HomeMy WebLinkAboutEDAC Report-5a (05-23-13)
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT ADVISORY COMMITTEE REPORT
MEETING DATE: May 23, 2013
AGENDA #: 5.a.
PREPARED BY: Casey McCabe, Community Development Specialist
AGENDA ITEM: EDA UPDATES
DISCUSSION:
Introduction
The EDA held its regularly scheduled meeting on Monday, May 20, 2013. The EDA dis-
cussed the following items on their agenda.
First Quarter Financial Report
Downtown Redevelopment and Downtown South Study Status Report
Quarterly EDAC Report (Bill Henry)
Economic Development Financing Tools
Business Subsidies Policy
Sewer and Water Fee Deferral Program Status Report
History
First Quarter Financial Report
The City of Prior Lake Finance Director prepared a preliminary summary financial report,
as of March 31, 2013, for the Economic Development Authority Special Revenue Fund.
The report reflected revenue and expenditure activity for the first three months of 2013.
Downtown Redevelopment and Downtown South Study Status Report
The EDA discussed two items related to the downtown area, including a proposal with re-
spect to the old Sinclair Gas Station site, and whether the city should financially support
the completion of a study to foster Downtown Redevelopment and an amendment to the
Comprehensive Plan.
2OG6LQFODLU*DV6WDWLRQ A private party has entered into a purchase agreement for the
former Sinclair building at the intersection of Dakota Street and Main Avenue and is pro-
posing to renovate the building for office purposes.
The city was approached by the private party who proposed the city acquire the vacant
corner of the property not needed by the new owner. The estimated lot area for city ac-
quisition is 2,500 square feet, or a lot size of 38 x 67 feet. This land area closely matches
the most recent Speiker Building at 44 x 53 feet (2,300 square feet). By owning and con-
trolling this key corner, the city could potentially sell the lot to someone at a discount that
is willing to build another multi-
this 2,300 square foot area is $50,000.
There was some concern from EDA members with the requested price per square foot
and possible right of first refusal the seller was requesting in the event the city attempted
to sell the property in the future. The EDA had a lengthy discussion about this property
but ultimately determined it was not interest in acquiring the property at this time and took
no action.
'RZQWRZQ5HGHYHORSPHQWOn Monday, May 13 the City Council was asked to consid-
th
er approval of a resolution amending the professional services contract with Bolton and
Menk for the completion of the south downtown traffic study in the amount of $50,000.
The expanded study is intended to answer questions previously posed by the council and
evaluate:
Access Management Plan along Highway 13 evaluate and determine
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access and a supporting roadway network vision for the corridor through
the City of Prior Lake from CSAH 42 to CR 81.
Subarea: Traffic Study of Highway 13 and Duluth Avenue As the City
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has undertaken the Downtown South Study; issues at the intersection of
Highway 13 and Duluth Avenue were identified. The State is planning to
reconstruct the signal at Highway 13 and Duluth in 2015. This task stud-
ies the configuration of the intersection including access and geometry of
the roadway in anticipation of the 2015 project.
Subarea: Highway 13 and Franklin Trail This traffic impact study re-
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views the trip generation of the Arcadia connection to Franklin trail as
well as the uses at the intersection to determine if or when a signal would
Downtown South Study Update - The Downtown South Study did not in-
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corporate a signal at the intersection of Franklin Trail and Highway 13.
The study update reviews two additional concept plans. This will provide
a text amendment to the study report and will include meetings with the
public, Citizen Business Group, Technical Evaluation Panel, and the City
Council.
The City Council deferred action approving the amendment to the professional services
contract and instead directed staff to identify the key tasks for further evaluation and ex-
plore efforts to reduce the scope of the study. This matter is scheduled for City Council
action on May 28.
The EDA was asked to consider whether it supports the completion of this study, whether
it supports the redevelopment proposal, and ultimately allows the city to amend its com-
prehensive plan to show this intersection and a roadway downtown for future develop-
ment.
The EDA approved a motion recommend that the City Council authorize the completion of
the downtown study, or relevant parts thereof, to assess whether or not a fully signalized
intersection at Franklin Trail and TH13 can be justified to MnDOT and included in the
term and long term development of the down-
town area.
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Quarterly EDAC Report
Bill Henry attended the EDA meeting to provide the quarterly EDAC report. EDA mem-
bers were provided with a list of Business & Industry Forum comments and the primary
discussion centered on those comments, including positive remarks about the city making
an effort to become more business friendly, downtown traffic concerns, shop local mes-
sage and desired small business assistance.
The EDA approved a motion directing the EDAC to evaluate the feedback received
through the business and industry forum and formulate responses to be considered by
the EDA before sending, as well as recommendations for the assistance and promotion of
small businesses.
Economic Development Financing Tools & Business Subsidies Policy
Due to time constraints and the complexity of the subject, the EDA deferred discussion
about available economic development financing tools and an update to the Business
Subsidies Policy to a future meeting. The EDA intends to schedule a special meeting in
June to discuss these items.
Sewer and Water Fee Deferral Program Status Report
The EDA discussed the status and alternative funding options for the City of Prior Lake
Sewer and Water Fee Deferral Program.
When the program was approved, the EDA allocated $20,000 from its Professional Ser-
vices budget to the Sewer and Water Fee Deferral Program. The City has since ap-
proved one loan under the program and anticipates two additional applications will be
submitted. At this point, the Sewer and Water Fee Deferral program does not have suffi-
cient funds to finance both pending projects.
The EDA directed staff to present alternative funding options at the next meeting and au-
thorized staff to expend professional services money, if needed, to finance the two appli-
cations presently underway.
Conclusion
Updates of EDA activity related to the status of the above listed topics will be presented to the
EDAC during the May 23, 2013 meeting.
ISSUES:
Update only.
FINANCIAL
None.
IMPACT:
ALTERNATIVES:
Update only.
RECOMMENDED
Update only.
MOTION:
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