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Home My WebLink About5A EDA Update4646 Dakota Street SE Prior Lake. MN 55372 ECONOMIC DEVELOPMENT ADVISORY COMMITTEE REPORT MEETING DATE: AGENDA #: PREPARED BY: AGENDA ITEM: March 28, 2013 5.a. Casey McCabe, Community Development Specialist EDA UPDATES DISCUSSION: Introduction The EDA held its regularly scheduled meeting on Monday, March 18th. The EDA discussed the following items on their agenda. i. Sewer and Water Fee Deferral Program Funding Options ii. 201212013 Business Plan and 2030 Vision & Strategic Plan (PowerPoint Presentation) iii. Broadband Scope of Work with Lookout Point Communications iv. Economic Development Financing Tools v. Business Subsidies Policy Discussion vi. Business & Industry Forum Update (formerly "Meet -N- Greet" event) Hlstor Sewer and Water Fee Deferral Program Funding Options The City Finance Director prepared a preliminary financial report estimating the financ- ing necessary to support for the recently approved City Sewer and Water Fee Deferral Program. As a reminder, the Metropolitan Council has approved a new program that al- lows cities to participate in a SAC Deferral Program (SAC refers to Sewer Availability Charge). The City Council adopted the SAC Deferral Program and also adopted its own sewerlwater fee payment program to mirror the Met Council program on February 11th. The new policy creates three programs which allow for the deferment of up to 80% of the Met Council SAC fees as well as the City of Prior Lake sewer and water fees (sewer connection charge, water connection charge and water tower charge). Deferred fees are repaid at a low interest rate over a 5 -year term and are secured by assessment agreements against the property. 2012/2013 Business Plan and 2030 Vision & Strategic Plan PowerPoint Presentation The EDA reviewed a presentation highlighting Prior Lake's economic strengths and challenges and discussed targeted development and redevelopment areas of the com- munity; specifically area surrounding the CR211CR42 intersection, the CR211Hwy 13 in- tersection and the Deerfield and Welcome Avenue industrial Park area. iii. Broadband Scope of Work with Lookout Point Communications The EbA reviewed a proposal from Lookout Point Communications for additional work related to the broadband fiber network study. The EDA endorsed the proposal for addi- tional work but deferred approving the proposal until their April meeting where they plan to have a conversation with Eric Lampland of Lookout Point Communications to finalize the scope of services. iv. Economic Development Financin_ Tools Tools Due to time constraints, the EDA deferred the discussion about available economic de- velopment financing tools until a future meeting, Business Subsidies Policy Discussion City staff proposed amendments to the current Business Subsidies Policy, which has not been amended since it was adopted in October 2004. Due to time constraints the EDA deferred its review until a future meeting. vi. Business & Industry Forum Update {formerly "Meet -N- Greet" event During the March meeting, the EDA approved a motion to support the Business & Indus- try Forum with funding but they chose not to be listed as a co -host of the event. The EDA discussed the Business & Industry Forum and expressed strong support for the event because it not only provides business owners and residents with an opportunity to share concerns or suggestions, but it provides the EDAC and City an opportunity to share their accomplishments over the past few years. EDA members plan to attend and participate in the event but they felt the EDAC should continue to be the host. The primary reason for not being listed as a co -host is the EDA members feel this event works well as an EDAC initiative. They feel the EDAC has es- tablished its position in the community as an advocate for Prior Lake businesses and this event will help further the EDAC's role in supporting business with additional pro- gram and policy recommendations that are presented as a result of comments received at the event. Conclusion Updates of EDA activity related to the status of the above listed topics will be presented to the EDAC during the March 28, 2013 meeting. ISSUES Update only. FINANCIAL Done. IMPACT: ALTERNATIVES: Update only. RECOMMENDED Update only. MOTION: