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Home My WebLink About12 21 2015 EDA Report 7A_Attach1Prior Lake Community Assets  Pad Ready Land Available Prior Lake is positioned for continued commercial and industrial development with over 80 acres of commercial, business park and industrial land ready for development.  Low Tax Rate Prior Lake has the lowest City Tax Capacity Rate of the seven communities in Scott County, while providing a full array of municipal services. Source: Scott County Taxation Department. The city tax capacity rate is determined by dividing the city’s tax levy by the city’s total tax capacity. A 2015 county wide property tax comparison for a commercial/industrial building with an estimated market valuation of $620,000 is shown below.  Thriving Downtown Prior Lake’s quaint downtown businesses include restaurants, specialty retail and boutique shops, salons, professional offices, recreational facilities and hardware. Downtown Prior Lake proudly hosts more than 50 community events throughout the year including the very popular Music Fest, Lakefront Days and Decembrrr Dazzle as well as a Downtown Farmer’s Market along Main Avenue every Saturday from May through October. Downtown is also home to Prior Lake City Hall, police station, library and senior center.  Low Unemployment Rate Prior Lake’s unemployment rate of 3.0% is 1.8% lower than the national unemployment rate. Source: MNDEED Local Unemployment Statistics for October 2015; Prior Lake, Scott Unemployment Statistics Not Seasonally Adjusted City Tax Capacity Rate Prior Lake 31.9883% Shakopee 37.8618% Elko New Market 46.6519% Savage 51.7425% Jordan 63.9675% New Prague 64.6435% Belle Plaine 89.4608% Commercial/Industrial Tax Impact County Wide Comparison Market Value Tax District Total Tax City School City Tax School Tax County Tax Other Taxes Fiscal Disp Tax State Tax Prior Lake Shakopee 2,630.91$ 3,278.09$ 2,736.15$ 331.21$ 6,749.46$ 5,922.86$ 21,649$ Shakopee Shakopee 2,871.72$ 3,288.41$ 2,747.23$ 155.46$ 6,712.29$ 5,922.86$ 21,698$ Shakopee Burnsville 2,871.72$ 3,453.74$ 2,745.90$ 155.46$ 6,712.29$ 5,922.86$ 21,862$ Prior Lake Prior Lake-Savage 2,630.91$ 3,670.06$ 2,737.79$ 247.60$ 6,749.46$ 5,922.86$ 21,959$ ElkoNewMarket New Prague 3,372.00$ 3,289.80$ 2,648.29$ 142.44$ 7,147.06$ 5,922.86$ 22,522$ New Prague New Prague 7,530.96$ 4,637.74$ 4,245.73$ 227.70$ -$ 5,922.86$ 22,565$ Savage Bloomington 4,010.84$ 3,151.53$ 2,775.47$ 157.06$ 6,587.84$ 5,922.86$ 22,606$ Savage Shakopee 4,010.84$ 3,315.81$ 2,775.18$ 157.06$ 6,587.84$ 5,922.86$ 22,770$ Savage Burnsville 4,010.84$ 3,472.65$ 2,774.34$ 157.06$ 6,587.84$ 5,922.86$ 22,926$ ElkoNewMarket Lakeville 3,372.00$ 3,815.86$ 2,649.02$ 199.65$ 7,147.06$ 5,922.86$ 23,106$ Savage Prior Lake-Savage 4,010.84$ 3,702.86$ 2,773.99$ 209.21$ 6,587.84$ 5,922.86$ 23,208$ Jordan Jordan 4,720.16$ 3,376.92$ 2,698.83$ 306.31$ 6,903.00$ 5,922.86$ 23,928$ Belle Plaine Belle Plaine 6,420.60$ 3,443.43$ 2,628.64$ 198.25$ 7,229.49$ 5,922.86$ 25,843$ Tax Breakdown 620,000$  Available Incentives The Prior Lake City Council and Economic Development Authority (EDA) participate in and have access to the following programs which provide assistance to business and industry locating or expanding in the city.  EDA Revolving Loan Fund  EDA Microenterprise Loans  Tax Increment Financing  Tax Abatement  MN Department of Employment & Economic Development (DEED) Loans and Grants  Sewer & Water Fee Deferral Program  Technology Village Business Accelerator  Scott County CDA Open to Business  Economic Gardening  SMSC The Shakopee Mdewakanton Sioux Community (SMSC) is a federally recognized, sovereign Indian tribe located on the western edge of Prior Lake. As the largest employer in the county, the SMSC employs more than 4,200 at its many enterprises, including Mystic Lake Casino Hotel. SMSC and Mystic Lake provide many arts, cultural, entertainment and recreational opportunities.  Growing Community Prior Lake has grown from a population of 15,917 in 2000 to 25,039 in 2014, an increase of 57.3%. The population of Prior Lake is expected to reach nearly 40,000 by 2040. Source: U. S. Census Bureau State & County QuickFacts and Metropolitan Council Thrive 2040 MSP population forecast. Prior Lake has shown strong and consistent residential growth. Since 2010, the City of Prior Lake has issued more than 800 permits for new residential housing units with a total declared valuation of over $230 million; an average of 133 new homes per year.  Available Fiber Network In 2007, Scott County began constructing a high speed fiber network which is supported with fiber network investments by the City of Piror Lake, Integra Telecom and the Shakopee Mdewakanton Sioux Community (SMSC). The 72 strand Scott Couny fiber-optic network spans nearly 600 miles. Thanks to a cooperative effort between the City of Piror Lake and Integra Telecom, fiber is available to a majority of the commercial and industrial property in the city.  High Household Income Prior Lake’s Median Household Income (MHI) of $95,692 is $34,864 higher than the State of Minnesota MHI and $42,210 higher than the national MHI. Source: U. S. Census Bureau State & County QuickFacts; (2010-2014) in 2014 dollars  Growing Economy The City of Prior Lake’s economy is growing with businesses reporting steady gross sales increases; averaging a 10% increase per year. Year Gross Sales 2009 $239,891,586 2010 $267,724,849 2011 $268,981,183 2012 $307,301,435 2013 $337,790,631 Source: Minnesota Department of Revenue; Minnesota Sales and Use Statistics  Good Schools Prior Lake-Savage Area School District 719 is a destination school district serving Prior Lake, Savage and surrounding townships. Within the district there are six elementary schools, two middle schools and a high school. In addition, Prior Lake is home to several private schools. Prior Lake High School was named one of the best high schools in America by Newsweek Magazine based on its quality teaching staff along with its Advanced-Placement and college-level course offerings. The Washington Post named PLHS one of America's Most Challenging High Schools in the nation, placing the school in the top 10 percent of U.S. high schools.  Great Lakes, Parks & Recreation Amenities  More than 100 miles of trails and sidewalks and more than 50 parks encompassing approximately 1,050 acres are easily accessible throughout the community.  Park and recreational facilities and amenities including two large athletic complexes, a library, band shelter, pavilion, fishing piers, boat slips, swimming beaches and sledding hills.  Prior Lake is home to 15 lakes, most notably Upper Prior Lake and Lower Prior Lake which total 1,340 acres and is considered one of the most popular lakes in the seven-county metropolitan area for boating, skiing and fishing.  Abundant golfing opportunities with the Wild’s Golf Club, Legends Golf Club, Heritage Links Golf Club, Cleary Lake Golf Course, Stonebrook Golf Club and the Meadows at Mystic Lake Golf Course.  RiverSouth: Land of Big Fun is a promotional partnership of Canterbury Park, Mystic Lake Hotel Casino, the Renaissance Festival, Valleyfair, the Cities of Shakopee and Prior Lake and the Shakopee Mdewakanton Sioux Community. Huge attractions, world-class facilities, and breathtaking scenery, all within Scott County (www.riversouthmn.com). All Prior Lake area businesses benefit, at no cost, from this group’s marketing efforts.  Well Educated Workforce 96.8% of Prior Lake residents are high school graduates, which is 4.7% higher than the State of Minnesota average and 10.8% higher than the national average. 42.7% of Prior Lake residents have earned a bachelor's degree or higher, which is 10.1% higher than the State of Minnesota average and 13.9% higher than the national average. Source: U. S. Census Bureau State & County QuickFacts  Small Town Feel When asked what they liked most about our community, Prior Lake residents identified the community’s ‘small town feel’ as their top choice. Source: City of Prior Lake 2014 Residential Study; February 2014; Dr. Bill Morris, Morris Leatherman Company. Prior Lake is a close-knit, family friendly community. Its low crime rate, robust volunteerism, active civic organizations, annual family and community events, small-scale buildings, established downtown core, local businesses and local business owners who reside in the community all contribute to the small town feel. The sense of belonging and strong community ties are an important aspect of our quality of life in Prior Lake that will be preserved for the future.