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4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: October 20, 2014
AGENDA #: 8A
PREPARED BY: Casey McCabe, Community Development Specialist
AGENDA ITEM: TECHNOLOGY VILLAGE PHASE 11.2 BUSINESS PLAN
DISCUSSION: Introduction
The purpose of this agenda item is to review and adopt the Technology Village
Business Accelerator Phase 11.2 Business Plan.
History
The Technology Village Board of Directors annually reviews and updates the
Technology Village Business Plan. During their October 1St meeting, the Board
unanimously approved a motion recommending the EDA approve the
Technology Village Business Accelerator Phase 11.2 Business Plan.
Current Circumstances
The attached Phase 11.2 Technology Village Business Plan was drafted by the
Board of Directors. This business plan outlines the current status of the
program and provides an overview of phase 11.2 development including
program participant focus, proposed rental/subsidy rates, selection criteria and
2015 operating budget.
In addition to minor amendments throughout the document, the Phase 11.2
Business Plan has been updated to include:
New - Sections 1.4 and 1.5, Technology Village goals and metrics;
Updated - Section 3.1, list of current program participants;
➢ Updated - Section 4.1, Board of Directors;
➢ New - Section 4.2, Advisory Board;
➢ Updated - Section 8.0, 2015 Operating Budget;
➢ Updated - Section 8.1, Projected Program Demand;
➢ New - Section 8.2, Program Participant Forecast;
➢ New - Section 8.3, Employment/Staffing Forecast;
➢ New - Section 8.4, Marketing Forecast;
➢ New - Section 10.0, Value of a Job; and
➢ Updated - Appendix A, Floor Plan
Conclusion
Staff will be available to discuss the Phase 11.2 business plan and answer
questions during the October 20th EDA meeting.
ISSUES: The Technology Village Board of Directors has proposed amendments to the
Business Plan as outlined above. The board has not proposed any
amendments to the current City Hall rental rates or the Phase 11 program
participant rental reimbursement rates that were approved with the Phase II
Business Plan.
FINANCIAL The EDA has previously approved a resolution requesting the City Council levy
IMPACT: a special tax of $187,500 and adopt the EDA 2015 annual budget in the amount
of $195,000. The recommended EDA budget includes an allocation of $40,000
to the Technology Village Business Accelerator program.
ALTERNATIVES: 1. Motion and a second adopting the Technology Village Business Accelerator
Phase 11.2 Business Plan as proposed or with amendments.
2. Take no action and continue discussion at a future meeting.
RECOMMENDED Alternative #1
MOTION:
ATTACHMENTS: 1. Technology Village Business Accelerator Phase 11.2 Business Plan