HomeMy WebLinkAbout10 21 2013 EDA Report 4B
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: October 21, 2013
AGENDA #: 4B
PREPARED BY: Jerilyn Erickson, Treasurer
PRESENTED BY: Jerilyn Erickson
AGENDA ITEM: CONSIDER APPROVAL OF THE 3RD QUARTER FINANCIAL REPORT
FOR THE ECONOMIC DEVELOPMENT AUTHORITY SPECIAL
REVENUE FUND
DISCUSSION: Introduction
Staff has prepared a preliminary summary financial report as of September
30, 2013 for the Economic Development Authority Special Revenue Fund.
The report reflects revenue and expenditure activity for the first nine
months of 2013. The reports are preliminary, unaudited and may change.
The attached memorandum provides a summary of the significant issues.
If commissioners have questions please feel free to contact me at 952-
447-9841 for more information.
ALTERNATIVES: The following alternatives are available to the EDA:
1. A motion to accept the September 30, 2013 Financial Report as
submitted.
2. Take no action and provide the staff with specific direction.
RECOMMENDED Alternative 1.
MOTION:
ATTACHMENT: 1. Quarterly Report – EDA Special Revenue Fund
MEMORANDUM
TO: Prior Lake Economic Development Authority
FROM: Jerilyn Erickson, Treasurer
RE: Financial Report dated 09/30/2013
The financial report presented as part of this agenda item reflects activity for the first nine months
of 2013. The significant issues identified at this time are summarized below.
Revenues
First half property taxes were received in June. Second half and final tax settlements are received
in December and January, respectively.
Facility rental payments have been received from design a tivity, llc. and Innovative Computer
Professionals, Inc. (ICP) for the Technology Village Business Incubator. Argos Risk is a new
st
tenant starting October 1.
Transfers reflect the funding provided by the General Fund for the Technology Village Business
Incubator set up costs.
Expenditures
The EDA budget was amended on January 28, 2013 to complete the City of Prior Lake
Technology Village Business Incubator. An amendment was originally approved in 2012 but not
all purchases were made by yearend. The remaining funds were re-appropriated in 2013.
Personnel, commissioner per diems, communications, legal and Technology Village Business
Incubator expenditures comprise the majority of the expenditures.
The EDA reallocated $20k of the $60k budgeted for professional services to fund the SAC Loan
Program.
Loan Programs
A Deferred Payment Agreement was entered into with the Artisan Bistro Café under Local
Program A of the City of Prior Lake Sewer & Water Fee Deferral Program on March 18, 2013.
The EDA funded the $6,000 City share of the loan which covers the fees for sewer connection,
water connection and water tower and therefore, reflects a loan receivable on its balance sheet
for this amount. Payments on the Met Council loan will be collected monthly and submitted to the
Met Council when invoiced. The first payment of $209.52 was due on June 1, 2013.
A Deferred Payment Agreement was entered into with the Honest-1 Auto Care under Local
Program A of the City of Prior Lake Sewer & Water Fee Deferral Program on July 11, 2013. The
EDA funded the $8,000 City share of the loan which covers the fees for sewer connection, water
connection and water tower and therefore, reflects a loan receivable on its balance sheet for this
amount. Payments on the Met Council loan will be collected monthly and submitted to the Met
Council when invoiced. The first payment of $279.36 was due on October 1, 2013.
The following table provides a status of the loans:
Business Original Met Council City Share Current Interest
Loan Share of Loan of Loan Principal Paid YTD
Balance (City)
Artisan Bistro Café $11,844.00 $5,844.00 $6,000.00 $5,660.36 $63.83
Honest-1 Auto Care $15,792.00 $7,792.00 $8,000.00 $8,000.00 $0.00
Totals $27,636.00 $13,636.00 $14,000.00 $13,660.36 $63.83