regular meeting. One topic of
interest was related to the EDAC establishing a 3-member subcommittee to work with staff on helping im-
prove business friendliness. This group will evaluate city codes, fees and the city's permit review process.
The EDAC also spent time reviewing the status of pad-ready sites in Prior Lake based on results of the
Maxfield Commerical/Industrial Demand Analysis and staff's evaluation of all vacant sites.
(2) Broadband Fiber Network Report
Rogness: informed EDA that the subcommittee is continuing to have productive meetings with Eric Lamp-
land every two weeks with an expected report being made to the EDA in late May or early June.
Phone 952.447.9800 / Fax 952.447.4245 / �vw�v.cityofpriorlake.com
(3) Technology Village Incubator Report
Rogness: indicated that the subcommittee has met recently and is now working on a 3-phased implemen-
tation business plan to include City Hall as the first phase.
B. EDA Business Plan
Rogness: reviewetl briefly an outline of the first draft of an EDA business plan for 2012/13 and a look out
to 2020 and 2030.
Myser: recommended that employment figures for Prior Lake show a split between those employed at
SMSC the rest Prior Lake. This would help highlight the extent of persons employed in the hospitality and
recreation business. He further asked if labor force figures could be shown, which would likely be a higher
number than those employed in Prior Lake. Myser thought the purpose section could emphasize more the
key factors related to jobs, services and a strong/reliable tax base. Finally, the plan should further identify
what the EDA is to accomplish and deliver for economic development, and the characteristics section
should be moved to the end of the plan,
Hedberg: supported the first draft overall, and agreed with the proposed breakdown of employees as rec-
ommentled by Myser. He notetl that further discussion needs to occur regarding funding of the EDA in
2013 and beyond.
Morris: liked the plan as written.
Choudek: liked the first draft of the plan, and is encouraged about starting to give further direction to the
EDA's future activities.
C. Consider Approval of the Economic Development Revolving Loan Fund Guidelines and Its Recom-
mendation to the City Council
McCabe: reviewetl the proposed guidelines, which is a requirement of having two existing revolving loan
accounts that were previously received from the Minnesota Department of Employment and Economic De-
velopment (DEED). The guidelines are largely dictated by federal and state guidelines that came with the
two funding awards in the 1990's. DEED did review and approve the city's proposed guidelines.
Rogness: further explained that approximately $200,000 is available in the combined loan funtl, and that
potential incubator businesses could have access to some of these funds.
EDA Members: liked the proposed guidelines and agreed with staff's recommendation.
MOTION BY MYSER, SECONDED BY MORRIS TO APPROVE THE ECONOMIC DEVELOPMENT RE-
VOLVING LOAN GUIDELINES AND ITS RECOMMENDATION TO THE CITY COUNCIL,
VOTE: Ayes by Hedberg, Morris, Choudek and Myser. The motion carried.
D. Consider Approval of the Amended EDAC Bylaws and Its Referral to the City Council for Final Ap-
proval.
McCabe: reviewed the proposetl EDAC Bylaws as recommended by the EDAC. The primary changes re-
late to a reduction in the quorum from a majority to at least fifty percent, a change in the frequency of regu-
lar meetings, and the removal of references to the City Council to be replaced by the EDA.
EDA Members: agreed with the proposed amendments, but also identified some other changes that would
be beneficial, including that future bylaw amendments be approved by the EDA only and that the EDA may,
rather than shall, appoint a replacement EDAC member if vacant.
MOTION BY CHOUDEK, SECONDED BY MYSER TO APPROVE THE AMENDED EDAC BYLAWS AND
ITS REFERRAL TO THE CITY COUNCIL FOR FINAL APPROVAL.
VOTE: Ayes by Hedberg, Morris, Choudek and Myser. The motion carried.
E. Business Inquiry List
Rogness: will distribute the business inquiry list via email, which wasn't the correct copy at the meeting.
DRAFT 121211 EDA meeting minutes
2
7. OTHER BUSINESS
A. Draft May 14, 2012 Agenda was reviewed by the commissioners.
ADJOURNMENT
MOTION BY MYSER, SECOND BY MORRIS TO ADJOURN THE MEETING. With all in favor, the meeting atl-
journed at 6:05 p.m.
Frank Boyles, Executive Director
DRAFT 12 12 11 EDA meeting minutes
3
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ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: May 14, 2012
AGENDA #: 5.A
PREPARED BY: Dan Rogness, Community & Economic Development Director
AGENDA ITEM: EDA BUSINESS PLAN — DRAFT #2
DISCUSSION: Introduction
Based on EDA discussion at the April 9 meeting, staff has made changes to
the first draft of the EDA Business Plan. This second draft continues to incorpo-
rate economic development strategies developed by SCALE, metrics proposed
by city staff, an implementation plan, and a summary of funding resources to
consider for implementing future EDA strategic initiatives.
Historv
The City Council appointed members to the (new) EDA for 2011. Since early
2011, staff changes slowed the progress of the EDA establishing a business
plan to help guide strategic directions. Some initiatives have moved forward,
including a broadband analysis, a business incubator concept, and an event for
entrepreneurs and investors. This plan is necessary in order to help assure con-
tinued support for ongoing economic development efforts.
Conclusion
The second draft plan incorporated the following changes:
• The Purpose section was revised to identify the EDA's three primary
goals.
• The Economic Landscape section was moved to the end of the plan.
• A new Employment section was added after the Metrics section in order
to identify the number and percent of employees in various industrial
classifications.
• The 2012/2013 Implementation Plan section now includes a sentence for
each item that describes the major accomplishment.
ISSUES: This business plan provides strategic direction for the EDA priorities.
FINANCIAL Resources, including those related to time and money, will be necessary in order
IMPACT: to implement the proposed business plan.
ALTERNATIVES: 1. Adopt the plan as proposed or with amendments and direct that it be shared
with the City Council.
2. Continue discussion to a future meeting.
3. Take no action.
RECOMMENDED As determined by the EDA.
MOTION:
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PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY (EDA)
BUSINESS PLAN - DRAFT #2, 5/01/12
Purpose
This business plan is intended to guide the Prior Lake Economic Development Authority (EDA) as it
develops and implements strategic initiatives in 2012 and 2013, as well as looking ahead to 2020 and
2030. These strategies are guided primarily by the adopted 2030 Vision and Strategic Plan, including
goals related to: (1) job creation/retention, (2) services for businesses and residents, and (3) a stable
and reliable tax base.
The City's mission, as stated in 2030 Vision and Strategic Plan, is to "enhance the quality of life for
current and future citizens by providing quality services which result in a safe and healthy
community; recreation and leisure opportunities; preservation and effective use of lakes, parks and
other natural resources; economic vitality; and the promotion of partnerships, volunteerism and civic
pride for the community's diverse population." For Community and Economic Development, the
Strategic Plan states that the EDA's primary responsibility is to assure that shops and services are
provided to residents, to provide employment opportunities, and to ensure a strong and diversified
tax base. Prior Lake also encourages high quality residential and business development.
Measuring Success (Metrics)
The EDA will develop performance measurements that allow continuous reporting on important
aspects of its services, programs and processes. The use of inetrics is being utilized for all city
operations in Prior Lake beginning in 2012, and therefore, metrics will be incorporated into the EDA
Business Plan. To begin this process, the following key economic development objectives are being
identified and prioritized one through five:
1. Add new jobs to expand the employment base of Prior Lake; �
2. Add new businesses to the Prior Lake economy WEICOME
3. Retain jobs and businesses in Prior Lake; � To
4. Increase the commercial/industrial tax base within Prior Lake; and ((�,,,� )
5. Improve the perception of Prior Lake as a positive place for �--�"��
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economic opportunity.
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Page 1 of 13
In order to measure progress toward achieving these objectives, the following metrics will be used for
measurement purposes:
• Track buiiding permits issued for commercial/industrial projects; determine business and job
growth that may tie to each permit. [monthly evaluation]
• Track lease inventory of available commercial/industrial building space; determine business
and job growth that may tie to newly leased space. [quarterly evaluation]
• Track business membership with the local Chamber of Commerce in order to assess additional
business and job growth. [quarterly evaluation]
• Track change in commercial/industrial market value using County data [annual evaluation].
• Track the number and acreage of pad-ready commercial/industrial sites [annual evaluation].
• Track zoning permit approval process associated with commercial/industrial projects.
[quarterly evaluation]
• Track speed of processing development/zoning applications (bi-annual evaluation).
Employment
With job and employment growth being key factors for economic development success, it is
important to understand the current status within Prior Lake. Sources of data from the Minnesota
Department of Employment and Economic Development (DEED) show the following employment and
business characteristics from the first quarter of 2011:
Industry Employees Percent SMSC Est.
Construction 356 4.7% 25
Trade, Transportation and Utilities 503 6.6%
Financial Activities 219 2.9% 25
Professional and Business Services 427 5.6%
Education and Health Services 777 10.2% 25
Leisure and Hospitality 3,729 49.1%o 3,500
Other Services 441 5.8% 200
Public Administration 946 12.4%
Other 202 2.7% 25
TOTAL EMPLOYEES 7,600 100% 3,800
Industry Establishments Percent
Construction 93 16.6%
Trade, Transportation and Utilities 101 18.0%
Financial Activities 72 12.9%
Professional and Business Services 120 21.4%
Education and Health Services 59 10.5%
Leisure and Hospitality 29 5.2%
Other Services 52 9.3%
Public Administration 4 0.7%
Other 30 5.4%
TOTAL BUSINESS ESTABLISHMENTS 560 100%
Page 2 of 13
SCALE Initiatives
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A report from the Scott County Association of Leadership and Efficiency (SCALE) Economic
Development Strategy Group, June 2011, has ten recommendations. The Prior Lake EDA should
evaluate these in terms of being a significant partner in future accomplishments.
1. Countv ima�e and identitv — create and promote a specific, consistent, positive identity to
establish its unique competitive advantages; Prior Lake's identity must be a key part.
2. Education — investigate and pursue additional post-secondary education options; Prior Lake
must be a location to consider for satellite campuses and virtual education.
3. Site Availabilitv — identify and support locations for large industrial sites and business parks
that include timely development approvals; Prior Lake must be an active participant to add
sites to this inventory.
4. Infrastructure — focus infrastructure planning and improvements to maximize job creation
opportunities; Prior Lake must contribute its existing/future infrastructure to help achieve
county-wide economic growth potential.
5. Marketin� — prepare a marketing plan that builds on common public/private sector interests
in order to promote and grow the economy of Scott County; Prior Lake must highlight its
assets as important contributions to the regional effort.
6. Collaboration/Coordination — participate in all aspects of regional economic development
efforts; Prior Lake should also participate fully in this effort.
7. Public Sector Culture — prioritize customer service, timeliness, accountability and creativity;
Prior Lake's customer service level must be implemented so that customers can "expect to be
greeted courteously, with respect, a prompt offer of assistance, and a can-do attitude".
8. Amenities — identify strategies to support a vibrant entertainment industry, executive housing
and higher-end retail/dining opportunities; of all Scott County cities, Prior Lake has the
greatest opportunity to enhance these amenities.
9. Development Incentives — define and promote existing incentives available to qualified
businesses and explore additional incentives; Prior Lake should identify a list of incentives that
it is willing to provide for economic development.
10. Zonin� and Land Use Re�ulations — provide opportunities for commercial and industrial
development with zoning districts and development standards; Prior Lake should evaluate its
codes and ordinances in relationship to making the city "business friendly".
Page 3 of 13
2012/2013 Implementation Plan
The following actions shall be accomplished during 2012 and 2013 as key initiatives of the EDA:
1. Broadband (Communitv Fiber Network). The EDA hired a consultant, Lookout Point
Communications, to move this initiative forward. A subcommittee was formed to work with
the consultant in order to fully evaluate options to provide fiber to homes and businesses
throughout Prior Lake, including Mystic Lake Casino/Hotel and other tribal property.
• Accomplishment: Position Prior Lake to be more competitive in economic development by
connecting existing/future businesses and residents to high-speed fiber network.
� Timeline: The subcommittee will make a recommendation to the EDA by July 1, 2012.
• Budget: $80,000 for the consultant (approved by EDA for 2012 budget).
• Metrics: New business/job growth as a result of fiber availability.
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2. Technolo�y Villa�e (Business Incubator). The EDA formed a subcommittee to explore
opportunities in Prior Lake to create and/or support a new business incubator. Options will be
evaluated in terms of space, location, partnerships and funding.
• Accomplishment: Create a place and support system that strengthens Prior Lake as a
place to start and grow small software/technology businesses.
� Timeline: The subcommittee will make a recommendation to the EDA by July 1, 2012.
• Budget: $25,000-$50,000 estimated support over a 3-year period.
• Metrics: New business/job growth in incubator location.
3. Propertv Supplv and Demand. The EDA will compile a commercial and industrial land
inventory in order to determine the availability of pad-ready sites. The 2011 Maxfield C/I
demand analysis report will be used to establish a projected demand for sites based on
building size and acreage through 2030. An evaluation will be made to determine necessary
steps to ensure that Prior Lake has an adequate supply of pad-ready sites.
• Accomplishment: Move toward Prior Lake having more pad-ready commercial and
industrial sites starting in 2013.
• Timeline: Staff will make a report to the EDA by July 1, 2012.
• Budget: Unknown.
• Metrics: New business/job growth and tax base increase on available sites.
Page 4 of 13
4. Welcome Avenue Industrial Park. The EDA may be involved with an evaluation of
infrastructure improvements to this industrial area. A feasibility report has been completed
to identify the cost associated with providing water, sewer and streets to all parcels. It is
possible that funding sources may be needed from an economic development perspective in
order to successfully complete all improvements.
• Accomplishment: Help the City Council evaluate the future of Welcome Avenue in terms
of public improvement costs vs. its economic development potential.
• Timeline: City Council has reviewed the feasibility report in March of 2012; EDA
involvement may be possible after that date.
• Budget: Unknown.
• Metrics: New business/job growth and retention, and tax base increase on the improved
industrial property.
5. Economic Development Resources. The EDA will evaluate funding resources that are
available and necessary to assist businesses and help it achieve economic development
objectives. Example resources include tax increment financing, tax abatement, revolving loan
funds and the EDA budget. New and expanded resources will also be explored by the EDA,
including a permanent funding source for the EDA starting in 2013.
• Accomplishment: Position Prior Lake to be more proactive by identifying resources that
can be used and supported for future commercial and industrial development.
• Timeline: Ongoing during the year.
• Budget: Approximately $588,000 total potential resources (see table below).
• Metrics: New business/job growth and tax base increase with city financial assistance.
2012 EDA Special Revenue Fund Budget $ 167,750
2012 General Fund Economic Development Budget $ 24,000
Business Revolving Loan Fund (Federal) $ 112,500
Business Revolving Loan Fund (State) $ 87,500
TIF District 1-1 Excess Increment $ 195,000
Scott County CDA Grant (for broadband study) $ 15,000
TOTAL $ 601,750
6. Redevelopment. The EDA will identify redevelopment opportunities that include the
downtown area and other potential (commercial/industrial) sites. For example, the "Digger's
Site" is a candidate for redevelopment outside the downtown. The analysis will review
existing constraints that inhibit redevelopment to occur (i.e., site contamination) and
associated costs that may require public sector involvement.
• Accomplishment: Identify sites and develop the necessary resources to improve the
likelihood that future redevelopment will occur in Prior Lake.
• Timeline: Staff will submit a plan to the EDA by September 30, 2012.
• Budget: Unknown.
• Metrics: New business/job growth and tax base increase on redeveloped sites.
Page5of13
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Redevelopment, "Diggers" Site —Trunk Highway 13 and Anna Trail
7. Business Venture Fair. The EDA will organize and host a business seminar event for one-
half day that provides information for start-up businesses and entrepreneurs, and for angel
investors. This event aims to begin a series of regular business seminars in Prior Lake that will
focus on ways to encourage economic growth. Angel fund investing may also lead to a local
investment fund to support new business development.
• Accomplishment: Develop an angel fund as a resource to help finance local and regional
new business ventures.
• Timeline: Event will occur on May 23, 2012.
• Budget: $10,000 (approved by EDA for 2012 budget).
• Metrics: New business/job growth using angel investment funding or other business
financing resources.
8. Citv Codes & Fees. The EDA will review a comprehensive analysis of city codes and fees by
staff in light of making Prior Lake more "business friendly". This analysis will include examples
such as the design standards in the zoning code and a comparison of permit fees, as well as an
evaluation of the internal application/permit review process. Staff will develop initial
recommendations for EDA consideration, which will also receive EDAC input.
• Accomplishment: Make changes to city codes, fees and/or processes that help achieve
improved business friendliness in Prior Lake.
• Timeline: Staff will provide preliminary recommendations by June 30, 2012.
• Budget: No immediate impact due to city staff oversight.
• Metrics: New business/job growth based on a more business friendly codes and the
corresponding permit review process.
Page 6 of 13
Looking Ahead — 2020 and 2030
2014-2020 Timeframe Goals:
1. Continue the successful implementation of a Technology Village Incubator program in
partnership with existing commercial office building owners in Prior Lake, and develop
a plan to expand this to a larger Technology Village campus.
2. Complete the full build-out of a community-wide (ultra-high-speed) fiber optic
network system to all residents and businesses in Prior Lake in cooperation with SMSC;
utilize system to support a data center proposal.
3. Work in partnership with major property owners in the CR 42 corridor to begin
implementing a plan to have pad-ready commercial and business park property
available for development.
4. Work in partnership with property owners in the Deerfield and Welcome Ave.
industrial areas to fully develop these areas to their maximum potential.
5. Begin to implement actions necessary to redevelop key opportunity areas as identified
in a Redevelopment Plan for Prior Lake.
2021-2025 Timeframe Goals:
1. Begin the first implementation stages of a Technology Village campus with an
estimated 100,000 square feet of building space.
2. Cooperate with a private developer to build a data center facility in Prior Lake.
3. Complete all supporting infrastructure improvements that results in over 100 acres
being developed as commercial and business park uses.
4. Develop plans for the expansion of commercial and industrial development in the
Southwest annexation area of Spring Lake Township.
5. Achieve key redevelopment objectives within the city related to the downtown area
and other priority redevelopment sites.
2026-2030 Timeframe Goals:
1. Continue to implement and expand upon all stages of economic development
strategies that were underway from 2014-2025.
2. Successfully attain a strong business presence within the Twin Cities as a community
full of smaller high technology that have built their home base around a place with
numerous amenities and a desirable lifestyle.
3. Fulfill many aspects of the 2030 Vision Statement for Prior Lake.
Summary of Short-Term Funding Needs and Resources
2012 EDA and Economic Development Bud�et (Approved):
o Expenses = $191,750
o Uses: 0.5 ED Director salary/benefits ($70,000); broadband study ($80,000);
Venture Fair ($10,000); legal/training/etc. ($31,750).
o Revenue = $191,750
o Sources: $40,000 tax levy +$132,000 reserves +$15,000 grant +$4,800 interest
Page7of13
Summary of All Available Resources:
2012 EDA Special Revenue Fund Budget $ 167,750
2012 General Fund Economic Development Budget $ 24,000
Business Revolving Loan Fund (Federal) $ 112,500
Business Revolving Loan Fund (State) $ 87,500
TIF District 1-1 Excess Increment $ 195,000
Scott County CDA Grant (for broadband study) $ 15,000
TOTAL $ 601,750
2013 EDA Bud�et (Estimated):
o Expenses = $232,500
o Uses: 0.5 ED Director salary/benefits ($72,500); business incubator
operations ($10,000); pad-ready sites and/or redevelopment
assistance ($150,000). Add broadband engineering?
o Revenue = $232,500
o Sources: $75,000 tax levy +$140,000 TIF 1-1 +$7,500 incubator leases
+ $10,000 revolving loan admin
2014+ Future EDA Bud�et (Prolected):
o Expenses = $250,000
o Uses: 0.5 ED Director salary/benefits ($72,500); business incubator
operations ($10,000); pad-ready sites and/or redevelopment
assistance ($100,000); misc. ($17,500). Add broadband engineering?
o Revenue = $250,000
o Sources: $75,000 tax levy +$60,000 TIF 1-1 +$7,500 incubator leases
+ 100,000 redevelopment grant +$7,500 revolving loan admin
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Kev Bud�et Issues:
1. Should the EDA continue to fund city staff time devoted to economic development?
2. What ongoing operations should be funded, if any (i.e., incubator)?
3. What special projects should be anticipated each year related to city assistance for
redevelopment or economic development?
4. How much should the EDA levy, if any, and should that amount be offset by reductions
in other city functions/programs?
Page 8 of 13
Achievement Goals — Jobs, Businesses and Market Value
Time Period Jobs Created Businesses Added Market Value Increase
2011-2015 300 45 $9.6 million
2016-2020 675 95 $21.2 million
2021-2025 625 85 $20.8 million
2026-2030 625 85 $20.8 million
Total 2,225 310 $72.4 million
Assumptions: 1. Retail jobs created per 1,000 building square feet = 2.5
2. Office jobs created per 1,000 building square feet = 3.3
3. Industrial jobs created per 1,000 building square feet = 1.5
4. Additional building square feet in Prior Lake based on the 2011Maxfield
Commercial/Industrial Demand Analysis report.
5. Retail businesses added is based on 1 per 3,000 square foot average.
6. Office businesses added is based on 1 per 1,800 square foot average.
7. Industrial businesses added is based on 1 per 12,000 square foot average.
8. Total site/building market value increase is based on $90.00 per building square foot
average (which then includes the land value).
Economic Landscape of Prior Lake
1. Location and Transportation. Prior Lake is located in northern Scott County between Savage and
Shakopee. The city is accessed by two Principal Arterial highways, including CSAH 18 and 42 in the
northeast quadrant of the city; TH 13 also extends from that northeast area to the southwest. CSAH
21 now extends from State Hwy. 169 to CSAH 42, with a full connection southeasterly through
downtown Prior Lake to Interstate 35. Prior Lake's location surrounding three beautiful and
prominent lakes results in it being home to many Twin Cities' business owners and executives. This
"home" connection can provide future economic growth opportunity.
n
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Page 9 of 13
2. Entertainment/Recreation Focus. Prior Lake hosts various entertainment and recreation
amenities, including The Wilds Golf Club, The Meadows at Mystic Lake golf course, Dakotah! Ice
Center, 4,000-slot Mystic Lake Casino, 600-room Mystic Lake Hotel, Captain Jack's on the Lake, Mystic
Lake's 2,100 seat indoor showroom and 8,350-seat outdoor amphitheater, and two regional parks.
An extensive city park system exists in Prior Lake, including 54 neighborhood and 5 community parks,
and 60 miles of trails and sidewalks. The city's 14 lakes are a summer mecca for residents and visitors
alike for boating, swimming and fishing.
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3. Market Value. The city's commercial/industrial market value as a percent of the total market
value is 4.8% compared to Savage at 15.1%o and Shakopee at 23.4%; the statewide city average is
18.2%. However, the city has a higher total market value of $115.8 million per capita compared to
Savage at $98.7 million and Shakopee at $96.6 million. Another positive indicator shows Prior Lake
growing its total market value by 149% (from 2002 to 2011) compared to Savage with a 95% increase
and Shakopee with a 103% increase. As a sign of its lower commercial/industrial market value, the
city is in the top 20 metro area list of fiscal disparities `recipients' with a ranking of 17; Shakopee is in
the top 20 list of fiscal disparities'contributors' with a ranking of 16 (fiscal disparities is a redistribu-
tion pool equal to 40% of the growth in Twin Cities commercial/industrial value since 1971).
4. Emplovment/Workforce. Prior Lake currently has 560 business establishments and 7,735
employees working within the city. The city's employment level decreased 3.0% from 2000-2010
compared to growth in the neighboring cities of Savage (+25.5%) and Shakopee (+34.9%o). Scott
County's employment level increased 18.8% while the Twin Cities' level decreased 3.0% during that
same time period. Overall, 6% of all businesses in Prior Lake are associated with "arts,
entertainment, recreation, accommodation and food services" while 64% of all employees work
Page 10 of 13
within those sectors. The city has its employment concentrated at Mystic Lake Casino/Hotel with
3,800 employees, followed by ISD No. 719 with 740 and Southlake Village with 105 employees.
Workforce characteristics show that 40%o of Prior Lake residents 25+ years of age have received
Bachelor's Degrees or higher compared to 31% in Minnesota and 28% nationally. Median income of
Prior Lake households in 2010 was $89,400 compared to $57,000 as the Minnesota average.
Employment Levels
Jurisdiction 2000 2005 2010 2000-10 Change 2000-10 Change
Prior Lake 7,972 8,415 7,735 -237 -3.0%
Scott County 34,980 41,290 41,566 +6,587 +18.8%a
Twin Cities 1.61 m. 1.60 m. 1.54 m. -65,830 -4.1%
Source: Metropolitan Council, Metro Stats, September 2011, "Employment in the Twin Cities Region, 2000-2010"
5. Buildin� Activitv. The city had an average annual building permit value of $9.6 million/year from
2000-2011 for commercial/industrial (C/I) new construction projects compared to an average of
$50.2 million/year for residential new construction. In addition, new C/I value decreased significantly
in 2010-2011 with an annual average new construction value of $280,000 compared to an average of
$11.5 million during 2000-2009. On a positive note, through the first quarter of 2012, C/I value has
increased substantially from 2011.
Commercial/Industrial Building Permit Value, 2001-2011
$60,000,000 -
$50,000,000 - - ----- ----
$40,000,000 -
$30,000,000 ■ Prior Lake
■ Savage
$20,000,000 - - � Shakopee
$10,000,000 ---
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6. Commercial Property. The city has various commercial areas that include downtown, North TH 13,
Gateway, South TH 13 and the future CR 18/42 and CR 21/42 areas. Approximately 200 vacant
commercially-zoned acres exist in Prior Lake. However, only 12 parcels with 19 acres are pad-ready
(building permits can be issued), while 8 more parcels with 21 acres are nearly pad-ready (sites that
have minimal processing, such as platting of outlots into lots).
Page 11 of 13
Downtown Prior Lake
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7. Industrial and Business Park Propertv. Prior Lake has three industrial parks (Waterfront Passage,
Deerfield and Welcome Ave.) that include 95 acres of developed property and 65 acres of vacant
property; developed land includes 542,500 square feet of building space. All three areas are located
in the southeast portion of the city with immediate access to CSAH 21. Of all vacant industrial sites,
only 8 parcels with 12.4 acres are pad-ready, while 4 more parcels with 17.5 acres are nearly pad-
ready. Another 200 acres of vacant land exists for business park development, none of which is close
to being ready for development.
2012 Industrial Sites
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Page 12 of 13
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8. Future Business Park, Industrial and Commercial Areas. Approximately 200 vacant acres are
designated in the 2030 Comprehensive Plan for future business park development near the northerly
CSAH 18/42 and CSAH 21/42 intersections. One property owner controls all 200 acres! In addition,
Prior Lake has an orderly annexation agreement with Spring Lake Township to annex nearly 600 acres
of property for future commercial (200 acres) and industrial (400 acres) development southwest of
Prior Lake. This area surrounds the CSAH 17 and TH 13 intersection.
Business Park Area at Southeast Corner of CSAH 21 and 42 (50 acres)
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9. Market Demand. The city's 2011 market analysis shows retail, office and industrial space demand
of 120,000 square feet from 2011-2015; 260,000 square feet from 2016-2020; 260,000 square feet
from 2021-2025; and 260,000 square feet from 2026-2030, for 20-year average annual demand of
45,000 square feet (combined for retail, office, industrial). Further breakdown of each land use type
is shown below:
TYPE 2010-2015 2016-2020 2021-2025 2026-2030 TOTAL
2010-2030
Retail — Bldg. Sq.Ft. 55,000 125,000 125,000 125,000 430,000
Retail — Acres 9.0 20.0 20.0 20.0 69.0
Office — Bldg. Sq.Ft. 45,000 100,000 75,000 75,000 295,000
Office — Acres 8.0 16.0 12.0 12.0 48.0
Industrial — Bldg. Sq.Ft. 20,000 40,000 60,000 60,000 180,000
Industrial — Acres 4.0 7.0 10.0 10.0 31.0
Source: Maxfield Research, Inc. "Prior Lake Commercial and Industrial Demand Analysis, March 2011
Building square feet is converted to acres by dividing one acre by 6,250 square feet (acres rounded up to X.0)
Page 13 of 13
r
O � PRIp
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v �'' 4646 Dakota Street SE
Prior Lake. MN 55372
'�I1vxESO��'
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: May 14, 2012
AGENDA #: 5.B
PREPARED BY: Dan Rogness, Community & Economic Development Director
AGENDA ITEM: MODIFICATION OF THE TIF PLAN FOR DISTRICT 1-1
DISCUSSION: I ntroduction
On October 3, 2011 the City Council referred a matter to the EDA regarding the
use of a nearly $200,000 balance within Tax Increment Financing District 1-1.
This fund balance can be spent on TIF-eligible redevelopment expenditures
once the TIF Plan is modified. At the October 3� meeting, the City Council dis-
cussed all options, including decertifying the district, modifying the district plan,
and amending the spending plan under the special jobs provision. To ensure
the greatest flexibility for Prior Lake, the council chose to further evaluate the
modification of the TIF Plan for District 1-1.
History
The fund balance remains after the original 1985 District redevelopment project
was fully expended at the current site of Pearson's Auto Body and Dan's Auto
Repair. The city must proceed with a 45-60 day process to modify the existing
plan prior to a 12/31/12 deadline.
Conclusion
The 10/03/12 City Council Agenda Report identified eleven options to utilize the-
se TIF funds. After further review, staff is proposing that the EDA consider the
following options:
1. Property Acquisition. Identify specific parcels by PID number that the city
may want to acquire in order to facilitate redevelopment through property
acquisition, including relocation according to the Uniform Acquisition and
Relocation Act (see Attachment A).
2. Building Demolition. Utilize the parcel list shown in Attachment A as like-
ly candidate sites to assist with redevelopment costs associated with
building demolition, including environmental remediation within such
buildings.
3. Site Cleanup. Utilize the parcel list shown in Attachment A as likely can-
didate sites to assist with redevelopment costs associated with site
cleanup.
4. Public Infrastructure. Utilize the parcel list shown in Attachment A as
likely candidate sites to assist with redevelopment costs associated with
utility relocation/installation and public street construction.
ISSUES: The EDA may wish to discuss the extent to which funds should be specifically
allocated between the various uses. Such action is not necessary. The EDA may
wish to preserve maximum flexibility for use of these TIF funds by neither identi-
fying sites nor specifying dollar amounts dedicated to each program.
�
FINANCIAL By establishing a general plan for use of these funds, the EDA will assure that
IMPACT: they are used to benefit the community in which they were generated rather than
diluted by returning them to the county for redistribution.
ALTERNATIVES: 1. Recommend that staff proceed with a modification of the TIF Plan for District
1-1 to be submitted to the City Council for final approval.
2. Continue discussion to a future meeting.
3. Take no action at this meeting.
RECOMMENDED Alternative #1.
MOTION:
Attachment A
PARCEL IDENTIFICATION FOR ELIGIBLE REDEVELOPMENT EXPENDITURES
MODIFICATION TO TIF PLAN FOR DISTRICT 1-1 IN 2012
PID # Address Description
250010570 4662 Dakota Street SE One of two houses directly east of City Hall
250010550 4664 Dakota Street SE One of two houses directly east of City Hall
250010380 Erie Ave. SE Mertens property (vacant property)
250010390 Erie Ave. SE Mertens property (vacant house)
250010400 Erie Ave. SE Mertens property (vacant property)
250010650 16176 Main Ave. Vacant downtown gas station site
250010790 16125 Main Ave. Rental house north of Viereck Store
250010800 16125 Main Ave. Lot with rental house north of Viereck Store
250020030 16323 Main Ave. Rental house behind Fong's Restaurant
250011270 4500 Colorado Street SE Part of block between Duluth-Arcadia on CR21
250011260 4516 Colorado Street SE Part of block between Duluth-Arcadia on CR21
250011250 4528 Colorado Street SE Part of block between Duluth-Arcadia on CR21
250011240 4540 Colorado Street SE Part of block between Duluth-Arcadia on CR21
250011230 4556 Colorado Street SE Part of block between Duluth-Arcadia on CR21
259020411 16450 Anna Trail SE Digger's site along TH 13
259020261 16511 Duluth Ave. 20 acres south of downtown with Valley Sign
251740020 5119 Gateway Street SE Gateway Mall building
259360040 NE corner 160th & Jordan Car Wash building on CR 44 (160th Street)
254760010 17066 Revere Way Svoboda property at southwest CR21 entrance
254770010 17072 Revere Way Svoboda property at southwest CR21 entrance
254770020 17070 Revere Way Svoboda property at southwest CR21 entrance
254770030 17066 Revere Way Svoboda property at southwest CR21 entrance
254770040 17066 Revere Way Svoboda property at southwest CR21 entrance
254770050 17066 Revere Way Svoboda property at southwest CR21 entrance
O � PRip� �
N
V �" 4646 Dakota Street SE
Prior I.,ake. MN 55372
���'NESD�
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: May 14, 2012
AGENDA #: 5.0
PREPARED BY: Dan Rogness, Community 8� Economic Development Director
AGENDA ITEM: FINAL UPDATE FOR BUSINESS VENTURE FAIR
DISCUSSION: Introduction
The Prior Lake Business Venture Fair event is scheduled for Wednesday, May
23 at The Wilds Golf Club. This half-day event will begin with a lunch and con-
clude with a dinner for prospective investors to a local community angel fund.
Two tracks of seminars are planned for the afternoon.
Historv
The EDA can fund a local business event that includes an opportunity for inves-
tors to meet and discuss angel investing opportunities. The EDA agreed to or-
ganize and host a local "venture fair" that would include session topics such as
entrepreneur seed capital, the investment process, fundraising strategies and
business incubation.
Conclusion
Staff has been marketing the Business Venture Fair event, and information has
been sent to EDA members in order to solicit persons interested in the angel
investor dinner. Coordination and speaking services are being provided by
RAIN Source Capital, Inc. Staff will update the EDA on the latest details, includ-
ing the number of persons that have registered for the event.
ISSUES: The EDA should discuss the minimum number of participants necessary to pro-
ceed with the Venture Fair and Angel Investor or discuss how we can achieve a
reasonable number of participants to validate the investment being made.
If the EDA decides to cancel or reschedule the event, the city should be able to
recover costs except those associated with Steve Mercil's participation, market-
ing, and a Wilds deposit.
FINANCIAL The City Council has approved an EDA budget amendment that provides
IMPACT: $10,000 for this event in 2012.
ALTERNATIVES: 1. Identify how additional participants will be recruited and by whom.
2. Identify a threshold number of participants to proceed.
RECOMMENDED As determined by the EDA
MOTION:
�
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• • � � � - • � • �`+���
F�F�I�F� � �
� �
BUSINESS V�NTUR� FAIF�t � . a
�. �
_ _
1'
� ��
�
..
� �� � '� �. ��
S eakers:
p ,� , � i
• Mac lewa, CE�1 fieldSalutions � � �r�
• Bob Voss. Dakota CQunty Technkal tolleQe , ' � � ` ; -- '
• Stev+e Merdl, HAIN 5aurce tapital '"`'�»
• $25 Fee -- Lunch Induded �°KE� �
x �
'' • Entrepreneurs and New 6usiness Serninar ���� , �
- Why Starting d 8usiness Works in d B�d Etonomy �� y
- Five Reasons St��t-ups fali/five Ways to Enhance Success �� �" - j
�,
- ihe Importa�ce of Busi�ess Planning/Planning Made Easy -
ia� —.
� Er�trepreneurs an�i Angel Investars Seminar ■ . � . � . �
- What Da Mgels Look FarT/Haw to Pitch ta Ang�l InvQStars
- Private and Pub1�c Soarces far Capital �' �!� �
- IS An�e# Irwettinp, Rigfit fOr You? � : .-, � . . : - � . �
• Reception/Dinner for PotentiaE Angel Investors I►
� � u
O � PRIp
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V � 4646 Dakota Street SE
Prior Lake_ MN 55372
�NNBS��
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: May 14, 2012
AGENDA #: 6.A (1) (2) (3)
PREPARED BY: Dan Rogness, Community & Economic Development Director
AGENDA ITEM: EDAC AND EDA SUBCOMMITTEE REPORTS
DISCUSSION: EDAC Report
The EDAC met on April 26 with a quorum present. Approved bylaw amend-
ments were reviewed as approved by the EDA and City Council. A subcommit-
tee report was made regarding city codes and fees in relationship to evaluating
them from a"business friendly" perspective. Staff presented information about
large truck maneuvering problems on the Deerfield Industrial site that has condo
ownership, showing that problems related to the design of that particular site ra-
ther than to the design of the industrial park. The next regular meeting will be
May 24.
Broadband Fiber Network Subcommittee Report
On May 3, the subcommittee held its final meeting with Eric Lampland of Look-
out Point Communications to discuss recommendations. Its next meeting on
May 17 will involve the subcommittee's review of the first draft report. A second
regional partner meeting was held on April 30 to continue discussion of a larger
joint government effort. The subcommittee has selected a"hybrid model" for the
service structure, whereby the city provides basic triple-play services, and other
service providers can provide all other services through open access. Nonethe-
less, staff has asked the consultant to present the report showing the three op-
tions, the pros and cons of each and their recommendation and why.
Technoloqy Village Subcommittee Report
This subcommittee met most recently on May 7. They reviewed a draft business
plan that focuses their strategy on three stages, including: (1) Stage 1 starts with
2,000 square feet of space in City Hall; (2) Stage 2 expands to space in existing
commercial office buildings; and (3) Stage 3 results in a future large Technology
Village. The subcommittee will be ready to submit its Business Plan at the June
11` EDA Meeting.
ISSUES: None
FINANCIAL No additional budget impact at this time.
IMPACT:
ALTERNATIVES: 1. (no alternatives are provided at this time)
RECOMMENDED Discussion only.
MOTION:
O � PRlp�
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V �'' 4646 Dakota Street SE
Prior Lahe. MN 55372
'�IMvESO��
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: May 14, 2012
AGENDA #: 6.B
PREPARED BY: Dan Rogness, Community 8� Economic Development Director
AGENDA ITEM: BUSINESS ASSISTANCE MATRIX AND TARGET AREA
DISCUSSION: I ntroduction
Since the city has approved the new Revolving Loan Fund Guidelines, and dis-
cussion is now underway about the future use of TIF 1-1 funds, staff has devel-
oped a business assistance matrix showing a comprehensive list of available
funding sources for economic development. In addition, a proposed target area
is included within the matrix that identifies the southeast industrial areas as key
locations for industrial growth, including Deerfield and Welcome Avenue.
History
The Prior Lake enabling resolution states that "it shall be the role and responsi-
bility of such economic development authority to carry out economic, housing
and industrial development and redevelopment within the city in accordance with
such general policies as may from time to time be established by the City Coun-
cil". In order to better evaluate policies that may be necessary to provide assis-
tance, a matrix shows potential financial resources and those that have ap-
proved or pending policies.
Conclusion
As the EDA continues to establish its business plan for economic development,
it will be important to have a"tool box" of funding assistance. This matrix helps
evaluate funding resources, what they can be used for, and the need for some
additional policies to support them. Staff is starting this discussion by allowing
the EDA to review a list and to give direction on creating new policies.
ISSUES: New policies and procedures will take time for staff to develop. It may be helpful
to prioritize those programs that may need supporting policies first.
FINANCIAL No additional budget impact at this time, but 2013 EDA budgeting may provide
IMPACT: additional resources.
ALTERNATIVES: 1. Direct staff to begin work on specific business assistance policies.
2. Continue discussion to a future meeting.
3. Take no action.
RECOMMENDED As determined by the EDA
MOTION:
PRIOR LAKE BUSINESS ASSISTANCE MATRIX
Pro rams Polic ? Fundin T e of Assistance Notes
ED Revolving Loan Fund Yes $200,000 Business Expansion Funding must meet certain
balance Building Rehab State or Federal guidelines,
($50,000 max) Infrastructure including income levels; can
Business Incubator be used cit -wide
TIF District 1-1 Balance Pending $200,000 Redevelopment Includes acquisition, reloca-
balance Assistance tion, demolition, site clean-
up and infrastructure; used
at tar eted sites onl
Tax Increment Financing Yes TBD Eligible TIF Approved on a project basis
Expenditures after submission of a TIF
Application to the city; can
be used cit -wide
Tax Abatement No TBD Eligible Tax Abate- Approved on a project basis
ment Expenditures (new abatement policy
should be approved); can
be used cit -wide
City Building Leases Yes TBD Competitive Lease City owns 3 downtown
Rates commercial spaces for
lease: 4,300 sq. ft.; 720 sq.
ft.; and 480 s. ft. Libra
Business Incubator Pending TBD Below Market Lease 2,000 sq. ft. is available at
(pending) Rates for Eligible City Hall for Phase 1 of
Businesses Technolo Villa e Initiative
Industrial Revenue Bonds No TBD New Construction Bond proceeds used to help
fund new industrial facilities
for private businesses; can
be used cit -wide
DEED Contamination Clean- N/A TBD (based Redevelopment Scoring includes jobs and
up and Redevelopment on program Assistance tax base increases; $4+
Grants uidelines million available 2012
Met Council Tax Base N/A TBD (based Redevelopment Scoring includes jobs and
Revitalization Assistance on program Assistance tax base increases; $2+
Grants uidelines million available 2012
ED Tar et Area Fundin Assistance O tions Notes
Deerfield Industrial (vacant No To Be Deter- Revolving Loan Fund The city may want to target
lot new development); and mined TIF 1-1 Balance these two SE areas in order
Welcome Ave. Industrial TIF (new district) to help achieve ED goals
(redevelopment of existing Tax Abatement for pad-ready sites, jobs
underutilized arcels Cit Fee Restructure and tax base.
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Prior Lake_ MN 55372
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ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: May 14, 2012
AGENDA #: 6.0
PREPARED BY: Dan Rogness, Community & Economic Development Director
AGENDA ITEM: FUTURE GUESTS AT EDA MEETINGS
DISCUSSION: Introduction
Those EDA members in attendance at the recent SCALE economic develop-
ment workshop were impressed with comments made by a consultant guest,
Bruce Maus. The ability of the EDA to hear from others from outside Prior Lake
would bring insights on how they view the city's economic development status
and potential.
History
The EDA is currently working on a business plan to identify key strategies for its
involvement with economic development. Certain strategies have begun related
to such areas as broadband fiber network and technology village incubation.
Invited guests to EDA meetings in the future may help better evaluate its options
and strategies.
Conclusion
As the EDA continues to evaluate key strategies for economic development in
Prior Lake, it could develop a list of guests to attend future meetings. Some po-
tential guests could include:
• Twin Cities' commercial/industrial brokers
• Twin Cities' commercial/industrial developers
• Business CEOs that live in Prior Lake
• Greater MSP Director of Business Investment
• Employment demographer/researcher
ISSUES: Securing a list of guests willing to speak to the EDA on regular meeting days
based on a frequency identified by the EDA (i.e., every other month or quarterly)
FINANCIAL No additional budget impact at this time.
IMPACT:
ALTERNATIVES: 1. Direct staff to begin identifying and securing guests to future EDA meetings.
2. Take no action.
RECOMMENDED As determined by the EDA
MOTION:
O � PRIp
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V �'' 4646 Dakota Street SE
Prior Lake_ MN 55372
'ki
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: May 14, 2012
AGENDA #: 6.D
PREPARED BY: Dan Rogness, Community & Economic Development Director
AGENDA ITEM: EXTENSION OF PROFESSIONAL SERVICES AGREEMENT WITH LOOKOUT
POINT COMMUNICATIONS
DISCUSSION: I ntroduction
The EDA entered into a professional services agreement with Lookout Point
Communications for a Feasibility Study for Community Fiber Network, which was
executed on January 18, 2012. The Broadband Subcommittee has been meet-
ing for two hours every two weeks since January 27. The first draft of a report of
approximately 60 pages will be reviewed by the Subcommittee on May 17. In
order to have adequate time to review the report and schedule a 2-hour meeting
to present it to the EDA, a 1-month extension to the contract is being proposed.
Eric Lampland of Lookout has proposed this extension with no additional cost.
History
The EDA initiated a community fiber network initiative for 2012 by appointing a
subcommittee and hiring a consultant. The consultant, Lookout Point Commu-
nications, was hired at a cost of $80,000 with a completion date of May 31,
2012. The subcommittee has been working diligently with Eric Lampland to get
the report completed and ready for submission to the EDA.
Conclusion
Section 8- Term, of the professional services agreement with Lookout Point
Communications states that: The term of this Agreement shall be from January
1, 2012 through May 31, 2012, the date of signature by the parties notwithstand-
ing. 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. Earlier in the Agreement, Section 3.A - Com-
pensation of Services, states that: Any changes in the scope of the Work which
may result in the compensation due the Consultant shall require prior written ap-
proval by an authorized representative of the City (EDA) or by the City Council.
The City will not pay additional compensation for services fhat do not have prior
written approval. No additional compensation is being proposed with this exten-
sion.
ISSUES: The report is being delayed one month; the EDA should identify a 2-hour meet-
ing day and time near the end of June to meet and receive the subcommittee's
report.
FINANCIAL No additional budget impact at this time.
IMPACT:
ALTERNATIVES: 1. Motion and second to approve an extension of the January 18, 2012 Profes-
sionai Services Agreement with Lookout Point Communications from an end-
ing date of May 31, 2012 to June 30, 2012 and identify a date/time to receive
the report.
2. Take no action to extend the Agreement.
RECOMMENDED Alternative #1
MOTION:
O � PBIp�
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Prior Lake, MN 55372
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PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY
DRAFT AGENDA
Monday, June 11, 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 Authority120121June 11, 2012
1. CALL TO ORDERIINTRODUCTION
2. APPROVAL OF AGENDA
3. APPROVAL OF MEETING MINUTES
A. May 14, 2012
4. PUBLIC HEARINGS
A. No public hearing is scheduled.
5. OLD BUSINESS
A. Technology Village Incubator Business Plan Report
B. Venture Fair Recap
6. NEW BUSINESS
A. EDAC Report and Subcommittee Reports:
(1) EDAC
(2) Broadband Fiber Network
(3) Technology Village Incubator
B. Guest Speaker:
C. Business Inquiry List (through 5/31/12)
7. OTHER BUSINESS
A. Draft July 9, 2012 Agenda
8. ADJOURNMENT: 6:00 p.m.
Phone 952.447.9800 / Fax 952.447.4245 / www.cityofpriorlake.com
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