HomeMy WebLinkAbout03 17 2014 EDA Report 6B
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: March 17, 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.
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. 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. A new implemen-
tation plan item was added as #5 on Page 4 related to marketing of 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.
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
IMPACT:
ALTERNATIVES:
1. Approve Draft #2 of the 2014 EDA Business Plan, subject to further
changes as may be provided by the EDA;
2. Table action, and to provide further direction to staff.
RECOMMENDED
Staff recommends Alternative #1
MOTION:
ATTACHMENTS:
1. 2014 EDA Business Plan Draft #2 (revisions highlighted)
2