HomeMy WebLinkAbout12 21 2015 EDA Report 8C
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: December 21, 2015
AGENDA #: 8C
PREPARED BY: Casey McCabe, Community Development Specialist
AGENDA ITEM: 2016 EDI GRANTS - SCOTT COUNTY CDA
DISCUSSION: Introduction
The purpose of this agenda report is to discuss the EDA’s level of interest in sub-
mitting a Technical Assistance application to the Scott County CDA for the 2016
Economic Development Incentive (EDI) Grant Program.
History
The City of Prior Lake has previously been awarded three Technical Assistance
Grants from the Scott County CDA. The first grant was used to evaluate a broad-
band fiber to the home network, the second grant was used to complete a downtown
parking analysis and the third grant was awarded to assist with costs related to a
Technology Village program analysis and expansion study.
Current Circumstances
The Scott County CDA will have $340,000 available to help projects move forward
that will promote economic development throughout Scott County and the CDA is
expected to distribute 2016 EDI grant application materials soon. The grant pro-
gram will be very similar to the last two years with two different categories:
1. Corridor Readiness - which are projects intended to maximize development
and/or redevelopment opportunities and the investment of capital within the top
ten commercial corridors as established by the SCALE Transportation and Eco-
nomic Development Committee. The match will remain 2:1 ($2 of CDA money
to each $1 of match money).
2. Technical Assistance - which are projects that will enhance economic develop-
ment activities with the goal of achieving new job creation in Scott County. The
match will remain 1:1 ($1 of CDA money to each $1 of match money).
Conclusion
The EDA budget for 2016 is expected to be approved on December 21, 2015. The
City of Prior Lake has utilized EDA Professional Services in the past as matching
funds. The 2016 EDA Professional Services budget is proposed at $24,350. Of this
amount, $15,000 will be used for the city’s annual SCALE fee, leaving a balance of
$9,450.
Staff is requesting the EDA discuss whether or not they wish to pursue a Technical
Assistance grant in 2016 with the understanding that CDA grant funds must be
matched 1:1. If the EDA wishes to pursue a Technical Assistance Grant in 2016,
the EDA should discuss which economic development initiatives it wishes to move
forward in 2016 and provide direction to staff. The previous year’s guidelines are
attached since the current version is not yet available.
Some ideas for funding include:
1. Analysis of ROW needs and potential mid-term parking at the northwest cor-
ner of the Highway 13/21 intersection.
2. Soil testing in areas for Arcadia to extend south of Colorado Street.
3. Analysis associated with the possible acquisition of remaining single family
houses within the downtown commercial area.
4. Evaluation to consider the possible relocation of the existing stormwater
pond at the northeast corner of the Highway 21 and Arcadia intersection in
order to provide a new commercial building site in a key downtown location.
5. Plan and cost estimates for reconstructing the city’s downtown Colorado
parking lot and/or completing the downtown streetscape improvements in
the south downtown area.
ISSUES: If the City of Prior were awarded a 2016 Technical Assistance Grant, it is assumed
the majority of the EDA’s professional services funds would need to be allocated as
matching funds. A City Council resolution in support of the EDI Program grant ap-
plication is required for submittal.
FINANCIAL
IMPACT:
The EDA’s 2016 Professional Services budget is $24,350, of which, $15,000 has
already been allocated to SCALE.
ALTERNATIVES: 1. Provide direction to staff related to the 2016 Scott County CDA Economic De-
velopment Incentives Grant Program.
2. Take no action and continue discussion at a future meeting.
RECOMMENDED
MOTION:
ATTACHMENTS:
Alternative #1
1. EDI Application Guidelines (new version not yet available)