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Home My WebLink About09 08 2025 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, September 8, 2025 – 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 / 2025 / September 8, 2025 1. CALL TO ORDER 2. APPROVAL OF AGENDA 3. APPROVAL OF MEETING MINUTES A. July 22, 2025 4. CONSENT AGENDA A. Monthly Development Update (8/31/25) 5. OLD BUSINESS A. Strategic Property Acquisition Update 6. NEW BUSINESS A. EDA-Owned Property Discussion 7. OTHER BUSINESS A. Staff Updates i. Dakota Street Redevelopment ii. Downtown Development Walk iii. Scott County CDA Broker Event B. Commissioner Comments 8. ADJOURNMENT PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY MEETING MINUTES Tuesday, July 22, 2025 – 4:00 p.m. Rescheduled from Monday, July 14,2025 Parkview Conference Room 1. CALL TO ORDER Chair Prchal called the meeting to order at 4:00 p.m. In attendance were Prchal, Lake, Marco, Braid, and Boucher-Hoese. Absent: None. Also present were Executive Director Wedel, Community Development Director McCabe, and Deputy City Clerk / Administrative Assistant Kooiman. 2. APPROVAL OF AGENDA MOTION BY LAKE, SECONDED BY BRAID TO APPROVE THE AGENDA Ayes by Prchal, Marco Boucher-Hoese, Braid and Lake. That motion carried 5-0. 3. APPROVAL OF MEETING MINUTES MOTION BY MARCO, SECONDED BY BOUCHER-HOESE TO APPROVE THE June 9, 2025, MEETING MINUTES. Ayes by Prchal, Marco Boucher-Hoese, Braid and Lake. That motion carried 5-0. 4. CONSENT AGENDA A. Monthly Development Update (6/30/25) MOTION BY BRAID, SECONDED BY LAKE TO APPROVE THE CONSENT AGENDA. Ayes by Prchal, Marco Boucher-Hoese, Braid and Lake. That motion carried 5-0. 5. OLD BUSINESS A. Strategic Property Acquisition Update McCabe and Wedel: Updated EDA Commissioners on recent strategic property acquisition discussions with downtown property owners. Commissioners discuss different options for providing additional off-street parking in the downtown south area. 6. NEW BUSINESS A. Resolution Approving a Request for 2026 EDA Tax Levy and Budget McCabe: Introduced the item and provided detail on the proposed 2026 EDA tax levy and budget request. Commissioners: shared their thoughts on the budget and levy request and anticipated projects and revenue sources in future years. MOTION BY MARCO, SECONDED BY BOUCHER-HOESE TO APPROVE THE RESOLUTION APPROVING THE 2026 ECONOMIC AUTHORITY TAX LEVY AND BUDGET Ayes by Prchal, Marco, and Boucher-Hoese. Abstained by Braid and Lake. That motion carried 3-0-2. 4646 Dakota Street SE Prior Lake, MN 55372 B. EDA-Owned Property Discussion Commissioners: moved this topic to the next meeting in September to allow more time for discussion. 7. OTHER BUSINESS A. Staff Updates McCabe: provided an update on discussions with the developer of the Cora mixed-use apartment project. Commissioners: discussed whether the new revision is on the right track and how to make sure the previously proposed plan is implemented as much as possible. Some commissioners expressed concerns with the removal of one of the elevators and wanted to ensure the existence and success of the restaurant and rooftop restaurant deck. B. Commissioner Comments None. 8. ADJOURNMENT MOTION BY BOUCHER-HOESE, SECOND BY MARCO TO ADJOURN THE MEETING. Ayes by Prchal, Marco Boucher-Hoese, Braid and Lake. That motion carried 5-0. The meeting adjourned at 4:56 p.m. Submitted by Megan Kooiman 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: September 8, 2025 AGENDA #: 4A PREPARED BY: Casey McCabe, Community Development Director AGENDA ITEM: Monthly Development Update DISCUSSION: Introduction The purpose of this agenda item is to review the year-to-date residential and commercial development update as of August 31, 2025. 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 August 31, 2025. 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. Monthly Development Update Phone 952.447.9800 / www.priorlakemn.gov Memo Date: September 8, 2025 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 August 31, 2025. Single Family Dwellings 20 $10,552,523.00 43 $21,008,118.00 Townhouses (# units)4 $672,000.00 4 $672,000.00 Multiple Units 1 $5,500,000.00 1 $28,733,056.00 New Commercial Industrial & Commercial 3 $7,475,098.00 2 $3,950,000.00 Residential 608 $12,088,699.51 676 $18,455,002.44 Industrial & Commercial 23 $3,476,968.00 16 $4,417,396.00 tMechanical 782 $0.00 674 $0.00 ttMechanical (SF & TH)96 $0.00 188 $0.00 TOTALS 1,537 $39,765,288.51 1,604 $77,235,572.44 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 -53.49% 0.00% 0.00% 50.00% -10.06% 43.75% Number of Permits Declared Value -4.18% 2025 Year to Date 2024 Year to Date New Residential 16.02% -48.94% Number of Permits % Increase / Decrease Increase/Decrease Declared Value % Increase / Decrease -49.77% 0.00% -80.86% -48.51% 89.24% -34.50% -21.29% n/a n/a Name Address Type (New Const. or Add/Alt) Previous Tenant/Owner New C/I Sq. Ft. Status Chula's Restaurant Building*4636 Colorado St. New Construction T-Shirts & More 6,672 Issued Valvoline Oil Change 4120 Village Lake Dr. SE New Construction Vacant 2,673 Issued Park Place Storage Phase III 6010 170th St. E.New Construction Vacant 48,500 Issued YT's Garage Bar 16309 Main Ave. SE Add/Alt Dingman's Auto 0 Issued Spot's Last Stop 6025 170th St. E.Add/Alt Landscape Co.0 Issued Prior Lake Dental 14093 Commerce Ave. NE Add/Alt Multi-Tenant 0 Issued 2025 Prior Lake Commercial Activity