HomeMy WebLinkAbout4B Financing Tools / Incentives4646 Dakota Street SE
Prior Lake. MN 55372
ECONOMIC DEVELOPMENT ADVISORY COMMITTEE REPORT
MEETING DATE: February 28, 2013
AGENDA #: 4.b.
PREPARED BY: Casey McCabe, Community Development Specialist
AGENDA ITEM: ECONOMIC DEVELOPMENT FINANCING TOOLS/INCENTIVES
DISCUSSION: Introduction
During the January 2013 EDAC meeting, members discussed the value of hav-
ing a list of available economic development financing tools and incentives to
provide to business leaders during Business Retention & Expansion surveys.
History
Over the past year, Community & Economic Development staff has been work-
ing to develop new tools and policies related to financing or incentive programs;
including an Economic Development Plan for Deerfield Business and Welcome
Industrial Parks, establishment of a Sewer and Water Fee Deferral Program and
an update of the Economic Development Revolving Loan Fund Guidelines.
Conclusion
A handout identifying available City of Prior Lake financing tools and programs
will be provided to EDAC members during the February 28� meeting.
ISSUES: Incentives offered by the City of Prior Lake are intended to fill gaps in private
development project financing that would otherwise make the project improbable
without public support to fill those financing gaps.
Economic development incentives are available for use by the City of Prior Lake
for certain economic development projects. Not all incentives are available for
each project and projects may be able to combine more than one incentive. The
type and number of incentives offered for a project is at the sole discretion of the
Prior Lake Economic Development Authority (EDA) and/or the Prior Lake City
Council.
FINANCIAL None.
IMPACT:
ALTERNATIVES: Information only.
RECOMMENDED Information only.
MOTION: