HomeMy WebLinkAbout05 19 2014 EDA Report 7A
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: May 19, 2014
AGENDA #: 7A
PREPARED BY: Dan Rogness, Community & Economic Development Director
AGENDA ITEM: ECONOMIC DEVELOPMENT INCENTIVE GRANT APPLICATION
DISCUSSION: Introduction
The purpose of this agenda item is to review the draft application (attached) for
the Scott County CDA 2014 Economic Development Incentive Grant application
for technical assistance, which is due June 2, 2014.
History
On April 21, the EDA authorized the allocation of up to $20,000 from its Professi-
oinal Services budget as a match to support an application to the Scott County
CDA. This technical assistance grant will be used to hire a consultant to complete
a Prior Lake downtown parking analysis. Recent downtown studies have con-
cluded that as redevelopment occurs, there must be a greater emphasis given to
structured parking. This type of parking may include one or a combination of un-
derground parking with development projects and a public parking ramp(s) in key
demand locations.
Current Circumstances
Staff discussed the parameters of this project with a private consultant, and their
feedback resulted an an expected consultant contract between $25,000-$30,000.
Therefore, staff has completed a draft Scott County CDA application to include the
following four activities totaling $30,000 (city staff cost estimate adds another
$1,000 to the total cost, which cannot be added to the match):
1. Evaluate existing/recent downtown studies; $2,500 grant / $2,500 match.
2. Develop site options for public parking lots/ramps; $5,000 grant / $5,000
match.
3. Evaluate and prioritize site options based on a list of criteria; $5,000 grant
/ $5,000 match.
4. Provide conclusions, including project funding options; $2,500 grant /
$2,500 match.
The City Council must approve a resolution in support of the application, which is
th
scheduled on its May 27 agenda.
ISSUES: The EDA should keep the $20,000 match allocated until staff is able to see
whether its assumed $30,000 maximum project cost is accurate (assuming the
grant is approved by the CDA).
FINANCIAL The EDA has already committed up to $20,000 from its 2014 Professional Ser-
IMPACT:
vices budget as a 1:1 required match to the grant.
ALTERNATIVES: 1. Recommend that the City Council approve the Scott County CDA Economic
Development Incentive – Technical Assistance Grant application by resolution
with the local match provided by the EDA,.
2. Take no action and provide direction to staff.
RECOMMENDED Staff supports a motion and second in support of Alternative 1.
MOTION:
ATTACHMENTS: 1. Draft EDI – Technical Assistance Grant Application
2. Parking references in the 2010 Prior Lake Downtown Building Design Guide-
lines
2