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HomeMy WebLinkAbout11 13 2018 EDA Minutes Phone 952.447.9800 / Fax 952.447.4245 / www.cityofpriorlake.com 4646 Dakota Street SE Prior Lake, MN 55372 Economic Development Authority Meeting Minutes November 13, 2018 1. CALL TO ORDER PRESIDENT CHROMY called the meeting to order at 4:00 p.m. Present were Chromy, Braid and Briggs. Also present were Executive Director Boyles, Community Development Director McCabe and Planner Schwabe. Guest present, Matt Schafer. 2. APPROVAL OF AGENDA MOTION BY BRIGGS, SECONDED BY BRAID, TO APPROVE THE AGENDA. Ayes by Chromy, Braid and Briggs. The motion carried 3-0. 3. APPROVAL OF MEETING MINUTES A. October 8, 2018 MOTION BY CHROMY, SECONDED BY BRIGGS TO APPROVE THE OCTOBER 8, 2018 MEETING MINUTES. Ayes by Chromy, Braid and Briggs. The motion carried 3-0. 4. CONSENT AGENDA A. Development Update (10/31/2018) B. EDA Revenue & Expenditure Report MOTION BY BRIGGS, SECONDED BY BRAID TO APPROVE THE CONSENT AGENDA. Ayes by Chromy, Braid and Briggs. The motion carried 3-0. 5. REMOVED CONSENT AGENDA ITEMS None 6. PRESENTATIONS None 7. PUBLIC HEARING No Public Hearings 8. OLD BUSINESS None 9. NEW BUSINESS A. Consider Acquisition of Downtown Properties (verbal report) MCCABE shared that the City was contacted by an agent who was listing a property at 4528 Colorado Street to see if the city may have interest in purchasing that property. In addition, the agent informed staff the adjacent property owner at 4540 may also have interest in selling his property. McCabe followed up on both properties and discussed potential acquisition prices with the EDA. SCHAEFER explained that he has had contact with some of the property owners along that section of Colorado Street but has not been able to speak with all. He shared that redevelopment of this area would be a great way to join the Duluth Street area with Downtown. EDA members discussed their potential interests in acquiring the Colorado Streed parcels. BRAID stated that the parcels in the area of Colorado Street are a natural progression of Downtown. 2 CHROMY shared concerns regarding acquisition of properties and length of time the City would be interested in retaining them before they would be redeveloped. EDA suggested staff should attempt to contact the adjacent property owner regarding their plans for the property. MOTION BY BRIGGS, SECONDED BY CHROMY DIRECTING STAFF TO PREPARE OFFER LETTERS FOR 4528 COLORADO STREET AND 4540 COLORADO STREET. Ayes by Chromy, Braid and Briggs. The motion carried 3-0. SCHAEFER discussed plans for the lots owned by Prior Lake Revival LLC west of Duluth Ave. He shared two concept plans for the construction of a second multi-tenant, single-story structure (Phase II of the Prior Lake Re- vival project). The proposed building may be approximately 10,000 sq. ft. with 6-8 lease spaces. He shared that in his experience, the demand for leased space is in the 750-1,200 sq. ft. size and the desired lease rate is in the $18-19 per sq. ft. range. SCHAEFER described the construction methods for a building of 25 feet in height (steel structure) as opposed to a building averaging 18 feet (stick frame) and inquired about City contribution opportunities. MCCABE shared that in the past, the City Council had approved a recommendation from the EDA for tax abate- ment for a period of time for the Prior Lake Revival Phase I project. He explained that the EDA assisted the PLate project with use of Downtown TIF Fund Reserves and EDA Reserves for sidewalk replacement, lighting, soil cor- rections, etc. EDA directed Staff to work with Schaefer to explore possible assistance options which would be brought before the EDA again at a future meeting. B. Downtown Parking Directional Signs MCCABE shared information on proposed public parking sign designs, possible locations and sign types being utilized in other communities. He stated that these types of signs would be an eligible expense for EDA Special Revenue Funds if the EDA wanted to pursue a parking wayfinding signage plan. BRAID stated that he preferred blue colored signs with the logo or a “P” to indicate parking. Discussion ensued regarding location, the use of existing posts when available and whether the signs could be internally it, possibly by solar. BRAID suggested that in addition to the proposed parking/wayfinding signage on the public parking sign locations map, a sign on the southeast corner of the Arcadia Street/Colorado Street intersection may be beneficial. EDA members requested staff complete additional research into sign types, costs and locations to be presented at the next EDA meeting. C. Construction Customer Attraction Ideas MCCABE explained that BRAID and CHROMY attended the BEC meeting on October 25, 2018. Discussion was held at the BEC meeting regarding the creation of a “Big Game” typw committee with representatives from the City, Chamber of Commerce and others to lead customer attraction efforts during upcoming construction activities. BRAID stated that the creation of a subcommittee is a good idea. CHROMY commented that time is of the essence. MCCABE stated that perhaps conversation should be had with the Chamber of Commerce to define who will be taking the lead and discuss sponsorship levels, funding, etc. 3 BRIGGS shared that Bolten & Menk assisted the City of Hopkins with communications type activities. BRIGGS suggested the Ciyt Council may want to consider utilizing the remianin funds originally accocated for communication of the Duluth Avenue / Hwy 13 project for customer attraction efforts in 2019. 10. OTHER BUSINESS A. Staff Updates McCabe informed the EDA that staff presented an offer to purchase a downtown property, pending EDA review and approval, which was not accepted by the property owner. B. Commissioner Comments None. 11. ADJOURNMENT MOTION BY BRIGGS, SECONDED BY TO ADJOURN THE MEETING. With all in favor, the meeting adjourned at 5:25 p.m. Ayes by Chromy, Braid and Briggs. The motion carried 3-0. ___________________________ Frank Boyles, Executive Director