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PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY
PRESENTER:
DATE:
8A
ECONOMIC DEVELOPMENT AUTHORITY
ANNUAL REPORT
DON RYE
JANUARY 19, 1999
AGENDA ITEM:
SUBJECT:
DISCUSSION:
Attached for discussion is the City of Prior Lake Economic
Development Authority Annual Report for 1998.
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L:\99FILES\99EDA \EDACORR\RP1198A.DOC
16200 Eagle Creek Ave. S.E., Prior 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 1st 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.
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 selected the consulting firm of Hoisington-Koegler to assist it in the
preparation of a 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.
The EDA completed an inventory of vacant commercial and industrial property,
identifying Comprehensive Plan and zoning designations, sewer availability and size.
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
Receipts and E~enditures ,
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.
Current and Proposed Projects
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.