The URL can be used to link to this page

Home My WebLink About02 18 2014 EDA Report 6B 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: February 18, 2014 AGENDA #: 6B PREPARED BY: Dan Rogness, Community & Economic Development Director AGENDA ITEM: EDA 2014 BUSINESS PLAN (DRAFT #2) 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 for resubmission to the City Council for 2014. 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. At the EDA’s last meeting on January 21, it discussed further changes to Draft #1 (see meeting minutes). Current Circumstances Staff has made additional changes for Draft #2 of the 2014 EDA Business Plan as highlighted in yellow in Attachment 1. The map attachments were completely eliminated that showed commercial development target areas. Two new imple- mentation plan items were added as #5 related to marketing of Prior Lake and as #6 related to customer service and culture. 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). The 2030 Vision and Strategic Plan will be updated by the general public on April 22, 2014 from 5:30 to 10:00 p.m. in Club Prior. All EDA members are strongly encouraged to participate. 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. 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. The irony is that the city is more successful drawing residential and commercial development into Prior Lake. Staff resources are stetched to the extent that the kind of customer service needed to continue successful economic development on an ongoing basis amounts to “burning the candle on both ends”. . FINANCIAL See resources available under “Issues” IMPACT: ALTERNATIVES: 1. Motion and second to approve Draft #2 of the 2014 EDA Business Plan, subject to further changes as may be provided by the EDA and direct presentation of this document for City Council approval; 2. Motion and second to table action, and to provide further direction to staff. RECOMMENDED Staff recommends Alternative #1 MOTION: ATTACHMENTS: 1. 2014 EDA Business Plan – Draft #2 (changes highlighted) 2. 2014 EDA Business Plan – Draft #2 2 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: February 18, 2014 AGENDA #: 6B PREPARED BY: Dan Rogness, Community & Economic Development Director AGENDA ITEM: EDA 2014 BUSINESS PLAN (DRAFT #2) 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 for resubmission to the City Council for 2014. 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. At the EDA’s last meeting on January 21, it discussed further changes to Draft #1 (see meeting minutes). Current Circumstances Staff has made additional changes for Draft #2 of the 2014 EDA Business Plan as highlighted in yellow in Attachment 1. The map attachments were completely eliminated that showed commercial development target areas. Two new imple- mentation plan items were added as #5 related to marketing of Prior Lake and as #6 related to customer service and culture. 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). The 2030 Vision and Strategic Plan will be updated by the general public on April 22, 2014 from 5:30 to 10:00 p.m. in Club Prior. All EDA members are strongly encouraged to participate. 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. 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. The irony is that the city is more successful drawing residential and commercial development into Prior Lake. Staff resources are stetched to the extent that the kind of customer service needed to continue successful economic development on an ongoing basis amounts to “burning the candle on both ends”. . FINANCIAL See resources available under “Issues” IMPACT: ALTERNATIVES: 1. Motion and second to approve Draft #2 of the 2014 EDA Business Plan, subject to further changes as may be provided by the EDA and direct presentation of this document for City Council approval; 2. Motion and second to table action, and to provide further direction to staff. RECOMMENDED Staff recommends Alternative #1 MOTION: ATTACHMENTS: 1. 2014 EDA Business Plan – Draft #2 (changes highlighted) 2. 2014 EDA Business Plan – Draft #2 2 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: February 18, 2014 AGENDA #: 6B PREPARED BY: Dan Rogness, Community & Economic Development Director AGENDA ITEM: EDA 2014 BUSINESS PLAN (DRAFT #2) 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 for resubmission to the City Council for 2014. 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. At the EDA’s last meeting on January 21, it discussed further changes to Draft #1 (see meeting minutes). Current Circumstances Staff has made additional changes for Draft #2 of the 2014 EDA Business Plan as highlighted in yellow in Attachment 1. The map attachments were completely eliminated that showed commercial development target areas. Two new imple- mentation plan items were added as #5 related to marketing of Prior Lake and as #6 related to customer service and culture. 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). The 2030 Vision and Strategic Plan will be updated by the general public on April 22, 2014 from 5:30 to 10:00 p.m. in Club Prior. All EDA members are strongly encouraged to participate. 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. 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. The irony is that the city is more successful drawing residential and commercial development into Prior Lake. Staff resources are stetched to the extent that the kind of customer service needed to continue successful economic development on an ongoing basis amounts to “burning the candle on both ends”. . FINANCIAL See resources available under “Issues” IMPACT: ALTERNATIVES: 1. Motion and second to approve Draft #2 of the 2014 EDA Business Plan, subject to further changes as may be provided by the EDA and direct presentation of this document for City Council approval; 2. Motion and second to table action, and to provide further direction to staff. RECOMMENDED Staff recommends Alternative #1 MOTION: ATTACHMENTS: 1. 2014 EDA Business Plan – Draft #2 (changes highlighted) 2. 2014 EDA Business Plan – Draft #2 2