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Home My WebLink About06 11 2018 EDA Agenda Packet FULL Phone 952.447.9800 / Fax 952.447.4245 / www.cityofpriorlake.com 4646 Dakota Street SE Prior Lake, MN 55372 PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY AGENDA Monday, June 11, 2018 – 4:00 p.m. Reports included with this agenda can be found in the Document Center at www.cityofpriorlake.com; please follow this file path: City of Prior Lake\Economic Development Authority\2018\June 11, 2018 1. CALL TO ORDER 2. APPROVAL OF AGENDA 3. APPROVAL OF MEETING MINUTES A. April 9, 2018 B. April 30, 2018 4. CONSENT AGENDA A. Development Update (05/31/2018) B. EDA Revenue & Expenditure Report 5. REMOVED CONSENT AGENDA ITEMS 6. PRESENTATIONS A. No Presentations Scheduled 7. PUBLIC HEARINGS A. No Public Hearings Scheduled 8. OLD BUSINESS A. None. 9. NEW BUSINESS A. EDA Special Revenue Fund Approval - Next Steps B. Joint EDA / BEC Discussion Topics a. Economic Development Web Page Enhancements b. Commercial Traffic During Construction 10. OTHER BUSINESS A. Staff Updates B. Commissioner Comments C. Construction Projects Business Impact Game Plan 10. ADJOURNMENT: 6:00 p.m. Those items on the EDA Agenda which are considered routine and non-controversial are included as part of the Consent Agenda. Unless the President or an EDA member specifically requests that an item be on the Consent Agenda be removed and considered separately, Items on the Consent Agenda are considered under one motion, second and a roll call vote. Any item removed from the Consent Agenda shall be placed on the EDA agenda under “Removed Consent Agenda Items” Phone 952.447.9800 / Fax 952.447.4245 / www.cityofpriorlake.com 4646 Dakota Street SE Prior Lake, MN 55372 Economic Development Authority Meeting Minutes April 9, 2018 1. CALL TO ORDER PRESIDENT CHROMY called the meeting to order at 4:00 p.m. Present were Chromy, Braid, Briggs, Sheehan- Kerber and Boucher-Hoese. Also present were Executive Director Boyles, Community Development Director McCabe and Planner Schwabe. 2. APPROVAL OF AGENDA MOTION BY SHEEHAN-KERBER, SECONDED BY BOUCHER-HOESE, TO APPROVE THE AGENDA WITH THE ADDITION OF ADDING ITEM 8C RELATED TO DOWNTOWN UTILITIES. Ayes by Chromy, Braid, Briggs and Boucher-Hoese. The motion carried 5-0. 3. APPROVAL OF MEETING MINUTES MOTION BY BRIGGS, SECONDED BY BRAID, TO APPROVE THE MARCH 12, 2018 MEETING MINUTES WITH A CORRECTION TO REFLECT BRAID AND BRIGGS APPROVED THE FEBRUARY 12, 2018 MEETING MINUTES WITH CHROMY AND BOUCHER-HOESE ABSTAINING. Ayes by Chromy, Briggs, Braid, and Bou- cher-Hoese. The motion carried 4-0 with Sheehan-Kerber abstaining. 4. CONSENT AGENDA A. Development Update (03/31/2018) MOTION BY BRAID, SECONDED BY SHEEHAN-KERBER, TO APPROVE THE CONSENT AGENDA. Ayes by Chromy, Braid, Briggs, Sheehan-Kerber and Boucher-Hoese. The motion carried 5-0. 5. REMOVED CONSENT AGENDA ITEMS None 6. PUBLIC HEARING No Public Hearings 7. OLD BUSINESS A. Joint EDA / City Council Meeting - Discussion Topics MCCABE stated that the joint EDA / City County meeting is scheduled for April 16, 2018. MCCABE provided examples of potential meeting topics that were identified by the EDA during their March 12, 2018 meeting. MCCABE presented a draft 2017 EDA Annual Report that staff assembled and requested direction from the EDA related to additional informtion and whehter the document should be provided to the City Council prior to the April 16th joint meeting. Discussion followed. Members identified the following joint meeting topics: 1. EDA Update a. 2017 EDA Annual Report - Recent EDA Activity (attached) 2. EDA General Fund Reserve Allocation a. Sustainable EDA Funding Source for Economic Development Initiatives 2 i. Property Acquisition ii. Storefront Rehabilitation iii. Direction and Promotional Signage 1. Banner Poles 2. Visitor Kiosk 3. Wayfinding Signage iv. Economic (Re)Development Loans/Incentives v. New Business Attraction 1. Website Enhancements 2. Community Profile / Marketing Efforts 3. Construction Projects Game Plan a. How to encourage customer traffic during construction activities? CHROMY and SHEEHAN-KERBER suggested information associated with a requested funding amount be provided for discussion purposes. MCCABE explained that a policy would need to be developed by the EDA and provided to the City Council for review and approval regarding the use of any allocation from reserve funds. MOTION BY BRIGGS, SECONDED BY SHEEHAN-KERBER TO DIRECT STAFF TO WORK WITH THE CITY ATTORNEY TO EVALUATE AMENDMENTS TO ENABLING RESOLUTION TO AUTHORIZE THE EDA TO BECOME NIMBLE AND OPPORTUNISTIC IN ALL ASPECTS OF ECONOMIC DEVELOPMENT INITIATIVES. Ayes by Chromy, Braid, Briggs, Sheehan-Kerber and Boucher-Hoese. The motion carried 5- 0. MOTION BY BRIGGS AND SECOND BY BOUCHER-HOESE TO APPROVE THE AGENDA TOPICS FOR THE JOINT CITY COUNCIL / EDA WORK SESSION AS HAVE BEEN REVISED BY THE EDA AND AP- PROVE THE 2017 EDA ANNUAL REPORT TO BE PRESENTED BY PRESIDENT CHROMY AT THE JOINT CITY COUNCIL / EDA WORK SESSION ON APRIL 16, 2018. Ayes by Chromy, Braid, Briggs, Sheehan- Kerber and Boucher-Hoese. The motion carried 5-0. 8. NEW BUSINESS B. EDA Bylaws EDA Members received a copy of the EDA Bylaws, which were revised and approved by the City Council during their March 19, 2018 meeting. C. BEC / Technology Village BOD Bylaws EDA Members received a copy of the revised Business Engagement Committee Bylaws and Technology Village Board of Director Bylaws. MCCABE explained that the City Council approved all of the other advisory committee bylaws with the ex- ception of the BEC and Technology Village as those committees are advisory to the EDA. MOTION BY BRAID AND SECOND BY SHEEHAN-KERBER TO APPROVE THE PROPOSED REVISIONS TO THE TECHNOLOGY VILLAGE BOARD OF DIRECTOR AND BUSINESS ENGAGEMENT COMMITTEE BYLAWS. Ayes by Chromy, Braid, Briggs, Sheehan-Kerber and Boucher-Hoese. The motion carried 5-0. D. Downtown Utilities MCCABE provided an update to the EDA regarding the existing electric utilities configuration in the area of South Main Avenue and Pleasant Street. He shared that the property owners and staff have been working with Xcel Energy and the owners of Plate on Main to develop plans to remove the existing utility pole and 3 overhead power lines, obtain an easement for utilities to be buried from the south side of Pleasant Street to a new utility pole that is planned to be installed near an existing three-phase transformer at the rear of the Fong’s property, and install a new transformer to serve Plate on Main. He explained that Plate on Main would be responsible for the costs related to providing power to their business and the city has been asked to assist with the costs related to the work that does not directly benefit Plate on Main. Mr. McCabe stated Xcel Energy provided staff with an estimated cost of $14,000 to complete the city related work. BRIGGS questioned who would be receiving the payment should the utilies project move forward. MCCABE confirmed that the city would be making payment to Xcel Energy. MOTION BY SHEEHAN-KERBER AND SECOND BY BOUCHER-HOESE TO ALLOCATE FUNDS FOR THE ACTUAL COST OF THE CITY PORTION OF THE UTILITY PROJECT IN AN AMOUNT NOT TO EXCEED $15,000 FROM THE 2018 EDA PROFESSIONAL SERVICES FUND. Ayes by Chromy, Braid, Briggs, Sheehan-Kerber and Boucher-Hoese. The motion carried 5-0. MOTION BY BRIGGS AND SECOND BY BRAID TO DIRECT DIRECTOR MCCABE TO CONTACT THE PROPERTY OWNER AT THE CORNER OF SOUTH MAIN AVENUE AND PLEASANT STREET REGARD- ING THE EDA ACTION. Ayes by Chromy, Braid, Briggs, Sheehan-Kerber and Boucher-Hoese. The motion carried 5-0. 9. OTHER BUSINESS A. Staff Updates (i) 2018/2019 Road Improvement Projects MCCABE provided a brief overview of the upcoming road improvement projects in 2018 and 2019. (ii) MN Citizens for the Arts Speaker MCCABE shared that staff has been informed that the Director of the MN Citizens for the Arts is willing to speak to the EDA regarding the economic benefits of having arts in a downtown area. CHROMY stated that it is a topic worth exploring. MOTION BY BRIGGS SECONDED BY SHEEHAN-KERBER TO SECURE A SPEAKER TO DISCUSS THE ECONOMIC BENEFITS OF THE ARTS TO PRIOR LAKE. Ayes by Chromy, Braid, Briggs, Sheehan-Kerber and Boucher-Hoese. The motion carried 5-0. B. Commissioner Comments CHROMY suggested the topic of additional on-street parking on Pleasant Street be brought to the Traffic and Safety Committee. SHEEHAN-KERBER questioned if the construction equipment staging areas have been determined. CHROMY stated that a likely location would be between TH13 and DULUTH AVE as that portion of the TH13 will not be open. BRIGGS explained that temporary easements would need to be acquired for equipment staging areas. C. Construction Projects Business Impact Game Plan BRIGGS explained that the Chamber of Commerce is working to develop events during the construction projects downtown. BRIGGS suggested scheduling another joint EDA/BEC meeting and invite the Chamber of Commerce. 4 MCCABE suggested the EDA attend a BEC meeting on Thursday morning as Ms. Fleck from the Chamber of Commerce is typically present. BRIGGS suggested a joint meeting on Thursday, May 24th at 7:30 a.m. to allow the Chamber of Commerce more time to develop their event plans and for the PMT team to continue to solidif y the TH13 / CR 21 con- struction timelines. 10. ADJOURNMENT MOTION BY BRIGGS, SECONDED BY BOUCHER-HOESE, TO ADJOURN THE MEETING. With all in favor, the meeting adjourned at 5:47 p.m. ___________________________ Frank Boyles, Executive Director Phone 952.447.9800 / Fax 952.447.4245 / www.cityofpriorlake.com 4646 Dakota Street SE Prior Lake, MN 55372 Economic Development Authority Special Meeting Minutes April 30, 2018 1. CALL TO ORDER PRESIDENT CHROMY called the meeting to order at 4:00 p.m. Present were Chromy, Sheehan-Kerber, Braid, Briggs and Boucher-Hoese. Also present were Executive Director Boyles, City Attorney Schwarzhoff, Community Development Director McCabe and Planner Schwabe. 2. APPROVAL OF AGENDA MOTION BY BRIGGS, SECONDED BY BOUCHER-HOESE, TO APPROVE THE AGENDA. Ayes by Chromy, Sheehan-Kerber, Braid, Briggs and Boucher-Hoese. The motion carried 5-0. 3. APPROVAL OF MEETING MINUTES None 4. CONSENT AGENDA None 5. REMOVED CONSENT AGENDA ITEMS None 6. PUBLIC HEARING No Public Hearings 7. OLD BUSINESS None 8. NEW BUSINESS A. Consider Approval of the EDA 2018 Business Plan and Funding Proposal MCCABE provided an overview of the Draft EDA 2018 Business Plan and Funding Proposal. The proposal iden- tifies how additional funding could be requested, approved and used to achieve a greater economic development impact in the community than existing resources allow. The Draft Business Plan also identifies the EDA’s goals and initiatives. CHROMY shared that historically, EDA funds were very limited. BRIGSS stated that this proposal provides an opportunity for the EDA to become more self sufficient. SHEEHAN-KERBER asked a question related to Technology Village in the Business Plan regarding budgeting as it relates to the transition from a City of Prior Lake program into a county-wide model. MCCABE explained that the intent is to update the Business Plan annually to ensure the EDA is expending funds on appropriate city initiatives. He shared that in discussion with the City of Prior Lake Finance Director, who is also the EDA Treasurer, a fund balance of fifty percent (50%) of the budgeted expenditures should be maintained in the EDA Special Revenue (Reserve) Fund Balance to ensure sufficient funds are available to cover annual fixed expenses which the EDA is responsible for. 2 SCHWARZHOFF explained the process for acquiring property utilizing EDA funds. MCCABE shared that two resolutions will be required to accomplish the EDA 2018 Business Plan and Funding Proposal. The first is a resolution amending the EDA enabling resolution. The second is a resolution related to the funding request which also incorporates approval of the proposed Business Plan. It is anticipated these resolutions would be on the May 21st, 2018 City Council Agenda. MOTION BY BRIGGS AND SECONDED BY SHEEHAN-KERBER TO REQUEST A FUND TRANSFER FROM THE PRIOR LAKE GENERAL FUND IN THE AMOUNT OF $300,000 FOR THE EDA SPECIAL REVENUE FUND. Ayes by Chromy, Sheehan-Kerber, Braid, Briggs and Boucher-Hoese. The motion carried 5-0. MOTION BY BRIGGS AND SECONDED BY BOUCHER-HOESE TO APPROVE THE EDA 2018 BUSINESS PLAN AS PROPOSED AND AUTHORIZING STAFF TO PRESENT TO THE CITY COUNCIL ALL THREE DOC- UMENTS INCLUDING THE PROPSOED AMENDMENTS TO THE ENABLING RESOLUTION TOGETHER WITH THE RESOLUTION AUTHORIZING FUNDING ACTIONS TO EFFECTUATE THIS PROPOSAL. Ayes by Chromy, Sheehan-Kerber, Braid, Briggs and Boucher-Hoese. The motion carried 5-0. 9. OTHER BUSINESS A. Staff Updates (i) MN Citizens for the Arts Speaker – Attendant Discussion MCCABE explained that the guest speaker from the MN Citizens for the Arts will be in attendance at the May 14th, 2018 meeting to present information about the links between the arts and economic development. Staff inquired if there are others that should be invited to participate. SHEEHAN-KERBER, BRIGGS and BOUCHER-HOESE offered to provide names for staff to invite. (ii) EDA/BEC Joint Work Session – Monday, June 11, 2018 MCCABE shared that due to scheduling conflicts in May, the BEC was not able to host the EDA/BEC joint meeting and instead will attend the June 11, 2018 EDA meeting. B. Commissioner Comments BRIGGS shared that he met with the Mayor of South St. Paul recently and explained that they had an insight- ful discussion regarding their economic development initiatives and active arts council. 10. ADJOURNMENT MOTION BY BRIGGS, SECONDED BY BOUCHER-HOESE, TO ADJOURN THE MEETING. With all in favor, the meeting adjourned at 5:01 p.m. ___________________________ Frank Boyles, Executive Director 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: June 11, 2018 AGENDA #: 4A PREPARED BY: Casey McCabe, Community Development Director AGENDA ITEM: DEVELOPMENT UPDATE DISCUSSION: Introduction The purpose of this consent agenda item is to review the residential and com- mercial development update as of May 31, 2018. History EDA Commissioners requested an update of residential and commercial activity at each meeting. Conclusion The attached memorandum provides a summary of residential and commercial development in the City of Prior Lake. ALTERNATIVES: RECOMMENDED MOTION ATTACHMENT: 1. Motion and a second, under the consent agenda, to accept the development update. 2. Remove this item from the consent agenda for additional discussion. Alternative No. 1. 1. May 2018 Development Update will be provided at the meeting. 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: June 11, 2018 AGENDA #: 4B PREPARED BY: Casey McCabe, Community Development Director AGENDA ITEM: EDA REVENUE & EXPENDITURE REPORT DISCUSSION: Introduction The purpose of this consent agenda item is to review the EDA Revenue & Expendi- ture Report through April 30, 2018. History EDA Commissioners requested financial reports be provided on a quarterly basis. Current Circumstances Revenues are minimal until the tax levy is received by the City twice per year. Ex- penditures to date primarily relate to staff wages and benefits as anticipated and budgeted. Conclusion EDA members receive quarterly financial reports of revenues and expenditures. ISSUES: This document provides a summary of activities associated with costs as budgeted by the EDA. FINANCIAL IMPACT: None. ALTERNATIVES: 1. Motion and a second, under the Consent Agenda, to accept the EDA Revenue & Expenditure Report through April 30, 2018. 2. Remove this item from the consent agenda for additional discussion. RECOMMENDED MOTION: Alternative #1 ATTACHMENTS: 1. EDA Revenue & Expenditure Report *NOTE: Available Balance / Pct Budget Used does not reflect amounts encumbered. REVENUE AND EXPENDITURE REPORT FOR CITY OF PRIOR LAKE 1/2Page : 05/04/2018 11:45 AM User: cmccabe DB: Prior Lake PERIOD ENDING 04/30/2018 % BDGT USED AVAILABLE BALANCE ACTIVITY FOR MONTH 04/30/2018 YTD BALANCE 04/30/2018 2018 AMENDED BUDGETDESCRIPTIONGL NUMBER Fund 240 - EDA SPECIAL REVENUE FUND Revenues Dept 00000.00 - GENERAL 0.00 140,000.00 0.00 0.00 140,000.00 Current Property Taxes - General Purpos240-00000.00-31010.00 0.00 0.00 0.00 0.00 0.00 Market Value Credit Aid240-00000.00-33423.00 0.00 0.00 0.00 0.00 0.00 Administrative Charges240-00000.00-34111.00 44.71 1,492.91 1.22 1,207.09 2,700.00 Interest Earnings240-00000.00-36210.00 100.00 1,617.13 0.00 (1,617.13)0.00 Unrealized Inv.Gain(Loss)240-00000.00-36225.00 0.00 0.00 0.00 0.00 0.00 Transfer from Other Funds240-00000.00-39203.00 (0.29)143,110.04 1.22 (410.04)142,700.00 Total Dept 00000.00 - GENERAL Dept 46500.00 - ECONOMIC DEVELOPMENT 0.00 0.00 0.00 0.00 0.00 County-City Aids/Grants - Operating EDA240-46500.00-33610.14 0.00 0.00 0.00 0.00 0.00 Prof Service Fee Deposit - EDA240-46500.00-36220.14 0.00 0.00 0.00 0.00 0.00 Total Dept 46500.00 - ECONOMIC DEVELOPMENT Dept 46503.00 - TECH VILLAGE INCUBATOR 49.06 3,983.33 200.00 3,836.67 7,820.00 Facility Rental - EDA240-46503.00-34760.02 49.06 3,983.33 200.00 3,836.67 7,820.00 Total Dept 46503.00 - TECH VILLAGE INCUBATOR 2.28 147,093.37 201.22 3,426.63 150,520.00 TOTAL REVENUES Expenditures Dept 46500.00 - ECONOMIC DEVELOPMENT 26.20 67,445.55 0.00 23,941.45 91,387.00 Wages - Full Time240-46500.00-51100.01 11.67 2,650.00 200.00 350.00 3,000.00 Wages - Commissioners240-46500.00-51100.05 0.00 0.00 0.00 0.00 0.00 Overtime - Full Time240-46500.00-51110.01 0.00 0.00 0.00 0.00 0.00 Sick Leave - Buy Down240-46500.00-51208.01 0.00 0.00 0.00 0.00 0.00 Accrued Comp Time240-46500.00-51301.00 26.19 337.30 0.00 119.70 457.00 Compensated Absences240-46500.00-51400.00 25.68 4,349.07 12.40 1,502.93 5,852.00 Social Security Contributions240-46500.00-51450.00 25.68 1,017.50 2.89 351.50 1,369.00 Medicare Contributions240-46500.00-51451.00 25.97 5,118.37 0.00 1,795.63 6,914.00 PERA Contributions240-46500.00-51460.00 25.92 5,339.48 0.00 1,868.52 7,208.00 Health Insurance240-46500.00-51470.00 15.63 202.50 0.00 37.50 240.00 Retiree HCSP Contributions240-46500.00-51472.00 12.50 472.50 0.00 67.50 540.00 Dental Insurance240-46500.00-51473.00 27.21 42.22 0.00 15.78 58.00 Life Insurance240-46500.00-51474.00 38.32 264.00 82.00 164.00 428.00 Workers Compensation Insurance240-46500.00-51477.00 0.00 250.00 0.00 0.00 250.00 Office Supplies240-46500.00-52010.00 0.00 2,500.00 0.00 0.00 2,500.00 Legal Services240-46500.00-53020.00 0.00 22,824.00 0.00 0.00 22,824.00 Professional Services - General240-46500.00-53100.80 0.00 250.00 0.00 0.00 250.00 Telecommunications240-46500.00-53210.00 0.00 500.00 0.00 0.00 500.00 Training and Employee Development240-46500.00-53310.10 0.00 250.00 0.00 0.00 250.00 Required Notice Publication240-46500.00-53510.00 39.33 455.00 0.00 295.00 750.00 Memberships and Subscriptions240-46500.00-54310.00 0.00 1,000.00 0.00 0.00 1,000.00 Miscellaneous Expense240-46500.00-54320.00 0.00 0.00 0.00 0.00 0.00 Projects - Professional Services240-46500.00-55050.00 *NOTE: Available Balance / Pct Budget Used does not reflect amounts encumbered. REVENUE AND EXPENDITURE REPORT FOR CITY OF PRIOR LAKE 2/2Page : 05/04/2018 11:45 AM User: cmccabe DB: Prior Lake PERIOD ENDING 04/30/2018 % BDGT USED AVAILABLE BALANCE ACTIVITY FOR MONTH 04/30/2018 YTD BALANCE 04/30/2018 2018 AMENDED BUDGETDESCRIPTIONGL NUMBER Fund 240 - EDA SPECIAL REVENUE FUND Expenditures 20.93 115,267.49 297.29 30,509.51 145,777.00 Total Dept 46500.00 - ECONOMIC DEVELOPMENT Dept 46503.00 - TECH VILLAGE INCUBATOR 0.00 250.00 0.00 0.00 250.00 Office Supplies240-46503.00-52010.00 0.00 500.00 0.00 0.00 500.00 Small Equipment - General240-46503.00-52400.10 0.00 500.00 0.00 0.00 500.00 Legal Services240-46503.00-53020.00 0.00 0.00 0.00 0.00 0.00 Professional Services - Software Design240-46503.00-53100.60 1.88 1,962.50 37.50 37.50 2,000.00 Telecommunications240-46503.00-53210.00 0.00 0.00 0.00 0.00 0.00 Rent Subsidies240-46503.00-54095.00 0.00 1,820.00 0.00 0.00 1,820.00 Business Assistance240-46503.00-54100.00 1.56 984.42 0.00 15.58 1,000.00 Memberships and Subscriptions240-46503.00-54310.00 0.00 500.00 0.00 0.00 500.00 Miscellaneous Expense240-46503.00-54320.00 0.00 0.00 0.00 0.00 0.00 Building & Building Improvements240-46503.00-55520.00 0.00 0.00 0.00 0.00 0.00 Furniture and Office Equipment240-46503.00-55560.00 0.00 1,250.00 0.00 0.00 1,250.00 Machinery and Equipment240-46503.00-55570.00 0.68 7,766.92 37.50 53.08 7,820.00 Total Dept 46503.00 - TECH VILLAGE INCUBATOR 19.90 123,034.41 334.79 30,562.59 153,597.00 TOTAL EXPENDITURES 881.90 24,058.96 (133.57)(27,135.96)(3,077.00)NET OF REVENUES & EXPENDITURES 19.90 123,034.41 334.79 30,562.59 153,597.00 TOTAL EXPENDITURES 2.28 147,093.37 201.22 3,426.63 150,520.00 TOTAL REVENUES Fund 240 - EDA SPECIAL REVENUE FUND: 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: June 11, 2018 AGENDA #: 9A PREPARED BY: PRESENTED BY: Casey McCabe, Community Development Director Casey McCabe AGENDA ITEM: EDA SPECIAL REVENUE FUND APPROVAL – NEXT STEPS DISCUSSION: Introduction The purpose of this agenda item is to discuss next steps following the May 21st City Council approval of the EDA 2018 Business Plan and transfer of funds from the Prior Lake General Fund to the EDA Special Revenue Fund. History The EDA and City Council held a joint work session on Monday, April 16th. Dur- ing the work session the EDA requested a funding mechanism be created which would allow for the EDA to request, and the City Council to approve, periodic allocations from the Prior Lake General Fund to the EDA Special Revenue Fund. In addition to the funding request, the EDA also requested the City Council pro- vide the EDA with the ability to expend funds so allocated, provided that the purpose is consistent with the approved EDA Business Plan. The EDA Enabling Resolution was amended by the City Council on May 21st to include language which allows the EDA to utilize EDA Special Revenue Funds to facilitate economic development initiatives identified in the EDA Business Plan. In addition, the City Council approved a transfer of $300,000 from the Prior Lake General Fund to the EDA Special Revenue Fund. Current Circumstances The adopted EDA Business Plan identifies how additional funding could be used to achieve a greater economic development impact in the community through economic development initiatives proposed by the EDA. Funds from the EDA Special Revenue Fund may be used by the EDA to accom- plish the following economic development initiatives: i) property acquisition; ii) storefront rehabilitation; iii) direction and promotional signage, such as banner poles visitor kiosks or wayfinding signage; iv) economic development and rede- velopment loans and incentives; v) new business attraction through website en- hancements and marketing; vi) efforts to facilitate commercial development and redevelopment; and vii) enhancing the character of commercial areas. 2 Conclusion EDA members should discuss how they would like to proceed with the identified economic development initiatives and provide direction to staff. It may be ap- propriate for the EDA to direct staff to prepare a policy for EDA consideration related to any of the identified economic development initiatives. City staff will be prepared to discuss the economic development initiatives as well as potential parcels the EDA may wish to identify for future acquisition and/or redevelopment during the June 11th meeting. ISSUES: It is assumed any parcels the EDA may consider acquiring in the future would be purchased from a willing seller at a fair market value. FINANCIAL IMPACT: The EDA Special Revenue Fund has an estimated fund balance of $475,000; approximately $100,000 of this fund balance should be retained for cash flow purposes. ALTERNATIVES: 1. Motion and second providing direction to staff related to pursuing economic development initiatives identified in the EDA Business Plan. 2. Continue discussion at a future meeting. RECOMMENDED MOTION: Alternative #1 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: June 11, 2018 AGENDA #: 9B PREPARED BY: Casey McCabe, Community Development Director AGENDA ITEM: JOINT EDA / BEC DISCUSION TOPICS DISCUSSION: Introduction The purpose of this agenda item is to allow the BEC to present proposed economic development related enhancements to the City of Prior Lake website as well as provide the BEC and EDA an opportunity to discuss ways to support businesses and promote customer traffic in the areas of the community experiencing construc- tion activities over the next two years. History One of the EDA’s goals for 2018 is to increase engagement with other committees, including the BEC, to promote partnerships and collaboration. This is the second joint meeting between the EDA and BEC in 2018. The BEC has created and updated a City of Prior Lake community profile brochure multiple times over the years; most recently was an electronic brochure update in August 2016. During a previous joint EDA/BEC meeting, the EDA provided direc- tion to staff and the BEC to develop electronic communication pieces intended for visitors, existing businesses, and prospective investors. Current Circumstance The BEC reviewed the earlier printed version of the community profile, as well as a more recent electronic only format. After consideration, BEC members did not support the idea of printing another community profile and instead recommended a web-based resource. The BEC and city staff reviewed the current City of Prior Lake website and identi- fied a lack of economic development resources. The BEC then reviewed websites from other communities and worked with city staff to create a new page focused on economic development which includes information related to starting or ex- panding a business, community profile, demographics, technology village and re- sources and contacts. In addition to the website discussion, BEC and EDA members can discuss oppor- tunities to increase customer traffic to the city’s commercial areas during upcoming construction projects or other topics of interest to the committees. Conclusion Staff would appreciate input from the BEC and EDA regarding any changes or additions the BEC feels are appropriate for the economic development page of the 2 city website. Both committees should also discuss opportunities to enhance cus- tomer traffic and support businesses in our commercial areas during construction. FINANCIAL IMPACT: There were no costs for the website enhancements, as they have been completed by city staff. ALTERNATIVES: 1. Motion and second to provide direction to staff and/or BEC as appropriate re- lated to economic development website enhancements or opportunities to support commercial areas during construction. 2. Continue discussion at a future meeting. RECOMMENDED MOTION: 1. Alternative #1