HomeMy WebLinkAbout12 16 2013 EDA Report 7B
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: December 16, 2013
AGENDA #: 7B
PREPARED BY: Dan Rogness, Community & Economic Development Director
AGENDA ITEM: EDA BUSINESS PLAN REVIEW & UPDATE
DISCUSSION: Introduction
The purpose of this agenda item is to review and update the EDA Business Plan
that was adopted on September 24, 2012 by the City Council.
History
The EDA spent considerable time in on its Business Plan during 2012. It should
review progress made on achieving its goals and the 2012/2013 implementation
plan. The EDA Business Plan should be updated by removing completed initia-
tives listed in the implementation plan and by amending the list to address ongoing
and new initatives. The EDA’s business plan also ties into the 2030 Vision & Stra-
tegic Plan, so the EDA should be reviewing both documents.
Current Circumstances
The EDA’s Business Plan includes five implementation 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 2030 Vision
& Strategic Plan identified five goals related to: (1) community-wide fiber network,
(2) technology village/incubator, (3) data center with fiber optic access, (4) rede-
velopment plan, and (5) city code impact on economic development objectives.
Some key areas overlap, including broadband/fiber, technology village/incubator,
and city codes (for business friendly changes).
Conclusion
While the 2013 EDA Annual Report will review past year accomplishments, the
EDA Business Plan will look forward to 2014 and beyond. This is appropriate as
the business plan for 2014 should be constent with and complementary to the
2030 Vision and Strategic plan which will be updated this spring.
The last meeting of the year is a good time to evaluate progress toward stated
economic development goals and objectives. It is also important to identify key
initiatives that are important to keep moving forward in 2014 and to discuss new
initiatives. For example, two new initiatives may include:
1. Adding a definition of what a job is worth, using that information to help
support corresponding fair levels of public assistance for economic devel-
opment.
2. Defining a targeted “triangle” of future development opportunities from TH-
13/CSAH-42 to CSAH-21/CSAH-42 to TH-13/CSAH-21.
ISSUES: The EDA has rather modest resources available to help achieve economic devel-
opment 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).
6. Staff resources, including Frank Boyles, Dan Rogness, Jerilyn Erickson
and Casey McCabe.
FINANCIAL See resources available under “Issues”
IMPACT:
ALTERNATIVES: 1. Motion and second to provide direction to staff on proposed updates to the
st
EDA Business Plan; return with a draft at the Jan. 21 meeting.
2. Table action for further discussion.
RECOMMENDED Staff recommends Alternative #1
MOTION:
ATTACHMENTS: 1. EDA Business Plan (approved 9/24/12)
2. 2030 Vision & Strategic Plan (Econ. and Comm. Dev. element only)
2