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HomeMy WebLinkAbout7A - 1998 Economic Development Authority Annual Report MEETING DATE: AGENDA #: PREPARED BY: AGENDA ITEM: DISCUSSION: RECOMMENDED MOTION: REVIEWED BY: CITY COUNCIL AGENDA REPORT FEBRUARY 1, 1999 7A DONALD RYE, PLANNING DIRECTOR PRESENTATION OF 1998 ECONOMIC DEVELOPMENT AUTHORITY ANNUAL REPORT The EDA bylaws and state statutes requires that the EDA provide an annual report to the City Council by March 1 of each year. Bob Barsness, President of the EDA, will be present to present the Annual Report to the Council. Attached are the materials he will base his presentation on. ual Report 162illEEe~1~J~k\~.029fQdC-ior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER .., CITY OF PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY ANNUAL REPORT-1998 Minnesota Statutes 469.100, Subd. 4, and the EDA Bylaws require that the EDA submit an Annual Report to the City Council by March 1 st of each year. This report is to provide an account of activities in the past year, a summary of receipts and expenditures, a description of current and proposed projects and a description of general development goals. 1998 Activities The EDA completed several significant activities in 1998. Two parcels of land in the Business Office park were sold: one parcel of 0.66 acres was sold to Keyland Homes to accommodate future expansion and another parcel of 1.02 acres was sold to NBC Products to allow for an 11,000 square foot expansion of the NBC building. That expansion is complete and the addition is occupied. It is anticipated that, within 3 years, an additional 25 jobs will be created as a result of the addition. When the Tax Increment District for this project expires in 2005, City taxes from this facility will be approximately $14,000 annually. The EDA authorized soil testing on the remaining 4.5 acre parcel in the Business Office park to determine if soil correction is necessary on the site. The EDA would intend to remediate any poor soil conditions to insure the marketability of the parcel in 1999. The EDA completed a review of project priorities and determined that the EDA should transfer its emphasis on Priordale Mall redevelopment to Downtown Redevelopment The EDA selected the consulting firm of Hoisington-Koegler to assist it in the preparation of the Downtown Redevelopment Plan. Work will start in January and the Plan will be completed by early fall of 1999. The EDA developed a policy for the use of Tax Increment Financing that was approved by the City Council on April 20, 1998. The EDA developed and adopted a set of goals and objectives for 1998 and 1999. 16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER The EDA completed an inventory of vacant commercial and industrial property, identifying Comprehensive Plan and zoning designations, sewer availability and size. The EDA reviewed the Highway 13 Task Force recommendations for access and traffic signals and transmitted recommendations to the City Council. The EDA conducted 2 workshops in 1998: the first dealt with review and consideration of the Downtown Steering Committees report on a conceptual design plan for Downtown and the second dealt with' business retention and expansion programs and resources available to conduct these activities. Receipts and Expenditures The EDA received $28,718.14 from the sale ofland in the Business Park and $457.49 in interest earnings for a total of$29,175.63. There were no expenditures. Economic Development activities in the City budget were financed by a General Fund appropriation of $54,842. Expenditures totalled $50,851 for the year and included $17,851 for staff expenses, $30,770 for consultant and professional services and $2,230 for miscellaneous expenses. Current and Proposed Proiects Current projects include the Downtown Redevelopment Plan and marketing of the remaining parcel in the Business Office park. Proposed projects are the development of a Downtown apartment project and the Deerfield Industrial Park. General Development Goals The general development goals of the City are addressed in detail in the Comprehensive Plan. The specific EDA goals are contained in the Goals and Objectives statement that is attached to this report. ECONOMIC DEVELOPMENT AUTHORITY PRIOR LAKE, MINNESOTA MISSION STATEMENT PROMOTE THE BUSINESS ASSETS OF PRIOR LAKE AND FACILITATE A DIVERSIFIED TAX BASE. 1998 - 1999 GOALS Develop a proactive strategy for future economic development activities which will build on the efforts to date and further enhance the City's reputation as a place to do business. Continue to explore redevelopment opportunities in the Downtown area. . Receive approval of the improvements outlined in the Downtown Redevelopment Task Force Report. (completed) . Prepare a Downtown Redevelopment Plan, including appraisals, marketing and funding alternatives, and initiate the implementation of this plan, including marketing and the streetscape public improvements. . Support private as well as public redevelopment plans in the Downtown area. Develop a plan to capitalize on traffic generated by Shakopee Mdewakanton Dakota Community and The Wilds. . Revise and advertise the improved access to Prior Lake from I-35 via CSAH 42 to I-35 via CSAH 21, bringing traffic through downtown Prior Lake. (completed) . Develop promotional materials cooperatively and create a dialogue with the Mystic Lake Casino and The Wilds Golf Course. Expand Business Office Park . Review EDA Tax Increment Policy to assure that it applies to the Deerfield expansion of the Business Park. . Install signage at Adelmann Street and Fish Point Road which identifies the Business Park (completed) . Advertise the exceptional access to the Business Park from I-35 and CSAH 21. (completed) Inventory and review existing commercial and industrial properties and develop a position on development possibilities . Develop a recommendation on extension of utilities to old industrial park . Explore the relationship between housing availability and business development . Continue to maintain and update the list of vacant property currently zoned for commercial and industrial development (completed) . Identify potential commercial and industrial properties currently under Green Acres or Agricultural Preserve provisions (completed) 16200 E~~Ii~ne~~~\~mP.a~:~~~sp9if3iLake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 4d7-4245 AN EQUAL OPPORTUNITY EMPLOYER Explore redevelopment opportunities for the Priordale Ma!l/Park NicoUet site to facilitate expeditious redevelopment/development. . Work with private sector developers to complete the Ring Road from Franklin Trail to Tower Street. . Work to identify specific properties in the Priordale Mall area for redevelopment/development. Revised October 19, 1998 1:\econdev\eda\edagoals\goals99.doc 2