HomeMy WebLinkAbout12 21 2015 EDA Report 8B
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: December 21, 2015
AGENDA #: 8B
PREPARED BY: Dan Rogness, Community & Economic Development Director
AGENDA ITEM: PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY 2016 BUSINESS
PLAN
DISCUSSION: Introduction
The purpose of this agenda item is to begin to review and update the EDA Busi-
ness Plan, based in part on the new 2016 goals.
History
The EDA adopted its first business plan in 2012. The EDA most recently updated
the business plan in 2015 with the intention of reviewing and updating the plan
annually to reflect completed, ongoing and new initiatives.
Current Circumstances
The 2015 Business Plan was updated with the following major changes:
1. Short and Mid-Term Goals were added under the Purpose section, which
is taken from the 2040 Vision and Strategic Plan for Prior Lake.
2. The table at the top of page 3 was updated for the last row showing
achievement levels for 2011 through 2014 as compared to goals for jobs,
businesses and market value.
3. A broadband (community fiber network) initative was deleted under the
2015 Implementation Plan section; otherwise, others remained with a few
updates.
4. The EDA budget information on page 7 was updated.
5. The employment table on page 8 was updated.
Conclusion
The EDA should begin to review the updated 2016 Business Plan based on the
following goals for 2016. Year-end data to update various sections of the Plan will
not be available until early 2016, so the final version of the Plan will be brought
back later for EDA approval.
Guide and support the Technology Village Board of Directors and the Eco-
nomic Development Advisory Committee to achieve their goals and objectives.
Begin to plan and implement long-term recommendations provided in the 2015
Downtown Parking Analysis.
Identify key city support mechanisms related to the development of commer-
cial and industrial property in targeted areas of the City.
Work with SCALE to plan and implement county-wide initiatives, including
such things as workforce housing and development, a customer centric culture
and transportation planning.
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ISSUES: In addition to the EDA’s 2016 budget resources, the City (with support of the EDA)
has other resources available to help achieve economic development goals and
objectives, including:
Business revolving loan accounts (approximately $212,500)
TIF 1-1 redevelopment fund (approximately $81,000)
Staff resources, including Frank Boyles, Dan Rogness, Casey McCabe,
and Don Uram
FINANCIAL
IMPACT:
See resources available under “Issues”.
ALTERNATIVES: Discussion Only
RECOMMENDED
MOTION:
N/A
ATTACHMENTS: 1. Approved 2015 EDA Business Plan