HomeMy WebLinkAbout_02 13 2023 EDA Agenda Packet
Phone 952.447.9800 / www.priorlakemn.gov
4646 Dakota Street SE
Prior Lake, MN 55372
PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY
AGENDA
Monday, February 13, 2023 – 4:00 p.m.
Parkview Community Room
Reports included with this agenda can be found on the City of Prior Lake website at www.cityofpriorlake.com
Please follow this file path: Agendas & Minutes / Economic Development Authority / 2023 / February 13, 2023
1. CALL TO ORDER
2. ELECTION OF OFFICERS
3. APPROVAL OF AGENDA
4. APPROVAL OF MEETING MINUTES
A. December 19, 2022
5. CONSENT AGENDA
A. Year-End Development Update (12/31/2022)
B. Year-End EDA Revenue & Expenditure Report (12/31/2022)
C. Monthly Development Update (01/31/2023)
6. REMOVED CONSENT AGENDA ITEMS
7. PRESENTATIONS
A. None
8. OLD BUSINESS
A. None
9. NEW BUSINESS
A. Downtown Land Use / Zoning Map Review (verbal report)
B. Fast-Track Challenge Sponsorship Opportunity
10. OTHER BUSINESS
A. Staff Updates
i. Dakota Street Redevelopment
ii. Multi-Family Residential Development
iii. Community Artist RFQ
B. Commissioner Comments
11. ADJOURNMENT
Phone 952.447.9800 / priorlakemn.gov
4646 Dakota Street SE
Prior Lake, MN 55372
Economic Development Authority Meeting Minutes
Monday, December 19, 2022
1. CALL TO ORDER
Chair Prchal called the meeting to order at 5:00 p.m. In attendance were Prchal, Boucher-Hoese, Braid, Briggs, and
Marco. Also present were CEC Liaison Speiker, Executive Director Wedel, staff Liaison McCabe, and Arts and Cul-
ture Committee member Alejandra Pelinka.
2. APPROVAL OF AGENDA
MOTION BY BRIGGS, SECONDED BY BRAID TO APPROVE THE AGENDA.
Ayes by Prchal, Braid, Briggs, and Boucher-Hoese. The motion carried 4-0.
3. APPROVAL OF MEETING MINUTES
MOTION BY BRIGGS, SECONDED BY BOUCHER-HOESE TO APPROVE THE OCTOBER 10, 2022, MEETING
MINUTES.
Ayes by Prchal, Braid, Briggs, and Boucher-Hoese. The motion carried 4-0.
4. CONSENT AGENDA
A. Development Update (11/30/2022)
MCCABE reviewed the summary of year-to-date residential and commercial development activity.
MOTION BY BRIGGS, SECONDED BY BRAID TO APPROVE THE CONSENT AGENDA.
Ayes by Prchal, Braid, Briggs, and Boucher-Hoese. The motion carried 4-0.
5. REMOVED CONSENT AGENDA ITEMS
6. PRESENTATIONS
None
7. OLD BUSINESS
None
8. NEW BUSINESS
A. Arts and Culture Committee Strategic Plan
MCCABE presented a five-year Strategic Plan prepared by the Arts and Culture Committee (ACC). McCabe stated
the purpose of the Strategic Plan is to identify specific projects to be completed over the next five years and by
approving the Strategic Plan, the EDA is supporting the goals identified by the ACC and authorizing them to pursue
identified projects. EDA members were encouraged to discuss any projects they do not feel should be included in
the plan and share ideas for other priorities that should be included.
MOTION BY PRCHAL, SECONDED BY BRAID TO APPROVE THE ARTS AND CULTURE COMMITTEE 2023-
2027 STRATEGIC PLAN
Ayes by Prchal, Braid, Briggs, Boucher-Hoese and Marco. The motion carried 5-0.
B. Arts and Culture Committee Prior Lake Community Artist RFQ
PELINKA presented the Prior Lake Community Artist request for qualifications (RFQ). Ms. Pelinka discussed the
contents of the RFQ including stakeholder engagement, getting to know the downtown Prior Lake area, developing
a plan and recommending location(s) for public artwork, and fabricating and installing public artwork(s). The selected
Artist will develop a budget and plan detailing engagement and project development work, spend time in Prior Lake
and implement a plan to engage with Prior Lake community, provide public artwork(s) design for review and approval,
identify preferred location(s) for proposed artwork, produce and install at least one piece of permanent public artwork
in downtown Prior Lake.
EDA Members expressed support and appreciation for the work the Arts and Culture Committee put into the RFQ.
BRIGGS suggested a few names who may be interested in serving on the RFQ review panel, including a representa-
tive from the Lakeville Arts Center and a youth representative, as well as possible downtown businesses that may
be interested in having the public art placed near their location.
PRCHAL offered to serve on the RFQ review panel if needed.
MOTION BY BOUCHER-HOESE SECONDED BY BRIGGS TO APPROVE THE PRIOR LAKE COMMUNITY ART-
IST REQUEST FOR QUALIFICATIONS.
Ayes by Prchal, Braid, Briggs, Boucher-Hoese and Marco. The motion carried 5-0.
9. OTHER BUSINESS
A. Staff Updates
i. Dakota Street Redevelopment TIF Approval
McCabe provided an update on the status of the TIF Development Agreement, Purchase Agreement,
and informed the EDA that staff continues to work with Prior Lake B Squared Ventures, LLC toward the
construction of a mixed-use residential and commercial building next to City Hall.
ii. 2023 EDA Budget Approval
McCabe informed the commissioners the 2023 EDA budget was approved as requested by the City
Council during their December meeting.
iii. Development Update
McCabe provided an update of commercial and multi-family developments projects staff is anticipating
in 2023..
B. Commissioner Comments
Marco shared his thoughts on the commercial and multi-family residential development outlook for 2023.
ADJOURNMENT
MOTION BY BOUCHER-HOESE SECOND BY BRIGGS TO ADJOURN THE MEETING.
Ayes by Prchal, Braid, Briggs, Boucher-Hoese and Marco. The motion carried 5-0.
The meeting adjourned at 5:52 p.m.
Submitted by Casey McCabe
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: February 13, 2023
AGENDA #: 2
PREPARED BY: Casey McCabe, Community Development Director
AGENDA ITEM: Election of Officers
DISCUSSION: Introduction
Article 5.1 of the EDA Bylaws state the officers of the EDA shall be elected at the
first meeting of the year. Officers include President, Vice-President, Treasurer,
Secretary, and Assistant Treasurer.
History
The 2022 elected EDA officers were: Kim Prchal as President; Marie Boucher-
Hoese as Vice-President; Cathy Erickson as Treasurer; Jason Wedel as Secre-
tary; and Casey McCabe as Assistant Treasurer.
Current Circumstances
All EDA Commissioners are eligible to become officers for 2023.
The EDA Bylaws provide that the city’s Finance Director be designated as the
Treasurer, and the bylaws further allow non-commissioners to hold the officer po-
sitions of Secretary and Assistant Treasurer. In previous years, the City Manager
/ EDA Executive Director has been elected Secretary and the Community Devel-
opment Director has been elected Assistant Treasurer.
Conclusion
The 2023 EDA officers of President, Vice-President, Treasurer, Secretary and As-
sistant Treasurer should be elected by the EDA Commissioners on February 13th.
FINANCIAL
IMPACT:
None
ALTERNATIVES: 1. Motion(s) and second(s) to elect EDA officers for 2023.
2. Table the election.
RECOMMENDED
MOTION:
Alternative No. 1
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: February 13, 2023
AGENDA #: 5A
PREPARED BY: Casey McCabe, Community Development Director
AGENDA ITEM:
Development Update
DISCUSSION:
Introduction
The purpose of this agenda item is to review the year-end residential and com-
mercial development update as of December 31, 2022.
History
EDA Commissioners requested an update of residential and commercial activity
at each meeting.
Conclusion
The attached memorandum provides a summary of the residential and commer-
cial development in the City of Prior Lake as of December 31, 2022.
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. Development Update
Phone 952.447.9800 / Fax 952.447.4245 / www.cityofpriorlake.com
Memo
Date: February 13, 2023
To: City of Prior Lake Economic Development Authority
From: Casey McCabe, Community Development Director
Subject: Residential & Commercial Activity Update
Below is an update of the year-end residential and commercial development in the City of Prior Lake as of December 31 2022.
Single Family Dwellings 101 $40,895,553.50 132 $52,842,900.00
Townhouses (# units)4 $672,000.00 0 $0.00
Multiple Units 0 $0.00 0 $0.00
New
Commercial Industrial & Commercial 2 $720,000.00 7 $10,969,859.00
Residential 1105 $17,439,074.07 1318 $18,193,384.05
Industrial & Commercial 28 $1,530,552.27 32 $2,398,268.46
tMechanical 844 $0.00 822 $0.00
ttMechanical (SF & TH)420 $0.00 528 $0.00
TOTALS 2504 $61,257,179.84 2839 $84,404,411.51 -27.42%
-93.44%
-4.15%
-36.18%
n/a
n/a
2022 Year to Date 2021 Year to Date
New
Residential
2.68%
-20.45%
Number of Permits
% Increase / Decrease
Increase/Decrease
Declared Value
% Increase / Decrease
-22.61%
100.00%
#DIV/0!
t Mechanical permits include but are not limited to furnaces, water heaters, softeners, and fireplaces. They are flat-rate permit fees.
tt Mechanical (SF & TH) permits include required plumbing, heating, sewer and water and fireplace permits for new single family residences They are flat-rate permit fees
Additions and
Alterations
Number of
Permits Declared Value
-23.48%
100.00%
#DIV/0!
-71.43%
-16.16%
-12.50%
Number of
Permits Declared Value
-11.80%
Name Address Type
(New/Relocation/Expansion)New SF
Enzo's Pizza 14129 Commerce Ave. NE New Business 0
Meadow Green Landscape Services 17188 Adelmann St. SE New Business 8,515
Canvas Tattoo 14125 Commerce Ave. NE Relocation 0
Uptown Medi Spa 14033 Commerce Ave. NE New Business 0
Hair Therapy 16511 Anna Trail SE New Business 0
State Farm Insurance 16731 Hwy 13 S New Business 0
The Exercise Coach 14162 Commerce Ave. NE New Business 0
Rhino Wine Bar 16186 Main Ave. SE New Business 0
2022 Prior Lake Commercial Activity
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022Total Building Permit Valuation
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
$45,000,000
$50,000,000
199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022Prior Lake Total Commercial Building Permit Valuation
New Commercial Commercial Addition/Alteration
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: February 13, 2023
AGENDA #: 5B
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 2022 year-end EDA Revenue & Expenditure
Report.
History
EDA Commissioners requested financial reports are provided on a quarterly basis.
Current Circumstances
Total EDA revenues were $396,056 (101.6% of budget). The primary source of revenue was the prop-
erty tax levy ($345,078); additional revenue included $24,588 for rental of EDA-owned property.
2022 expenditures were $159,041 (25.49% of budget). 2022 EDA expenditures primarily relate to staff
wages and benefits as anticipated and budgeted. The main reason expenditures were less than pro-
jected is the EDA did not acquire any properties in 2022 as anticipated in the budget. The EDA ac-
quired two properties in 2021, one of which (16298 Main Ave.) was anticipated to be acquired in 2022
and included in the 2022 budget; however, the EDA acquired it in the fall of 2021.
Conclusion
EDA members receive quarterly financial reports of revenues and expenditures.
ISSUES: There will be additional year-end adjustments, including payroll, paid in January that will be posted
back to the period ending December 31, 2023.
ALTERNATIVES: 1. Motion and a second, under the Consent Agenda, to accept the EDA Revenue & Expenditure
Report.
2. Remove this item from the consent agenda for additional discussion.
RECOMMENDED
MOTION:
Alternative No. 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:02/08/2023 01:05 PM
User: cmccabe
DB: Prior Lake PERIOD ENDING 12/31/2022
% BDGT
USED
AVAILABLE
BALANCE
ACTIVITY FOR
MONTH
12/31/2022
YTD BALANCE
12/31/2022
2022
AMENDED BUDGETDESCRIPTIONGL NUMBER
Fund 240 - EDA SPECIAL REVENUE FUND
Revenues
Dept 00000.00 - GENERAL
95.86 14,921.92 157,486.63 345,078.08 360,000.00 Current Property Taxes - General Purpos240-00000.00-31010.00
100.00 (14,575.21)13,757.42 14,575.21 0.00 Fiscal Disparities240-00000.00-31040.00
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
34.93 3,513.77 0.00 1,886.23 5,400.00 Interest Earnings240-00000.00-36210.00
100.00 5,071.39 0.00 (5,071.39)0.00 Unrealized Inv.Gain(Loss)240-00000.00-36225.00
100.00 (15,000.00)0.00 15,000.00 0.00 Contributions & Donations240-00000.00-36230.00
0.00 0.00 0.00 0.00 0.00 Contribution (Other Fund)240-00000.00-37901.00
0.00 0.00 0.00 0.00 0.00 Transfer from Other Funds240-00000.00-39203.00
101.66 (6,068.13)171,244.05 371,468.13 365,400.00 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
100.94 (228.00)0.00 24,588.00 24,360.00 Facility Rental - EDA240-46500.00-34760.02
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 Realized Inv Gain/(Loss)240-46500.00-36226.00
100.94 (228.00)0.00 24,588.00 24,360.00 Total Dept 46500.00 - ECONOMIC DEVELOPMENT
Dept 46503.00 - TECH VILLAGE INCUBATOR
0.00 0.00 0.00 0.00 0.00 Facility Rental - EDA240-46503.00-34760.02
0.00 0.00 0.00 0.00 0.00 Total Dept 46503.00 - TECH VILLAGE INCUBATOR
101.62 (6,296.13)171,244.05 396,056.13 389,760.00 TOTAL REVENUES
Expenditures
Dept 46500.00 - ECONOMIC DEVELOPMENT
97.28 3,045.86 17,206.12 108,981.14 112,027.00 Wages - Full Time240-46500.00-51100.01
70.00 900.00 250.00 2,100.00 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
89.86 73.83 103.30 654.17 728.00 Compensated Absences240-46500.00-51400.00
91.58 600.24 1,030.81 6,531.76 7,132.00 Social Security Contributions240-46500.00-51450.00
91.59 140.25 241.13 1,527.75 1,668.00 Medicare Contributions240-46500.00-51451.00
96.59 288.26 1,290.44 8,173.74 8,462.00 PERA Contributions240-46500.00-51460.00
106.86 (588.11)825.17 9,165.11 8,577.00 Health Insurance240-46500.00-51470.00
93.26 20.21 23.75 279.79 300.00 Retiree HCSP Contributions240-46500.00-51472.00
92.16 42.33 45.02 497.67 540.00 Dental Insurance240-46500.00-51473.00
92.72 4.95 5.69 63.05 68.00 Life Insurance240-46500.00-51474.00
80.33 145.00 0.00 592.00 737.00 Workers Compensation Insurance240-46500.00-51477.00
0.00 0.00 0.00 0.00 0.00 Office Supplies240-46500.00-52010.00
0.00 1,000.00 0.00 0.00 1,000.00 Legal Services240-46500.00-53020.00
10.74 69,893.84 310.37 8,406.16 78,300.00 Professional Services - General240-46500.00-53100.80
0.00 0.00 0.00 0.00 0.00 Telecommunications240-46500.00-53210.00
6.40 468.00 32.00 32.00 500.00 Training and Employee Development240-46500.00-53310.10
0.00 0.00 0.00 0.00 0.00 Required Notice Publication240-46500.00-53510.00
*NOTE: Available Balance / Pct Budget Used does not reflect amounts encumbered.
REVENUE AND EXPENDITURE REPORT FOR CITY OF PRIOR LAKE 2/2Page:02/08/2023 01:05 PM
User: cmccabe
DB: Prior Lake PERIOD ENDING 12/31/2022
% BDGT
USED
AVAILABLE
BALANCE
ACTIVITY FOR
MONTH
12/31/2022
YTD BALANCE
12/31/2022
2022
AMENDED BUDGETDESCRIPTIONGL NUMBER
Fund 240 - EDA SPECIAL REVENUE FUND
Expenditures
0.00 5,000.00 0.00 0.00 5,000.00 Maint Agreements Misc Bldg & Structures240-46500.00-54010.51
17.00 415.00 85.00 85.00 500.00 Memberships and Subscriptions240-46500.00-54310.00
115.84 (1,634.00)0.00 11,952.00 10,318.00 Miscellaneous Expense240-46500.00-54320.00
0.00 385,000.00 0.00 0.00 385,000.00 Projects - Property & ROW Acquisit'n240-46500.00-55040.00
0.00 0.00 0.00 0.00 0.00 Projects - Professional Services240-46500.00-55050.00
25.49 464,815.66 21,448.80 159,041.34 623,857.00 Total Dept 46500.00 - ECONOMIC DEVELOPMENT
Dept 46503.00 - TECH VILLAGE INCUBATOR
0.00 0.00 0.00 0.00 0.00 Office Supplies240-46503.00-52010.00
0.00 0.00 0.00 0.00 0.00 Small Equipment - General240-46503.00-52400.10
0.00 0.00 0.00 0.00 0.00 Legal Services240-46503.00-53020.00
0.00 0.00 0.00 0.00 0.00 Professional Services - Software Design240-46503.00-53100.60
0.00 0.00 0.00 0.00 0.00 Telecommunications240-46503.00-53210.00
0.00 0.00 0.00 0.00 0.00 Rent Subsidies240-46503.00-54095.00
0.00 0.00 0.00 0.00 0.00 Business Assistance240-46503.00-54100.00
0.00 0.00 0.00 0.00 0.00 Memberships and Subscriptions240-46503.00-54310.00
0.00 0.00 0.00 0.00 0.00 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 0.00 0.00 0.00 0.00 Machinery and Equipment240-46503.00-55570.00
0.00 0.00 0.00 0.00 0.00 Total Dept 46503.00 - TECH VILLAGE INCUBATOR
25.49 464,815.66 21,448.80 159,041.34 623,857.00 TOTAL EXPENDITURES
101.25 (471,111.79)149,795.25 237,014.79 (234,097.00)NET OF REVENUES & EXPENDITURES
25.49 464,815.66 21,448.80 159,041.34 623,857.00 TOTAL EXPENDITURES
101.62 (6,296.13)171,244.05 396,056.13 389,760.00 TOTAL REVENUES
Fund 240 - EDA SPECIAL REVENUE FUND:
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: February 13, 2023
AGENDA #: 5C
PREPARED BY: Casey McCabe, Community Development Director
AGENDA ITEM:
Development Update
DISCUSSION:
Introduction
The purpose of this agenda item is to review the year to date residential and
commercial development update as of January 31, 2023.
History
EDA Commissioners requested an update of residential and commercial activity
at each meeting.
Conclusion
The attached memorandum provides a summary of the residential and commer-
cial development in the City of Prior Lake as of January 31, 2023.
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. Development Update
Phone 952.447.9800 / www.priorlakemn.gov
Memo
Date: February 13, 2023
To: City of Prior Lake Economic Development Authority
From: Casey McCabe, Community Development Director
Subject: Residential & Commercial Activity Update
Below is an update of the year-end residential and commercial development in the City of Prior Lake as of January 31, 2023.
Number of Permits Declared Value Number of Permits Declared Value
Single Family Dwellings 4 $2,000,000.00 5 $1,623,007.00
Townhouses (# units)0 $0.00 0 $0.00
Multiple Units 0 $0.00 0 $0.00
New
Commercial Industrial & Commercial 0 $0.00 0 $0.00
Residential 23 $175,611.42 31 $1,280,168.00
Industrial & Commercial 4 $32,000.00 2 $36,967.59
⧫Mechanical & Plumbing 53 $0.00 64 $0.00
⧫⧫Mechanical (SF & TH)16 $0.00 20 $0.00
TOTALS 100 $2,207,611.42 122 $2,940,142.59
⧫ Mechanical permits include but are not limited to furnaces, water heaters, softeners, and fireplaces. They are flat-rate permit fees.
⧫⧫ Mechanical (SF & TH) permits include required plumbing, heating, sewer and water and fireplace permits for new single family
residences. They are flat-rate permit fees.
2023 Year to Date 2022 Year to Date
New
Residential
Additions
and
Alterations
4646 Dakota Street SE
Prior Lake, MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: February 13, 2023
AGENDA #: 9B
PREPARED BY: Casey McCabe, Community Development Director
AGENDA ITEM: Scott County FAST-TRACK Challenge Sponsorship Request
DISCUSSION: Introduction
The purpose of this agenda item is to consider approval of a resolution approv-
ing sponsorship of the Scott County FAST-TRACK Challenge.
History
The first Scott County FAST-TRACK Challenge was initiated and hosted by the
Prior Lake Technology Village Business Accelerator Program in 2017. The event
is now hosted by the Scott County Center for Entrepreneurship following the
merger of the Technology Village program into the county-wide program.
Current Circumstances
The 7th Annual Scott County FAST-TRACK Challenge will be held on Thursday,
October 12, 2023 at Prior Lake City Hall. The Scott County Center for Entrepre-
neurship sent a request to all Scott County communities seeking assistance to
obtain sponsors and donations of cash and in-kind services to support this year’s
event.
The EDA approved a Fast-Track Challenge sponsorship contribution in the
amount of $1,000 for the 2022 event to be used toward a marketing contract for
the event.
Conclusion
If interested in sponsorship, the EDA should discuss whether their contribution
should again be used toward the marketing contract or other service, as op-
posed to a cash award to the event winner(s).
FINANCIAL
IMPACT:
If approved, funds will be provided from EDA Professional Services - General
(240-46500.00-53100.80) in the 2023 EDA budget.
ALTERNATIVES: 1. Motion and second approving a resolution approving a $1,000 sponsorship
contribution.
2. Motion and second approving a resolution approving a sponsorship contribu-
tion of a different amount.
3. Motion and second to deny the request for sponsorship.
RECOMMENDED
MOTION:
ATTACHMENT:
As determined by the EDA.
1. Sponsorship Agreement Form
Scott County
SPONSORSHIP AGREEMENT
The Scott County FAST-TRACK Challenge is a business competition open to Scott County
residents, or businesses willing to locate in Scott County, that have incorporated within the
past five years, who wish to pitch their new product or idea to a panel of judges with the hope
to fast track their business! The Challenge is coordinated by the Scott County CDA’s Center
for Entrepreneurship and will be held at Prior Lake City Hall. The live event will be held on
Thursday, October 12, 2023. Prizes will include cash and professional service packages. As
a sponsor and/or service provider, you will receive the following:
•Recognition on all print/marketing materials.
•Recognition on social media
•Recognition in the FAST-TRACK Challenge video
•Recognition at the live event
•Media exposure in post event announcements
•Sponsors may be provided a seat on the panel of judges
•Table at the event to market your company
Please select your desired level of participation:
Sponsorship Levels:
_____ Gold ($5,000). Gold Level Sponsorship provides the company with the
opportunity to be eligible for a seat on the judges’ panel. Gold sponsors will receive
media exposure including social media, print, video and recognition at the live event.
Gold sponsors’ logos will be included on a banner at the event.
_____ Silver ($2,500). Silver Level Sponsors will be recognized through social media,
print advertising, videos and recognition at the live event. Silver sponsors’ logos will
be included on a banner at the event.
_____ Bronze ($1,000). Bronze Level Sponsors will be recognized through social
media, print advertising, videos and recognition at the live event.
_____ Copper $_____ (Insert amount). Sponsors will be recognized through social
media, print advertising, videos and recognition at the live event.
*All sponsors will be provided an opportunity to display information at the event, in the staging/refreshment area, if desired. A table will be provided. If interested in a display table,
please check here: _____
As a Sponsor your signature certified you agree to the following:
1. Sponsors shall provide a check to the Scott County CDA, who will in turn write a
check(s) to the qualified winner(s). Funds will be restricted to be used for the business
development. 2. Sponsors agree to allow FAST-TRACK Challenge (Scott County CDA - CFE to use their corporate names and logos on marketing materials, unless they wish to remain
anonymous. If you wish to remain anonymous please check here:____
Sponsor Information
Company Name: ________________________________________________________________
Contact Name: _________________________________________________________________
Title of Authorized Representative: ________________________________________________ Address: ____________________________________ City: ______________________________
State:____________ Zip Code: ________________Phone #:__________________________ Email Address: _______________________________ Signature of Authorized Representative: ____________________________________________
Date: _________________________________________________________________________
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 23-01 EDA
RESOLUTION APPROVING FAST-TRACK SPONSORSHIP AND AUTHORIZING THE
EDA EXECUTIVE DIRECTOR TO EXECUTE THE SPONSORSHIP AGREEMENT
Motion By: Second By:
WHEREAS,
WHEREAS,
WHEREAS,
The Scott County Center for Entrepreneurship is hosting the 7th annual Scott County
FAST-TRACK Business Challenge on Thursday, October 12, 2023; and
The Scott County Center for Entrepreneurship sent a request to all Scott County
communities seeking sponsorship in the form of cash and in-kind services for this
year’s event; and
The Economic Development Authority for the City of Prior Lake (“EDA”) considered
sponsorship at their February 13, 2022 meeting and wishes to provide $_________
to be utilized toward a marketing contract for the event.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE PRIOR LAKE ECONOMIC
DEVELOPMENT AUTHORITY as follows:
1. The recitals set forth above are incorporated herein.
2. The EDA will be a Bronze Level Sponsor in the amount of $__________.
3. The EDA Executive Director is authorized to execute the Scott County Fast-Track Business
Challenge Sponsorship Agreement.
4. Funds will be provided from EDA Professional Services - General (240-46500.00-53100.80)
in the 2023 EDA budget.
PASSED AND ADOPTED THIS 13th DAY OF FEBRUARY 2023.
VOTE Prchal Braid Marco Briggs Boucher-
Hoese
Aye ☐ ☐ ☐ ☐ ☐
Nay ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
____________________________
Jason Wedel, Executive Director