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HomeMy WebLinkAbout3B Business Expansion and Retention Survey4646 Dakota Street SE Prior Lake. MN 55372 ECONOMIC DEVELOPMENT ADVISORY COMMITTEE REPORT MEETING DATE: January 24, 2013 AGENDA #: 3.b. PREPARED BY: Casey McCabe, Community Development Specialist AGENDA ITEM: BUSINESS RETENTION AND EXPANSION SURVEYS DISCUSSION: Introduction One of the duties and responsibilities assigned to the EDAC is to make rec- ommendations to the Economic Development Authority regarding economic development issues, strategy development, implementation and other initia- tives to expand and strengthen business in the community. As part of its mission, the EDAC conducts face -to face business retention and expansion (BR & E) visits with local company officials. Through these visits, the EDAC is able to identify challenges and opportunities for businesses in our community. The results of the BR & E surveys should not only collect im- portant information but allow EDAC and city staff members the opportunity to provide follow -up expansion and development assistance to the businesses. History The EDAC has previously identified Prior Lake's Deerfield Industrial Park, Wa- terfront Passage, and Welcome Avenue Industrial Park as the primary target for 2011/2012 business retention and expansion surveys. The EDAC reviewed the results of the 2012 surveys during the October 2012 meeting; however, members were not satisfied with the amount of surveys completed, In November 2012, members discussed the importance of com- pleting the remaining surveys. EDAC members also requested the current BR & E survey be sent to all members so the survey questions could be evaluated to determine which questions are necessary and format the survey to promote more of a conversation rather than a simple questionnaire. Conclusion The EDAC has previously identified a short timeline of two to three months to complete the remaining surveys in the Deerfield, Waterfront Passage Wel- come Avenue industrial parks. EDAC members felt the surveys should be completed prior to the spring 2013 Meek -N -Greet event so the results can be shared and discussed. EDAC members should i) identify members interested in conducting the BR & E Surveys; ii) review the current BR & E survey and provide comments and direction to staff; and iii) determine if it is appropriate for City staff to attend the BR & E meetings along with EDAC members. ISSUES: Results of the completed surveys and EDAC comments should be compiled and reported to the EDA and the business community. FINANCIAL None. IMPACT: ALTERNATIVES: Discussion only. RECOMMENDED Discussion only. MOTION: 3. How long have you been in business? Less than one year 1 — 5 }Tears 5 — 10 years 10+ years 4. How many employees do you have? FT PT 5. Do you plan to increase or decrease the number of employees over the next 2 — 3 years? Increase Decrease Same 6. What are your top three reasons for locating or keeping your business in Prior Lake? Access to airport Workforce availability Recreation / entertainment Proximity to freeways Financial Incentives Quality of Dousing Access to customers Access to metro amenities Quality of life Proximity to Dome Local official Safety Services Cost of doing business Access to support services Other 7. How many locations does your business have? One 2-3 More than 3 8. Where do you draw your clients /customers from: Prior Lake Minnesota -wide North Metro Nationwide South Metro Bast Metro West Metro 9. What were your total sales and profit trends over the last three years? Upward trend Downward trend About the same 10. Does the owner of this business have his /her principal residence in Prior Lake? If not, where? 11. Do you own or lease this facility? Own Lease 12. If leasing, when does your lease expire? 13. How many square feet do you lease /own? Lease: Less than 500 500-2,000 2,000 — 5,000 Greater than 5,000 Own: Less than 500 500-2,000 2,000 — 5,000 Greater than 5,000 14. Do you have space to lease? Yes No If yes, are you aware of our vacancy list? Yes No 15 16 Insufficient parking 17. Are you aware of any legislative changes being considered which Will help or hurt your business? Yes Help Hurt No What kind of modernization, innovation or expansion are you considering, if any? Warehouse space Production Space Office space Parking, additional Acquisition Expansion hi adjacent space Adding Another Business Other What constraints do you face to expansion? None Need for financial assistance Facility Planning Need for City /State tax incentive Insufficient land space Building regulations Insufficient building space Other Prior Lake — as a Place to do Business 1. What are the characteristics of Prior Lake that appeal to you? Hometown feel Business environment Transportation Support of local community Workforce Local amenities 2. What were your primary expectations when you moved to Prior Lake? 3. Have those expectations been met? Yes No Somewhat 4. Do you see an opportunity for fixture growth in Prior Lake? If not Prior Lake, where else and why? 5. Is the labor supply at this location adequate to fulfill your current and future needs? Yes No 6. What is your overall opinion of Prior Lake as a place to do business? Excellent Good Average Fair Poor Very Poor 7. How has Prior Lake changed since you started your business here and has it affected your business? If so, in what way? 8. What changes, if any, would make this location more appealing to your company? 9. What can the City of Prior Lake do to make your business prosper and grow?