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Home My WebLink About03 11 2024 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, March 11, 2024 – 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 / 2024 / March 11, 2024 1. CALL TO ORDER 2. APPROVAL OF AGENDA 3. APPROVAL OF MEETING MINUTES A. February 12, 2024 4. CONSENT AGENDA A. Monthly Development Update (2/29/2024) a. C/I as % of New Construction 5. REMOVED CONSENT AGENDA ITEMS 6. PRESENTATIONS A. Scott County CDA / Center for Entrepreneurship Update 7. OLD BUSINESS 8. NEW BUSINESS A. Fast-Track Challenge Sponsorship 9. OTHER BUSINESS A. Staff Updates i. Colorado St. Property Purchase ii. Orderly Annexation Agreement B. Commissioner Comments 10. ADJOURNMENT PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY MINUTES Monday, February 12, 2024 – 4:00 p.m. WagonBridge Conference 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 / 2024 / February 12, 2024 1. CALL TO ORDER Chair Prchal called the meeting to order at 4:04 p.m. In attendance were Prchal, Marco, Boucher-Hoese, Briggs and Braid. Also present were Executive Director Wedel, staff Liaison McCabe, and Deputy City Clerk / Administrative Assistant Kooiman 2. ELECTION OF OFFICERS The 2024 EDA officers of President, Vice-President, Treasurer, Secretary and Assistant Treasurer were discussed and elected by the EDA Commissioners. MOTION BY BRIGGS, SECONDED BY MARCO TO CONTINUE WITH THE 2023 ELECTED OFFICERS KIM PRCHAL AS PRESIDENT, MARIE BOUCHER-HOESE AS VICE PRESIDENT, CATHY ERICKSON AS TREASURER, JASON WEDEL AS SECRETARY, AND CASEY MCCABE AS ASSISTANT TREASURER. Ayes by Prchal, Briggs, Marco, Boucher-Hoese, and Braid. The motion carried 5-0. . 3. APPROVAL OF AGENDA MOTION BY BRAID, SECONDED BY BRIGGS TO APPROVE THE AGENDA. Ayes by Prchal, Briggs, Marco, Boucher-Hoese, and Braid. The motion carried 5-0. 4. APPROVAL OF MEETING MINUTES MOTION BY BOUCHER-HOESE, SECONDED BY MARCO TO APPROVE THE NOVEMBER 13, 2023, MEETING MINUTES. Ayes by Prchal, Briggs, Marco, Boucher-Hoese, and Braid. The motion carried 5-0. . 5. CONSENT AGENDA A. Year-End Development Update (12/31/2023) MCCABE reviewed a summary of 2023 year-end residential and commercial development activity. B. Year-End EDA Revenue & Expenditure Report (12/31/2023) MCCABE reviewed 2023 year-end EDA Revenue and Expenditure Report with total EDA revenues of $403,000 and expenditures of $176,000. C. Monthly Development Update (1/31/2024) MCCABE reviewed the year to date residential and commercial development update as of 01/31/2024. EDA commissioners discussed future commercial development opportunities within the current city boundaries and within the Spring Lake Township orderly annexation area. McCabe reviewed the four new commercial developments approved in 2023. The commissioners also discussed the new apartment buildings that are under construction and proposed, and the status of single-family residential development. MOTION BY BRIGGS, SECONDED BY BOUCHER-HOESE TO APPROVE THE CONSENT AGENDA. Ayes by Prchal, Briggs, Marco, Boucher-Hoese, and Braid. The motion carried 5-0. 4646 Dakota Street SE Prior Lake, MN 55372 6. REMOVED CONSENT AGENDA ITEMS 7. PRESENTATIONS A. None 8. OLD BUSINESS A. None 9. NEW BUSINESS A. Consider Approval of a Purchase Agreement for Property at 4556 Colorado Street SE MCCABE Presented a Purchase Agreement for consideration for the EDA to acquire a property at 4556 Colorado Street and a lease agreement which would allow the current owners to remain until June 30, 2024. The purchase price is proposed at $ 246,600 based on the 2023 Scott County Estimated Market Valuation. The owner would like to remain in the home until the end of June 2024 so staff has also prepared a lease agreement. Staff estimates property taxes of $3,500 per year. McCabe further explained that the house would likely not be rented so the house would be winterized and sit empty after the current owner/tenant vacates at the end of June. The Commissioners then discussed available funding for the creation and preservation of affordable housing and the other lots on this block of Colorado Street that are under City or EDA ownership. The EDA recommended requesting the City Council transfer ownership of the vacant lot at the intersection of Arcadia and Colorado to the EDA so all city parcels are under the same ownership. MOTION BY BRAID, SECOND BY MARCO TO APPROVE THE PURCHASE AND LEASE AGREEMENT FOR PROPERTY AT 4556 COLORADO STREET SE. Ayes by Prchal, Briggs, Marco, Boucher-Hoese, and Braid. The motion carried 5-0. B. 2024-2028 Arts and Culture Committee Strategic Plan Update MCCABE reviewed the updated ACC Strategic Plan discussed all the plans that the Arts and Culture committee would like to get done in the near term. Commissioners discussed the Public Art Criteria and Public Art Procedures that the Arts and Culture Committee has put into place for future Public Artwork. MOTION BY MARCO, SECOND BY BOUCHER-HOESE TO APPROVE THE 2024-2028 ARTS AND CULTURE COMMITTEE STRATEGIC PLAN UPDATE. Ayes by Prchal, Briggs, Marco, Boucher-Hoese, and Braid. The motion carried 5-0. C. 2024 Arts and Culture Committee Prior Lake Community Artist RFQ MCCABE Discussed the Arts and Culture Committee Plans for picking out a Community Artist for a new sculpture in 2024. McCabe reviewed what the ACC is looking for in a community artist and total budget of the project. Commissioners discussed where the sculpture may be located and qualifications and expectations for the Artist. MOTION BY MARCO, SECOND BY BRAID TO APPROVE THE PRIOR LAKE COMMUNITY ARTIST RFQ.. Ayes by Prchal, Briggs, Marco, Boucher-Hoese, and Braid. The motion carried 5-0. D. Potential 2024 Development Update MCCABE Present a Recap of all the projects that were done in 2023, the new projects anticipated for 2024. 10. OTHER BUSINESS A. Staff Updates i. Orderly Annexation Agreement MCCABE provided an update on the status of orderly annexation agreement negotiations with Spring Lake Township. B. Commissioner Comments None. 11. ADJOURNMENT MOTION BY BRIGGS, SECOND BY BOUCHER-HOESE TO ADJOURN THE MEETING. Ayes by Prchal, Briggs, Marco, Boucher-Hoese, and Braid. The motion carried 5-0. The meeting adjourned at 5:44 p.m. Submitted by Megan Kooiman 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: February 12, 2024 AGENDA #: 4A 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 February 29, 2024. 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 February 29, 2024. 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: March 11, 2024 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 to date residential and commercial development in the City of Prior Lake as of February 29, 2024. Single Family Dwellings 13 $5,721,781.00 10 $4,557,556.00 Townhouses (# units)0 $0.00 0 $0.00 Multiple Units 1 $28,733,056.00 0 $0.00 New Commercial Industrial & Commercial 0 $0.00 0 $0.00 Residential 91 $3,509,128.67 50 $467,151.28 Industrial & Commercial 4 $317,748.00 6 $48,000.00 tMechanical 148 $0.00 91 $0.00 ttMechanical (SF & TH)52 $0.00 40 $0.00 TOTALS 309 $38,281,713.67 197 $5,072,707.28 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 30.00% 100.00% #DIV/0! #DIV/0! 82.00% -33.33% Number of Permits Declared Value 56.85% 2023 Year to Date 2024 Year to Date New Residential 62.64% 30.00% Number of Permits % Increase / Decrease Increase/Decrease Declared Value % Increase / Decrease 25.54% 100.00% #DIV/0! 654.66% #DIV/0! 651.18% 561.98% n/a n/a 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: March 11, 2024 AGENDA #: 8A PREPARED BY: Casey McCabe, Community Development Director AGENDA ITEM: Fast-Track Challenge Sponsorship 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 Pri- or Lake Technology Village Business Accelerator Program in 2017. The event is now hosted by the Scott County Center for Entrepreneurship following the mer- ger of the Technology Village program into the county-wide program. Current Circumstances The 8th Annual Scott County Fast-Track Challenge will once again be held in Pri- or Lake City Hall in October. The Scott County Center for Entrepreneurship 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 in previous years to be used toward a marketing contract for the event, opposed to a cash award to the event winner(s). 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). The attached resolution identifies a donation of $1,000 to be used toward a marketing contract for the event. The EDA should provide direction to staff if they wish to provide a different amount of funding or if they wish for the funding to be used for another purpose. 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 to be utilized for a marketing contract for the event. 2. Motion and second approving a resolution approving a sponsorship contribu- tion of a different amount and/or a different purpose. 3. Motion and second to deny the request for sponsorship. RECOMMENDED MOTION: As determined by the EDA. 4646 Dakota Street SE Prior Lake, MN 55372 RESOLUTION 24-02 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 8th annual Scott County Fast-Track Business Challenge in October 2024; and The Scott County Center for Entrepreneurship sent a request 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 March 11, 2024 meeting and wishes to provide $1,000 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 $1,000. 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 11th DAY OF MARCH 2024. VOTE Prchal Braid Marco Briggs Boucher- Hoese Aye ☐ ☐ ☐ ☐ ☐ Nay ☐ ☐ ☐ ☐ ☐ Absent ☐ ☐ ☐ ☐ ☐ Abstain ☐ ☐ ☐ ☐ ☐ ____________________________ Jason Wedel, Executive Director