HomeMy WebLinkAbout10C - Downtown Facade Improv.
CITY COUNCIL AGENDA REPORT
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
MEETING DATE: March 15, 2004 f'\.~."
AGENDA #: 10C ~ '"
PREPARED BY: Frank Boyles, City Manager
AGENDA ITEM: CONSIDER APPROVAL OF A RESOLUTION AUTHORIZING THE TRANSFER
OF $100,000 TO THE DOWNTOWN FACADE IMPROVEMENT PROGRAM.
DISCUSSION: Historv: The 2020 Vision and Strategic Plan places a high priority on Downtown
redevelopment. One aspect of Downtown redevelopment that has proven to be
extremely successful is the fac;ade improvement program adopted by the City
Council. Prior Lake's fac;ade improvement project is a matching grant program
limited to $25,000 per project. The staff evaluated low- and no- interest loans
used by other cities and found they were ineffective.
In lieu of loans, the City Council adopted the matching grant fac;ade improvement
program. The Council allocated an initial sum of $150,000 to the program. Below
is a table showing the investment gained from the dollars expended by the City.
Ippllcan rOJec os rogram
Little Lakers Montessori $67,000 $33,000
Speiker Building $83,040 $25,000
Tupy (HairMate/Liz Kapaun) $9,792 $5,000
Carlson Hardware $56,000 $25,000
Fang's Cuisine $67,000 $25,000
Conoco $64,971 $25,000
Total $347,803 $138,000
Art
Total Estimated
p . t C t
City Share under
Fa~ade Improvement
p
Without question, this has been an extraordinarily successful program. With the
approval of the above seven requests, the remaining balance of this account is
$12,000. Accordingly, the City Council directed the staff to identify potential
additional funding sources so this tool to revitalize Downtown redevelopment may
continue.
The original $150,000 was drawn from the Downtown Tax Increment Financing
(TIF) district. That account has a remaining balance of $145,000:f:. The staff
would therefore recommend that an additional $100,000 be allocated from this
TIF account. This action would bring the balance of the fac;ade improvement
funds to $112,000.
Should the Council choose to make this allocation, the staff would also
recommend that this be the final allocation for the purpose of the fac;ade
improvement program (with the exception of the remaining $45,000 in the
Downtown TIF district that could be allocated). Given the State's continuing deficit
www.cityofpriorlake.com
1:\COUNCIL\AGNRPTS\2004\FACADp}\MI?~9lS'~.fl(ij",~gG~992.44 7 .4245
and the current building market, it does not appear prudent to reallocate
additional funds from the General Fund Reserve.
ISSUES:
Since the money is drawn from a Downtown Tax Increment District, it is
appropriate that fa<;ade improvement eligibility continue to be limited to the
Downtown only, and that the program be named the Downtown Redevelopment
Fa<;ade Improvement Program.
ALTERNATIVES: (1)
(2)
(3)
Approve the attached Resolution authorizing the transfer of $100,000 from
the Downtown Tax Increment Financing District to the Downtown
Redevelopment Fa<;ade Improvement Program.
Approve the attached Resolution with amendments.
Take no action and provide staff with additional direction.
RECOMMENDED
MOTION:
Alternative (1). Motion and Second to Approve Resolution 04-XX Authorizing the
Transfer of $100,000 from the Downtown Tax Increment Financing District to the
Downtown Redevelopment Fa<;ade Improvement Program.
1:\COUNCIL\AGNRPTS\2004\FACADE IMPROVEMENT PROGRAM. DOC
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RESOLUTION 04-XX
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
A RESOLUTION AUTHORIZING THE TRANSFER OF $100,000
TO THE DOWNTOWN REDEVELOPMENT FA~ADE IMPROVEMENT PROGRAM.
Motion By:
Second By:
WHEREAS, the City's 2020 Vision and Strategic Plan places a high priority on the redevelopment of
Downtown Prior Lake; and
WHEREAS, on June 17, 2002, the City Council established a matching grant program to encourage
Downtown building fac;ade improvements and provided funds for the program; and
WHEREAS, to date, seven business owners have participated in the program investing an estimated
$347,800 in revitalizing their Downtown buildings; and
WHEREAS, the City Council has determined that this valuable and successful program is in the public
interest and serves to encourage the revitalization of the Downtown commercial area
consistent with its design guidelines.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA that:
1. The recitals set forth above are incorporated herein.
2. Staff is hereby authorized to transfer funds in the amount of $100,000 from the Downtown Tax
Increment Financing district to the Downtown Redevelopment Fac;ade Improvement Program.
PASSED AND ADOPTED THIS 15TH DAY OF MARCH, 2004.
YES
NO
Haugen Haugen
Blomberg Blomberg
LeMair LeMair
Petersen Petersen
Zieska Zieska
City Manager, City of Prior Lake
www.cityofpriorlake.com
Phone 952.447.4230 / Fax 952.447.4245