HomeMy WebLinkAbout03 27 2014 EDAC rept 5a
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT ADVISORY COMMITTEE REPORT
MEETING DATE: March 27, 2014
AGENDA #: 5.a.
PREPARED BY: Casey McCabe, Community Development Specialist
AGENDA ITEM: EDA UPDATES
DISCUSSION: Introduction
The EDA held its regular scheduled meeting on Monday, March 17, 2014. The EDA discussed the
following items on their agenda.
4 Quarter Financial Report for the EDA Special Revenue Fund
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EDA 2013 Annual Report (Draft #2)
EDA 2014 Business Plan Update (Draft #2)
Technology Village Phase II Funding Request
Phase One Contribution for Joint Marketing Effort
Downtown Parking Study Update
Current Circumstances
4 Quarter Financial Report for the EDA Special Revenue Fund
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The EDA reviewed a preliminary summary financial report as of December 31, 2013 for the Eco-
nomic Development Authority Special Revenue Fund. The report reflected revenue and expenditure
activity for all of 2013.
EDA 2013 Annual Report (Draft #2)
The EDA Bylaws state that, “Annually, or as may be required by City Council, at a time and in a form
fixed by the City Council, the EDA shall make a written report to the City Council giving a detailed
account of its activities and of its receipts and expenditures during the preceding calendar year”.
Staff prepared a draft annual report which was approved by the EDA (attached). The written report
will be submitted to the council for review in April of 2014.
EDA 2014 Business Plan Update (Draft #2)
The EDA reviewed and approved an update to the 2012/13 EDA Business Plan (attached). The
updated 2014 plan provides a report on three years of data to support job, business and commer-
cial/industrial market value increases compared to goals. The implementation plan has been up-
dated 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 Wel-
come Avenue areas. The budget section was updated with approved EDA budget figures for 2014.
The Business Plan will be provided to the City Council for review in April of 2014.
Technology Village Phase II Funding Request
The EDA reviewed and approved a 2014 budget amendment request from the Technology Village
Board of Directors that will fund up to $12,000 in rent subsidies for an existing Technology Village
program participant who plans to relocate 8-10 FTE employees to Prior Lake.
Phase One Contribution for Joint Marketing Effort
The EDA approved an allocation of $2,500 from the EDA 2014 Professional Services budget to
Mystic Lake for Phase One of a joint marketing effort, currently being referred to as the Southwest
Metro Entertainment Corridor. Participants in the joint marketing effort include Mystic Lake Casino
& Hotel, Valleyfair, Canterbury Park, Renaissance Festival, and the cities of Shakopee and Prior
Lake.
Downtown Parking Study Update
As was previously discussed during the EDAC meeting (Item 4.a), the EDA met with representatives
of the Prior Lake Downtown Business Association (PLDBA) to discuss parking concerns. The EDA
directed staff to work with the EDAC and PLDBA to help address parking issues.
Conclusion
Detailed updates of EDA activity related to the above listed topics will be presented to the EDAC during
the March 27 meeting.
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ISSUES: Update only.
FINANCIAL None.
IMPACT:
ALTERNATIVES: Update only.
RECOMMENDED Update only.
MOTION:
ATTACHMENTS: 1. EDA 2013 Annual Report
2.EDA 2014 Business Plan
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