HomeMy WebLinkAbout18-081 EDA Business Plan
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 18-081
A RESOLUTION APPROVING THE
PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY (EDA) 2018 BUSINESS PLAN AND
APPROVING A FUND TRANSFER FROM THE PRIOR LAKE GENERAL FUND (FUND 101)
RESERVE TO THE EDA SPECIAL REVENUE FUND (FUND 240)
Motion By: Braid Second By: McGuire
WHEREAS, The City of Prior Lake Economic Development Authority (EDA) has completed its
2018 Business Plan and submitted it to the City Council for review and approval; and
WHEREAS, The Business Plan identifies EDA initiatives during 2018 and beyond; and
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
The EDA has requested the City Council allocate funds from the Prior Lake General
Fund to the EDA Special Revenue Fund to accomplish the economic development
initiatives in 2018 and beyond; and
EDA initiatives include but are not limited to: i) property acquisition; ii) storefront
rehabilitation; iii) direction and promotional signage such as banner poles, visitor
kiosks, or wayfinding signage; iv) economic development and redevelopment loans
and incentives; v) new business attraction through website enhancements and
marketing; vi) efforts to facilitate commercial development and redevelopment; and
vii) enhancing the character of commercial areas; and
The City Council finds that it is in the public interest to approve the EDA 201 8
Business Plan to further economic development in Prior Lake; and
The City Council finds that it is in the public interest allocate funds from the Prior
Lake General Fund to the EDA Special Revenue Fund to accomplish the economic
development initiatives in 2018 and beyond.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The Prior Lake City Council approves the Economic Development Authority 2018 Business
Plan.
3. The Prior Lake City Council approves the transfer of $300,000 from the Prior Lake General
Fund (Fund 101) to the EDA Special Revenue Fund (Fund 240).
4. The Prior Lake City Council authorizes the EDA to expend funds from the EDA Special
Revenue Fund (Fund 240) to facilitate economic development initiatives identified in the EDA
Business Plan, which plan is to be approved annually by the City Council.
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Passed and adopted by the Prior Lake City Council this 21st day of May 2018
VOTE Briggs McGuire Thompson Braid Burkart
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Frank Boyles, City Manager