HomeMy WebLinkAbout10 20 2014 EDA Report 7APRIp\
U ,
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: October 20, 2014
AGENDA #: 7A
PREPARED BY: Dan Rogness, Community & Economic Development Director
AGENDA ITEM: DEVELOPMENT UPDATE
DISCUSSION: Introduction
The purpose of this agenda item is to provide a development update through Oc-
tobert 15, 2014.
History
The EDA has asked for a periodic update of development activity; therefore, staff
has completed a list of new businesses within the following categories (some are
pending) as listed in Attachment 1:
1. New construction
2. New tenant or relocated tenant
3. Acquisition
4. Expansion
Current Circumstances
Staff will use this information, updated through 2014, as part of the EDA's annual
report. It will include additional information on each one related to the square
footage and jobs.
ISSUES: The EDA's Business Plan includes metrics that show job creation/retention, in-
cluding those jobs that may considered "base" versus "new" for counting purposes.
New jobs are assumed to be those that may have been created due to some type
of city action or assistance compared to those that should naturally be created
without city involvement (base jobs). Staff will attempt to differentiate those with
the 2014 annual report.
FINANCIAL Development activity is a key aspect of Prior Lake's economic development, which
IMPACT: translates into a healthy market, and as a result, positive tax/spending revenue.
ALTERNATIVES: 1. Motion and second to receive the report.
2. Direct the staff to provide additional information before accepting the report.
RECOMMENDED As determined by the EDA.
MOTION:
ATTACHMENTS: 1. List of commercial/industrial development through 10/15/14.