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HomeMy WebLinkAbout01 21 2014 EDA Report 7B 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: January 21, 2014 AGENDA #: 7B PREPARED BY: Dan Rogness, Community & Economic Development Director AGENDA ITEM: DRAFT EDA 2014 BUSINESS PLAN 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 th and new initatives. At the EDA’s last meeting on December 16, it discussed changes that could be made to the current plan, such as removing any reference to data centers, and to combine target development areas with pad-ready sites. Current Circumstances Staff has completed an update to the 2012/13 EDA Business Plan, which previ- ously included five implementation actions related to: (1) broadband, (2) technol- ogy 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 compared to goals. The implementation plan is updated for ongoing initiatives related to broadband, Technology Village, targeted development areas, and city codes. One new initiative was added for industrial property, including Deerfield and Welcome Ave. areas. The budget section was updated with approved EDA budget figures for 2014. Attachments were added that include maps for the three targeted development areas in Prior Lake. 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) redevelopment plan, and (5) city code impact on economic develop- ment 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. 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. A subcommittee of the EDAC has been meeting to update the city’s marketing material. This group would like the EDA to include an implementation item related to overall improvements to the marketing of Prior Lake, primarily related to com- mercial development opportunities. This could be added as a sixth item in the 2014 Implementation Plan section starting on page 3. 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). 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 approve Draft #1 of the 2014 EDA Business Plan, subject to further changes as may be provided by the EDA; 2. Motion and second to table action, and to provide direction to staff regard- ing changes to Draft #1. RECOMMENDED Staff recommends Alternative #1 MOTION: ATTACHMENTS: 1. 2014 EDA Business Plan update – Draft #1 2