HomeMy WebLinkAbout01 23 2014 EDAC rept 4b
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT ADVISORY COMMITTEE REPORT
MEETING DATE: January 23, 2014
AGENDA #: 4.b.
PREPARED BY: Casey McCabe, Community Development Specialist
AGENDA ITEM: REVIEW DRAFT EDA BUSINESS PLAN
DISCUSSION: Introduction
The purpose of this agenda item is to review the draft EDA Business Plan that was reviewed by the
EDA during their regular meeting on January 21, 2014.
History
The EDA spent considerable time developing its Business Plan in 2012 and is now reviewing the pro-
gress made on achieving its goals. The EDA Business Plan is also being updated to remove completed
initiatives listed in the implementation plan and to amend the list to address ongoing and new initiatives.
Current Circumstances
Staff has completed an update to the 2012/13 EDA Business Plan, which previously included five im-
plementation actions related to: (1) broadband, (2) technology village, (3) property supply and demand,
(4) targeted areas for development assistance, and (5) city codes and fees. The updated 2014 plan
provides a report on three years of data to support job, business and C/I market value increases com-
pared to goals. The implementation plan is updated for ongoing initiatives related to broadband, Tech-
nology Village, targeted development areas, and city codes. One new initiative was added for industrial
property, including Deerfield and Welcome Avenue areas. The budget section was updated with ap-
proved EDA budget figures for 2014.
Conclusion
The updated business plan provides some focus for what the EDA should work further on during 2014,
as well as begin to establish measures on its progress since 2011.
keting material. The subcommittee requested the EDA include an implementation item related to overall
improvements to the marketing of Prior Lake, primarily related to commercial development opportuni-
ties.
ISSUES: The EDA has modest resources available to help achieve economic development goals and objectives,
including:
1.Business revolving loan accounts (approximately $200,000).
2.TIF 1-1 redevelopment fund (approximately $200,000).
3.2014 Technology Village budget ($26,500).
4.2014 EDA budget for professional services ($40,000).
5.2014 EDA budget for SAC deferral program ($20,000).
FINANCIAL Available financial resources are identified above.
IMPACT:
ALTERNATIVES: Discussion Only.
ATTACHMENT: 1.2014 EDA Business Plan Update Draft #1