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HomeMy WebLinkAbout05(H) - Accept the Prior Lake Economic Development Authority 2020 Annual Report Report1 | P a g e PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY (EDA) 2020 ANNUAL REPORT EDA Commissioners: David Chromy (President) Marie Boucher-Hoese (Vice-President) Annie Sheehan-Kerber Zach Braid Kirt Briggs Kim Prchal (2021) EDA Staff: Jason Wedel, Executive Director Casey McCabe Amanda Schwabe Cathy Erickson, Treasurer EDA Purpose: The City of Prior Lake is fortunate to have an active and entrepreneurial entity, known as the Economic Development Authority (EDA), focused on creating a desirable environment to attract and grow businesses which will expand and diversify the city’s tax base and employment opportunities. (EDA Bylaws) - The business of the Economic Development Authority shall include but not be limited to promoting growth, development and redevelopment of retail, commercial and industrial properties in Prior Lake; diversifying the City’s tax base; providing tools and incentives to achieve the Economic and Community Development Vision Element in the City‘s 2040 Vision and Strategic Plan; and providing an incubator to generate ideas and initiatives to support economic growt h and vitality. With all activities of the EDA, the objectives of the City’s 2040 Vision & Strategic Plan goal of Desirable and Sustainable Development are considered. Objectives include: 1. Intentional land use planning that facilitates commercial develop ment for an expanded tax base. 2. Preserve and enhance Prior Lake’s small-town feel. 3. Explore ways to encourage downtown as a vibrant destination. 4. Encourage development and preservation of quality life-cycle residential housing options. 5. Create appealing public spaces and transportation corridors to bring people together and foster a sense of place. 2 | P a g e EDA Meetings: ➢ Regular meetings were scheduled on the second Monday of each month in 2020 ➢ Twelve meetings, including one special meeting, were held in 2020 Summary of 2020 EDA Action and Accomplishments: ➢ Approved Business Engagement Committee (BEC) and Technology Village Board of Director bylaw amendments ➢ Elected EDA Officers for 2021 ➢ Appointed BEC and Technology Village advisory committee members ➢ Approved the purchase of a single-family property at 4662 Dakota St. SE for future redevelopment purposes ➢ With City Council support, approved a purchase agreement for property at 4656 Pleasant St. SE to support future commercial and mixed-use redevelopment ➢ Considered a request for reuse of a structure at Sand Point Park for a small restaurant concept ➢ Engaged Creative Minnesota to study the impact of public art on our economy as well as establishing an Arts & Culture Task Team to inventory existing public art installments and non-profit entities and identify opportunities for future arts enhancements to our community ➢ Coordinated efforts to facilitate the downtown Yesterday and Today mural installation ➢ Completed the #PLWorthIt Wish List to promote opportunities for individuals and businesses to contribute to community enhancement projects ➢ Participated in many planning discussions and public participation processes related to the Downtown South redevelopment project ➢ Provided direction to staff related to home occupation ordinance amendments ➢ Recommended amendments to EDA Bylaws ➢ Prepared a draft Request for Proposals for redevelopment of the Dakota Street SE properties ➢ Provided comments to staff related to short-term rental ordinance amendments ➢ Adopted a resolution authorizing the EDA Property Tax Levy to be identified on the Scott County property tax statements ➢ Provided comments on a petition to annex property from Credit River Township ➢ Provided additional funding to support Prior Lake businesses who were recipients of the Scott County CDA Small Business Recovery Fund ➢ Participated in the downtown Yesterday and Today mural dedication event ➢ Completed the successful transition of the Chalk Fest event from an EDA/#PLWorthIt initiative to an annual City of Prior Lake Recreation Department event ➢ Provided direction and support for the 2nd annual Chalk Fest event ➢ Received a presentation from Sheila Smith, Executive Director of MN Citizens for the Arts ➢ Identified EDA 2020 Accomplishments and 2021 Goals ➢ Approved a resolution of disbandment of the Business Engagement Committee and supported absorption of BEC members into the Citizen Engagement Committee ➢ Provided funding for nine restaurants to each receive a $10,000 forgivable loan under the EDA COVID-19 Restaurant Assistance Program ➢ Welcomed over 85,000 square feet of new commercial / industrial building in 2020. New buildings included New Creations Child Care, Norbella Senior Living of Prior Lake [Summers Ridge], Whitemore Fire Consultants and Prior Lake Rental [Adelmann Storage Condos]. 3 | P a g e Economic Development Authority 2021 Goals: ➢ Work to facilitate the downtown south redevelopment project to maximize benefit to the community while addressing, to the best of our ability, the comments or concerns of surrounding residents and business owners. o Progress has been made with EDA members and staff engaging in frequent discussions with the VFW, Beard Group, surrounding businesses and residents. Agreements are currently being developed to move this project forward. ➢ Identify a developer partner and begin redevelopment of the EDA owned Dakota Street lots. o Progress has been made with staff involved in high-level discussions with developers about future mixed-use redevelopment opportunities and relocation of the two existing single-family homes. ➢ Evaluate advisory committees and structure thereof, including examination of arts and culture initiatives. o Progress has been made with the EDA having evaluated their advisory committees. The EDA has approved a resolution disbanding the Business Engagement Committee (BEC) and supporting the absorption of BEC members into the City’s Citizen Engagement Committee. In addition, the EDA has met with representatives of the Scott County Community Development Agency (CDA) and approved a motion in support of the transition of the Prior Lake Technology Village Business Accelerator into a Scott County-wide business development program under the sponsorship and direction of the Scott County CDA. ➢ Continue to identify opportunities to support local businesses who are suffering as a result of the COVID-19 pandemic. o Progress has been made with i) the EDA supporting City of Prior Lake assistance in a Scott County COVID Relief Program, and ii) providing an additional $90,000 of EDA funds through the creation of a Prior Lake EDA Restaurant Relief Program, which provided a $10,000 forgivable loan to nine different restaurant establishments in Prior Lake. ➢ Conduct a joint meeting with the Scott County CDA First Stop Shop, City Council, Planning Commission and EDA advisory committees to identify reciprocal goals. o Progress has been made with a meeting already being held with the Scott County CDA and additional meetings will be planned with the other committees later in the year. EDA Longer-Term Goals/Activities: In addition to the 2021 goals identified above, the EDA has discussed additional longer-term activities and key initiatives, including: ➢ In anticipation of the sale of a significant amount of acreage along the CH42 corridor for commercial and residential development, the EDA will work closely with the Prior Lake Planning Commission and City Council to ensure a sufficient supply of commercial and industrial land is maintained in appropriate locations to absorb the anticipated demand for this type of use. ➢ The EDA would like to work with the Planning Commission, City Council and residents within the Transitional Town Center (TC-T) District on future City Code amendments related to a transition from the current TC-T zoning use standards to a newly created Mixed-Use Zoning District. The new district will provide for needed commercial expansion and creative reuse of buildings in the downtown area while protecting the interests and investment of existing residents. ➢ The EDA will continue to engage in potential redevelopment discussions with owners of properties in the downtown area which may not currently meet city code requirements related to building design or use. 4 | P a g e EDA Funding: Funding for EDA activities is primarily available through the EDA property tax levy and EDA Special Revenue Fund. Current available funding, and any funding which may become available in the future, will be used to accomplish the goals, activities and key initiatives identified above. The EDA works to prioritize those projects that, in the EDA’s judgment, will address the most pressing public purposes. It is the intent of the EDA to provide funding to achieve these economic development initiatives in the most limited fashion possible to assure the initiatives are achieved. In conformance with the City’s Comprehensive Financial Management Policy, the EDA will strive to maintain a fund balance within the EDA Fund to meet both anticipated and unanticipated future economic development needs. The EDA will maintain a reserve balance at a level which takes into consideration, i) professional services; ii) significant funding which may be required for acquisition of land for development opportunities; iii) potential relocation costs or legal costs attributable to economic development actions; iv) anticipated or un anticipated environmental concerns or impacts; and v) cash flow for a minimum of six (6) months of projected operating expenditures. Recent Commercial/Industrial Development Activity: The chart below identifies the total building permit valuation attributable to new commercial/industrial projects as well as addition/alteration projects annually since 2010. 5 | P a g e The chart below identifies what percentage of total building permit valuation is attributable to new commercial/industrial projects annually since 2010. City Council Support: Recent accomplishments of the EDA and future goals and projects will be achieved thanks to the generous support of the Prior Lake City Council. In recent years, the Prior Lake City Council has supported the EDA by providing access to EDA funding reserves, supporting the EDA with funding requests, providing the EDA with an allocation of general fund reserves, and transferring properties to the EDA for management and coordination of redevelopment activities. It is through this unprecedented level of support from the Council, the EDA can make a positive impact on the community. Although this annual report details accomplishments of the Economic Development Authority, EDA members wanted this document to clearly acknowledge none of this would be possible without the level of support the City Council has shown the EDA over the past few years.