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