HomeMy WebLinkAbout7A - 1998 EDA Budget
DVANCE
August 7, 1997
Bob Barsness, President
Prior Lake Economic Development Authority
16677 Duluth Ave. SE
PO Box 369
Prior Lake, MN 55372
Dear Bob,
At the July meeting of the EDA. I was directed to provide information regarding our contract with the
City/EDA for economic development services in order to assist the EDA in establishing its budget for
the coming year_ Over the past five years ADvANCE Resources For Development, Inc. has operated
under a contract with the City (see enclosed) that provides compensation based upon the following:
- A $1,500/month retainer to provide approximately 17-18 hours/month of generalized consulting
services on economic development projects; and,
-- A $7,500 fee for the establishment of tax increment financing districts
This compensation arx-angement has been equitable to all parties because the primary focus of the
EDA/City has been the marketing and development of WaterFront Passage Business Park. As the
business park has been developed, the EDAlCity have employed the use of tax increment financing.
Consequently, the projects that I have helped to structure have underwritten a significant portion of the
contract with ADVANCE Resources.
As the business park is nearing full occupancy, the EDA/City has begun to shift their focus on
development to other areas (i.e. downtown, Priordale, Wensman site). To successfully promote
development wi.thin these areas will require a significant amount of time and attention. It is difficult to
predict if the EDNCity will provide tax increment support to any of these potential developments.
Therefore, I suggest that the EDA budget include an allowance for consultant services in excess of the
retainer fee of Sl,500/month. I recommend that an additional $20,000 be allocated for consultant
services to fund potential activities in support of these development projects.
I do not recommend increasing the amount of the retainer. Instead, it is suggested that as the EDA/City
identifies specific work activities in support of the various development projects that will require
consultant services. an appropriate fee will be ~egotiated and paid out of the expanded EDA budget.
Business Finance and
Economic Development
Specialists
COllf'ORAlt OFFICES,
P.O. Box 32009
Mpls.. MN 55432-0609
Phone: (612) 755-5.393
Fox: (612) 755.7741
P,O. Box 30~7
Monkoto. MN 56002-3027
Phone: (507) 387.7117
Fox: (507) 387-6115
Bob Barsness
August 7, 1997
Page 2
I believe that the relationship between the EDA/City and ADVANCE Resources has been mutually
beneficial. There have been many positive acc:omplishments thus far and the future development
possibilities aTe both challenging and exciting. I look forward to working in conjunction with the
EDA/City and staff to realize the opportUnities that are available. Please contact me wi.th questions or
comments.
Sincerely,
Roger Guenette
Development Consultant
RG/jm
enc.
cc: Frank Boyles
Don Rye
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