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HomeMy WebLinkAbout7A EDA Report 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: April 17, 2017 AGENDA #: 7A PREPARED BY: Casey McCabe, Community Development Specialist AGENDA ITEM: 2017 EDA GOALS DISCUSSION: Introduction The purpose of this agenda item is to review the 2017 EDA Goals and discuss any additional initiatives or areas the EDA wishes to focus on in 2017. History The EDA adopted the following 2017 goals during their November 21, 2016 meet- ing, which were approved by the City Council on January 9, 2017. ➢ Continue to guide the Economic Development Advisory Committee and sup- port the Technology Village Board of Directors as they implement the recom- mendations of the Technology Village program analysis and expansion plans, including expansion opportunities within Scott County. ➢ Establish a task force of downtown residents and businesses to develop an integrated road network plan that supports future traffic volumes, a downtown vision, and a targeted redevelopment plan. ➢ Establish a process and plan to target resources to economic opportunities that provide significant benefits to Prior Lake, including those that may include property acquisition and direct support to commercial and industrial develop- ment. The City Council will review the progress made toward accomplishing these three goals during a work session in November. ISSUES: Current Circumstances In addition to the goals listed above, commissioners may wish to propose other areas of focus for the EDA in 2017. While the above goals have already been approved by the city council, it may be useful for the EDA to consider the following: In the first goal, the EDA may wish to discuss the possibility of curtailing/eliminat- ing Phase II of the technology village project and instead focus upon how we can best leverage the presence of the First Stop Shop here at city hall to facilitate commercial/Industrial development in our community. With respect to the second goal, there is a detailed process established both for updating the comprehensive plan (which will address land use in the downtown area among other things and a separate process for completing the County Road 21/TH13 Project. Rather than add another process and task force, this goal could 2 be refined to provide for ways in which the EDA can support the important pro- cesses already underway. No one is well served if we initiate duplicative and po- tentially competing processes. The third goal will be addressed at the joint city council/EDA review and authori- zation to use or not use the few financial incentives available to us. If the prevailing perspective is to substantially curtail the use of resources, it may be more appro- priate to modify this goal to identify a more restrictive focus of the EDA and how the body would be best configured to accomplish the revised objectives. FINANCIAL IMPACT: Funding may be required to accomplish some of the goals or initiatives of the EDA. ALTERNATIVES: 1. Motion and Second to approve the 2017 goals and objectives as proposed or with amendments. 2. Motion and second to table the goals and objectives until the joint city coun- cil/EDA Meeting has taken place. RECOMMENDED MOTION: As determined by the EDA.