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06-26-12
City of Lakeville Economic Development Commission Regular Meeting Agenda Tuesday, June 26, 2012, 4:30 P.m. City Hall, 20195 Holyoke Avenue Lakeville, MN Call meeting to order 2. Approve May 22, 2012 meeting minutes 3. Presentation on Proposed "Open to Business" Program 4. Update on Business Marketing Strategy Implementation Project 5. Update on Park Dedication Ordinance Changes 6. Director's Report 7. Adjourn Attachments: May 2012 Building Permit Report May 2012 Foreclosure Report "Bagged cereal is booming at Malt -O- Meal," StarTribune, June 2, 2012 "St. Paul Saints expanding Lakeville sports academy," Mpls. / St. Paul Business Journal, June 5, 2012 "Twin Cities' median home price climbs 10.5 percent in May," Finance & Commerce, June 12, 2012 "Manpower: More employers will hire than fire in Q3," Finance and Commerce," June 12, 2012 Item No. City of Lakeville Economic Development Commission Meeting Minutes May 22, 2012 Marion Conference Room, City Hall Members Present: Comms. Matasosky, Starfield, Tushie, Smith, Brantly, Schubert, Emond, Longie, Ex- officio member Mayor Mark Bellows, - officio member City Administrator Steve Mielke. Members Absent: Comm. Vlasak. Others Present: David Olson, Community & Kienberger, Economic Development Specialist. 1. Call Meeting to Order Chair Matasosky called the meeting to ordeP. Room of City Hall, 20195 Holy : venue, La 2. Approve April 24, 2012 Meetin h Motion 09.12 Co ing Develdo#Wnt Director; Adam f.m. in the Marion Conference Minnesota. ve the minutes of the April carried unanimously. 3. Election of Offiftrs The EDC discuss for 2012 and decided to nominate the curre for ditional yea . Jack Matasosky will remain Chair, Gary Tu ill re s hair, and Bob Brantly will remain as Secretary. It was that Comm. iel Id be willing to assume the role of Chair next year. Mo 0.12 Com Smit ' /Longie moved re -elect the current officers of the EDC. otion carried unanimously. 4. Discussion - r ed "Open to Business" Program Mr. Olson reviewed the EDC memo outlining the Metropolitan Consortium of Community Developers (MCCD) Open to Business program proposal for Dakota County. Comm. Tushie asked if MCCD provides business loans or serves as a conduit to financing partners. Mr. Olson responded that MCCD has the ability to underwrite and administer small business loans directly. Economic Development Commission Meeting Minutes May 22, 2012 Chair Matasosky noted that he likes the fact that MCCD is a proven entity and that they provide success stories and data on the projects they have assisted. He added that if Lakeville proceeds with the MCCD Dakota County proposal, we'll be able to analyze the benefits on a yearly basis. Comm. Schubert asked how the program is marketed to the business community as an available resource for technical and financial assistance. Mr. Kienberger responded that both the City and Chamb uld be able to market the program to the business community. The City can t the Open to Business program as an economic development tool for busine The EDC concurred that they would like to MCCD at their June 26 meeting. 5. Update on Business Marketing StrategWplem Mr. Kienberger reviewed the EDC implementation timeline of the r cently comp meeting with the Marketing Committ( utilizing common marketing ele 5s mu we four organizations. At the discussing messaging and the Brandtender consultant may be a d continued brand evolution. Chair" so nc with La 's lack Mr. Olson add property listing. mentioned at the Marketing Partners meeting that the city marketing charge, but noted that this process is at his company used to use Costar, but became frustrated ibility on the website. I researchers from Costar call monthly to verify the City's ded that staff will continue to evaluate the Costar proposal. Chair Matasosky concluded by stating that he liked seeing the implementation steps that were presented at the meeting. 2 Economic Development Commission Meeting Minutes May 22, 2012 6. Director's Report Mr. Olson reviewed the Director's Report. A handout was distributed noting the proposed changes to the residential park dedication fee structure. This item was originally discussed with the EDC at their April 24 meeting. Mr. Mielke noted that an overall reduction in the residential park dedication fee structure is being proposed to be reduced by 26% for sin - family units, 42% for medium - density units, and 56% for high - density units. J - hadded that Dan Licht from TPC is currently analyzing commercial and in I park dedication fees. These will be discussed with the City Council and ED 7. Adjourn The meeting was adjourned at 5:45 p.m. Respectfully submitted by: sted to: Adam Kienberger, , Secretary 3 Item No. 3 04a City of Lakeville Community and Economic Development Memorandum To: Economic Development Commission From: David L. Olson, Community & Economic Development Director Copy: Steven Mielke, City Administrator Adam Kienberger, Economic Development Specialist Date: June 22, 2012 Subject: Presentation on "Open to Business" Program This proposed program was presented at the May 22 EDC Meeting. It was the consensus of the EDC to invite a representative of the Metropolitan Consortium of Community Developers (MCCD) based in Minneapolis that administers the "Open to Business" program in Hennepin County to the June EDC Meeting. One or possibly two representatives from MCCD have agreed to attend the June 26"' EDC meeting. The Dakota County CDA has facilitated two meetings with representatives of Dakota County cities on the "Open to Business" Program. The meeting held May 17 included Chamber of Commerce Directors from Dakota County. The Dakota County CDA is considering participating in the Open to Business Program administered by MCCD in order to provide access to capital and technical assistance for existing businesses and entrepreneurs that are looking to start a business. Attached is a recent article that appeared in the Pioneer Press on the proposed program. The Open to Business program began in Brooklyn Park in 2010 and now operates in 15 cities in Hennepin County. In 2011, MCCD provided financing for 110 projects that received a total of $1.2 million in financing that leveraged $3.2 million in other funding. Some of the types of financing packaging that would be available to Open to Business Clients include: • Loan Packaging /Facilitation • Micro Loans • Four Percent Loan Program • Real Estate Participation Loans • Real Estate Acquisition Financing • Transitional Financing Additional information on these financing packages is included in the attached program information. In addition, participation in this program provides small business owners and entrepreneurs access to the following technical assistance: • Business plan development • Feasibility analysis • Marketing • Cash flow and other financial projection development • Operational analysis • City and state licensing and regulatory assistance • Loan packaging, and other assistance in obtaining financing • Help in obtaining competent legal advice The minimum cost to make this program available in Dakota County is $100,000. MCCD has proposed annual fees for Dakota County cities based on population and employment that would total $130,000. The Dakota County CDA has indicated a willingness to cover one half of the cost of this program. That would bring the cost of this program to the City of Lakeville to $7,500 per year. If this program does proceed, staff recommends funding Lakeville's portion from the City's Economic Development Fund. This fund was initially established with repayments of a loan that was provided to New Morning Windows and funded by the MN Department of Trade and Economic Development. The funds retained by the City from this loan are required to be used to provide loans to businesses that are locating or expanding in Lakeville. There are currently no pending or outstanding loan commitments. The balance of the fund at the end of 2011 was approximately $65,000. ACTION REQUESTED If the EDC is in support of participating in this proposed program next year, a motion should be made to recommend to the City Council to include the $7,500 City cost in the proposed budget for 2013. The Cities of Burnsville, Eagan and Apple Valley have already decided to participate in this program and are including funding for the program in their proposed 2013 Budgets. If for some reason the details of the proposed program are not worked out, the line item amount for new initiative can be removed from the Economic Development Fund budget prior to final adoption of the City budget in December. Dakota County communities may team up on economic development - TwinCities.com Page 1 of 2 Dakota County communities may team up on economic development By Nick Ferraro nferraro @pioneerpress.com TwinCities.com- Pioneer Press Posted: TwinCities.com Dakota County commerce could get a boost under a proposed partnership between its cities and a nonprofit group that assists small- business owners and entrepreneurs. Officials from the county's 11 biggest cities are discussing whether they should pool money and sign on with the Metropolitan Consortium of Community Developers. Through its Open to Business program, the Minneapolis -based organization aims to further small - business growth and development through financing and consulting. It currently works with 16 metro - area cities, with all but North St. Paul located in the west metro. After learning of the program from Jenni Faulkner, Burnsville's community development director, the Dakota County Community Development Agency proposed the idea to officials from several cities this spring. "Staff from each city is taking this proposal back to their respective economic development or port authority to determine their level of interest," said Andrea Brennan, the CDA's director of community and economic development. Under an informal plan developed by the MCCD, about $150,000 annually would be needed to fund the program countywide -- with half possibly coming from the CDA. The agency has earmarked funding for its fiscal year 2013 budget, which begins July 1, and will consider matching the cities' contribution, Brennan said. Each community would pay a share, based on population. Eagan, with the largest population at about 64,200, would pay $7,500 a year, as would Burnsville, Lakeville and Apple Valley. Inver Grove Heights would pay $6,250, while Hastings, Rosemount, Farmington, South St. Paul and West St. Paul would contribute $5,000 apiece. Mendota Heights would pay $3,750. If a contract is secured in Dakota County, MCCD would hire a full -time staff member who would be based out of the CDA office or someplace else in the county, according to the proposal. In Open to Business cities in Hennepin County, the MCCD holds two -hour "Test Drive Your Business Idea" sessions once a month. The organization plans to offer the same service in Dakota County, said Rob Smolund, MCCD's enterprise facilitator. Depending on the needs of a client, help can include business plan development, feasibility studies, cash flow and financing projections, marketing plans and licensing and filing requirements. Six Hennepin County cities took the Open to Business program in 2011, while another 10 did so this year. http:// www. twincities. com llocalnewslci_208687711dakota- county - communities- may - team... 6/21/2012 Dakota County communities may team up on economic development - TwinCities.com Page 2 of 2 MCCD's direct loan program offers up to $25,000 or less for startup and existing retail and service businesses that cannot secure financing from a traditional bank, Smolund said. The interest rate, which is dependent on use, term and other factors, would not exceed 10 percent. According to MCCD's 2011 lending report, the organization provided nearly $730,000 in direct loans to businesses and leveraged an additional $4.1 million in capital from other sources, including banks, community lending partners and owner equity. The organization helped 30 businesses damaged by the May 2011 tornado in North Minneapolis access business recovery loans to help with building repairs, and it helped another 14 businesses acquire forgivable loans to help offset some of their declines in sales as a result of light -rail construction. Earlier this month, West St. Paul community development director Jim Hartshorn introduced the idea to his city's economic development authority, which is made up of city council members. Hartshorn said the Open to Business program could complement the city's own small- business initiative it is developing with bankers. "I could see a need for this," he said, adding that MCCD's direct loans would carry higher interest rates than the city's loan program. "My thought is there are risky loans and then there are riskier loans, and I would use the MCCD for the more riskier -type startups." Nick Ferraro can be reached at 651 - 228 -2173. Follow him at. http: / /www.twincities. com /localnews /ci_20868771 /dakota- county- communities - may - team... 6/21/2012 i MCCD is TO BUSINESS in your community What is Open to Business? MCCD's Open to Business program brings on -site business services specialists who can expand your community development staff's expertise in such areas as start-up financing and business plan development. We can respond to requests for business assistance when those requests are beyond the range of the services normally provided by your municipal agencies. Open to Business Technical Assistance Services in Dakota County: MCCD will provide intensive one -on -one technical assistance to small City /County business owners and aspiring entrepreneurs intending to establish, purchase, or improve a business in the City /County. Technical assistance includes, but is not limited to the following: ➢ Business plan development ➢ Feasibility analysis ➢ Marketing ➢ Cash flow and other financial projection development ➢ Operational analysis ➢ City and State licensing and regulatory assistance ➢ Loan packaging, and other assistance in obtaining financing ➢ Help in obtaining competent legal advice MCCD intends to hire a full time staff person once the minimum amount of contract is secured in Dakota County. This staff member will be based in Dakota and Carver County full time. The business advisor will be available to meet clients at the various city halls of municipalities that are OTB cities or at their place of business. This staff person will be based out of donated office space either at the Dakota CDA or another facility in the area. Currently in OTB cities in Hennepin County we hold two -hour "Test Drive Your Business Idea" sessions once a month. We plan to offer this service to Dakota County municipalities. MCCD has offered technical assistance services since 2003, primarily through our staff facilitator, Rob Smolund. Rob came to MCCD from the City of Richfield Enterprise Facilitation project — a Hennepin County supported initiative. In the years since, our program has added specialists in the areas of business accounting, finance, real - estate development, and regulatory compliance. We now offer a team of professionals and former business owners who can provide real world advice to clients, and tailor that support to meet each client's specific needs. Depending on the needs of the client, that assistance can include business plan development, feasibility studies, cash flow and financing projections, marketing plans, licensing and filing requirements, and development and implementation of sound financial management and tracking systems. Even if the client can obtain all their financing from a bank, staff will assist them in preparing their loan request and will advocate for the client with the bank. In essence, MCCD staff members become an advisor, an advocate, and a partner for that entrepreneur to lean on. In addition, each entrepreneur can draw on the diversity of backgrounds and expertise of our team MCCD is Mani To auslNEss in your community of experts, gaining the kind of support more established businesses benefit from with hired professionals and/or Boards of Directors. Open to Business Access to Capital Access to capital will be provided to qualifying businesses through MCCD's Emerging Small Business Loan Program (see Exhibit B Small Business Loan Program Guidelines below). MCCD also provides its financing in partnership with other community lenders, banks or municipalities interested in making capital available to residents and/or businesses in their community. EXHIBIT B Small Business Loan Program Guidelines Loan Amounts: • Up to $25,000 for start-up businesses • Larger financing packages for established businesses • Designed to leverage other financing programs as well as private financing provided by the commercial banking community. Eligible Projects: • Borrowers must be a "for- profit" business. • Business must be complimentary to existing business community. • Borrowers must have equity injection as determined by fund management. Allowable Use of Proceeds: • Loan proceeds can be used for working capital, inventory, building and equipment and general business operations. Interest Rates: • Loan interest rate is dependent on use, term and other factors, not to exceed 10 %. Loan Term Length: • Loan repayment terms will generally range from three to five years, but may be substantially longer for major asset financing such as commercial property. Fees and Charges: • Borrowers are responsible for paying all customary legal and other loan closing costs. -�� MM MCCD is TO BUSINESS in your community Open to Business Loan Products MCCD manages a multi - million dollar loan pool consisting of a mix of State, Federal, Bank and private capital sources. We are able to structure financing packages for a variety of business purposes that are flexible and designed to either enhance a business's opportunities to leverage private financing, or act as a bridge to future financing be traditional capital markets. Below are some examples of the financing packages available to Open to Business clients: Loan Packaging /Facilitation MCCD staff can assist potential borrowers with the preparation of business plans, cash flow and other financial projections and loan application materials. Our staff can assist entrepreneurs in identifying borrowing needs and accessing community lending programs that provide favorable terms and conditions for small business borrowers. We work with our clients to help them find the financing that best meets their unique needs. Micro Loans Direct loans from MCCD for a variety of business purposes, including inventory, working capital, asset and equipment purchases, and start-up costs. Typical loan terms of 3 -5 years, loan sizes up to $25,000 for retail /service businesses, or $50,000 for manufacturing businesses. This program is targeted to start-up and early stage businesses that cannot secure financing from traditional commercial lenders. • Four Percent Loan Program MCCD loans in partnership with private lenders for physical improvements and hard asset/equipment purchases. MCCD can provide financing of up to $40,000 at an interest rate of 4% provided that its funds are matched by an equal or greater amount of bank funds. The 4% rate is available for bank partnership loans provided that the term on the MCCD loan does not exceed five years. Real Estate Participation Loans MCCD loans in partnership with private lenders to provide gap financing for real estate acquisition projects — including projects financed through the SBA 504 program. MCCD matches the bank's rate. MCCD also matches the bank's term provided that the term does not exceed 10 years. • Real Estate Acquisition Financing MCCD, in partnership with private lenders, provides permanent term financing for commercial real estate acquisition — up to 90% of the property's appraised value. MCCD MCCD is TO BUSINESS in your community will provide up to 40% of the appraised value, with the bank providing 50% and holding first secured position. MCCD will match the bank's rate with terms up to 10 years (though amortizations may be longer). Transactional Financing MCCD provides short term loans for businesses whose cash flow cycle inhibits them from making regular monthly loan payments. Transactional loans are often used by construction contractors who have received or about to receive a construction contract with a community agency. MCCD can provide up front financing to cover the cost of labor and material associated with the contract. When the work on the contract is completed, the contracting agency issues a two -party check to cover the completed work, payable to MCCD and to the contractor. Larger loans are also available for businesses with performance bonds and escrow payment arrangements. Loan Origination and Servicing MCCD' seeks to integrate its financing products with other available resources in its service areas. To facilitate that integration, MCCD may be able to originate, package, underwrite and potentially service loan funds or programs offered by the County, individual Cities, or other Development authorities. Partnerships in other Open to Business communities include management of community fagade /fix -up grants, packaging of City - controlled loan products, and full underwriting and servicing of Commercial loans with City funds "purchasing" a portion of the total financing. Where appropriate, MCCD and the municipal lending authority shall enact a separate agreement to govern the rights and duties of each party to such a partnership. Item N City of Lakeville Community and Economic Development Memorandum To: Economic Development Commission From: Adam Kienberger, Economic Development Specialist Copy: Steven Mielke, City Administrator David L. Olson, Community & Economic Development Director Date: June 26, 2012 Subject: Lakeville Business Marketing Strategy Update A Business Marketing Strategy implementation timeline was provided to the EDC at May's meeting. This timeline is meant to serve as a roadmap for identifying steps in the implementation process and track progress on the Marketing Strategy. Dave and I attended the Economic Development Association of Minnesota Summer Conference June 6 -8. As a sponsor and exhibitor at the conference, Lakeville received recognition at this conference of over 150 economic development professionals, engineers, consultants and others involved in business development throughout Minnesota. Dave made a presentation to the Downtown Lakeville Business Association Board on June 13 and Dave and I made a presentation to the Lakeville CVB Board on June 20 t ' h to discuss the Marketing Strategy. Several ideas were discussed including working with the area hotels to provide additional Lakeville promotional information that can be shared with guests during their stay. The Marketing Partners group will be meeting on Monday, June 25 to discuss additional strategies to share and cross - market Lakeville. A verbal update will be provided at the EDC meeting. Communications staff continues to work on unifying branding and messaging across all City departments so that the new look initiated by Arnett Muldrow & Associates can be rolled out uniformly this summer. Website redesign will commence around this same time. Action Requested: The above is intended to be an update on the progress of the implementation of the approved Business Marketing Strategy. item No. S City of Lakeville Community and Economic Development Memorandum To: Economic Development Commission From: David L. Olson, Community & Economic Development Director Copy: Steven Mielke, City Administrator Adam Kienberger, Economic Development Specialist Date: June 22, 2012 Subject: Park Dedication Ordinance Changes The City Council voted to amend the Subdivision Ordinance at their June 4 th meeting to reduce cash in lieu of land requirements for new residential developments. A copy of the adopted ordinance amendment is attached. In part because of input received from the EDC, the ordinance now has three different residential fee categories. The newly amended as well as previous fees are listed on the attached fee adjustments summary dated May 22, 2012 that were reviewed at the May EDC meeting. The City Council will be discussing the process for reviewing cash in lieu of land requirements for commercial and industrial developments at their Monday, June 25 City Council Work Session. The results of that discussion will be presented at the June 26 EDC meeting. ORDINANCE NO. 890 CITY OF LAKEVILLE DAKOTA, COUNTY, MINNESOTA AN ORDINANCE AMENDING TITLE 10 OF THE LAKEVILLE CITY CODE, THE SUBDIVISION ORDINANCE THE CITY COUNCIL OF THE CITY OF LAKEVILLE, MINNESOTA ORDAINS: SECTION 1 . Section 10- 4 -8(h) of the Lakeville City Code is amended to read as follows: Request For Change: The dedication and cash contribution requirements are presumptively appropriate. A subdivider may request a deviation from the presumptive requirements based upon the anticipated impact of that particular subdivision or average land values for the category of land being subdivided. The request must be made before final subdivision approval by the city. SECTION 2 . Section 10- 4-8(1) of the Lakeville City Code is amended to read as follows: Residential Subdivisions: In residential subdivisions where a land dedication is required, the following formula will be used to determine the dedication requirement: Category Units Per Acre % Park Ded. /Acres of Development Low Density Residential Less than 3.0 12% Medium Density Residential More than 3.0 to 9.0 14% High Density Residential More than 9.0 17% In commercial or industrial subdivisions where a land dedication is required the following formula will be used to determine the dedication: six percent (6 %) of the buildable land being subdivided. 164095v02 RNK:r05/07/2012 SECTION 3 . Section 10- 4 -8 (J) of the Lakeville City Code is amended to read as follows: J. In lieu of land dedication the city may require the following cash contribution: Commercial $7,693 per acre Industrial $4,558 per acre High Density Residential $ 1,824 Per dwelling Unit Medium Density Residential $ 2,403 Per Dwelling Unit Low Density Residential $ 3,532 Per Dwelling Unit SECTION 4 . This ordinance shall be effective October 17, 2011. ADOPTED this 4th day of June, 2012, by the City Council of the City of Lakeville, Minnesota. CITY OF LAKEVILLE Charlene Friedges, City CI BY: 1 4 f '-'L- 11 - Mark Bellows, Mayor 164095v02 2 RNK:r05107/2012 Proposed Park Dedication Residential Fee Adjustments May 22, 2012 Current Single Family Rate Proposed Single Family Rate Current Multiple Family Density Rate Proposed Medium Density Rate* Current High Density Rate* Proposed High Density Rate* $4,747 per unit $3,532 per unit $4,153 per unit $2,403 per unit $4,153 per unit $1,824 per unit *Previously the City did not have a medium and high density residential rates for Park Dedication Fee purposes and these projects were all charged at the multiple family density rate. The exception to this was for high density senior projects that provide services. Item No. K City of Lakeville Community and Economic Development Memorandum To: Economic Development Commission From: David L. Olson, Community and Economic Development Director Copy: Steve Mielke, City Administrator Adam Kienberger, Economic Development Specialist Date: June 22, 2012 Subject: June Director's Report The following is the Director's Report for June, 2012. Status of DEED Infrastructure Grant Application As the EDC was informed last month, the City's grant application to fund street and utility extensions for Airlake 70 located east of Cedar Avenue has been approved in the amount of $500,000. However, as the attached grant award letter dated May 21, 2012 indicates, the grant funds are contingent on the City and Airlake Development having a committed Innovative Business prior to December 31, 2012. Both the City and developer are working towards obtaining a committed Innovative Business by this date. Downtown TIF Projects The City and the Dakota County CDA continue to work on the two Downtown TIF projects that were identified and authorized earlier this year. The CDA has received bids for the asbestos abatement and demolition of the duplex at 8770 210 Street. The CDA received 8 bids and the apparent low bid was $18,200. Demolition is scheduled to begin at July 9 th . The City is also proceeding with the Downtown parking lot project since we have recently received confirmation from the owner of the privately -owned parcel in the project area that he is a willing and interested seller. The goal will be to construct this project yet this year. Building Permit Report The City issued building permits with a total valuation of $38,132,171 through May. This compares to a total valuation of $22,362,980 through May of 2011. The City issued commercial and industrial permits with a total valuation of $3,157,500 through May compared to a total valuation of $3,694,500 during the same period in 2011. 2 The City has also issued permits for 93 single family homes through May with a total valuation of $27,018,000. This compares to 44 single family home permits through May of 2011 with a total valuation of $13,096,000 and is more than double last year's number. Development Update National Polymers: National Polymers received approval of a Conditional Use Permit at the June 18 City Council meeting to construct six storage silos on the property in Airlake Industrial Park located at 7920 215 Street. National Polymers is a plastics manufacturer and has been in Airlake since 1973. In addition to the silos, the Company plans to construct a 1,306 office addition and a 31,388 square foot warehouse addition to their existing facility. This will bring their total building square footage to 103,123. Genpak LLC: The company is completing work on the former Berry Plastics Plant located at 8235 - 220 Street that it purchased in late 2011. Genpak is approximately 90% complete with a small addition on the north side of the existing building for a paint mixing room. The last major production line from Bloomington has been moved to Lakeville and will be up and running in Lakeville in the first week of July. The last minor production lines will be moved to Lakeville in the next several weeks. The exterior storage silos will be moved from the Bloomington plan the week of July 23 or 30 and will complete the move of the operations from Bloomington to Lakeville. Of note, Genpak did experience storm damage this past week with several large roof- top units being blown over. Hosanna / Ebenezer Senior Housing Project: This 93 unit senior housing project is completely enclosed. Model units are planned to be available soon. Krause - Anderson is the general contractor and plans to complete the project this Fall. Roffe Container: This is a new plastics manufacturing company based in Moorhead, MN that received approval of a Conditional Use Permit in March to install several silos at this former Genpak building on Hamburg Avenue in Airlake which they purchased this Spring. Roffe has received approval of a building permit to make a number of interior alterations. Walmart Project: The contractor has completed pouring floors and completed the framing and sheetrocking interior wall partitions. Work is expected to be begin on the parking lot next week. Immel, the general contractor for the project, plans to turn the building over to Walmart by Labor Day and Walmart would open the store sometime in October. 3 Spotlight on Business: JD Woodcraft is scheduled to be the Spotlight on Business for the July 16 City Council Meeting. We will be asking for an EDC member volunteer at Tuesday's meeting to be the presenter on July 16 th . Niakwa Village Second Addition Housing Improvement Area Staff has been working with representatives of this 52 unit townhome development located on Flagstaff Avenue since last fall to develop a financing plan to complete $524,000 in exterior improvements that are the responsibility of the homeowners association. This development was constructed in the early 1980s and is in need of exterior siding and fascia on 13 buildings in the development. The Association has not been able to obtain conventional bank financing for the project. Under Minnesota Statutes 428, cities are able to create Housing Improvement Areas, in which a city is able to issue bonds or work with their County CDA to finance the need improvements with costs assessed over a period of 10 -15 years to each of the owners. The City Council approved the creation of a Housing Improvement Area for Niakwa Village 2 nd Addition at their June 18 meeting. A second hearing will be held in August to approve the imposition of fees to fund the necessary improvements. The Dakota County CDA is proposing to provide the public funding to finance the necessary improvements. This tool has been used by a number of cities in the metro area to provide a means of financing necessary improvements to townhome and condo developments in order to preserve the housing stock in their communities. Foreclosure Update Attached is a copy of the May Foreclosure Update from the Dakota County CDA. There were 12 Sheriff Sales during the month of May. The total number of Sheriff Sales through May is 113 compared to 284 in all of 2011. REMINDER: The will be no EDC meeting in July, the next EDC meeting will be August 28"'. May 21, 2012 The Honorable Mark Bellows Mayor, City of Lakeville 20195 Holyoke Avenue Lakeville, MN 55044 Dear Mayor Bellows: I am pleased to inform you that the City of Lakeville's application for an Innovative Business Development Public Infrastructure Program grant has been approved in the amount of $500,000. We are pleased to provide this financial assistance to the city to extend streets and utilities to the Airlake 70 Industrial Park. The funds will be contingent on the city having a committed Innovative Business prior to December 31, 2012. This award will provide the necessary resources for continued economic growth and enhance employment in the community and surrounding area. All parties involved in the preparation of the city's application can be proud of this award. DEED's Business and Community Development staff will provide you with the grant agreement and information on the implementation of your funding award and will assist you and your staff in achieving your business and community development goals. For additional information, please contact Jeremy LaCroix at 651.259.7457 or by e-mail at jeremy.lacroix@state.mn.us. Finally, let me extend my congratulations to you and your staff for developing an approach that will effectively address your business and community development needs. Sincerely, Mark R. Phillips Commissioner C: VDavid Olson, Community Economic Development Director Business and Community Development Division 1 st National Bank Building ■ 332 Minnesota Street, Suite E200 ■ Saint Paul, MN 55101 -1351 USA ■ www.positivelyminnesota.com Toll Free: 800 - 657 -3858 ■ Phone: 651 - 259 -7114 ■ Fax: 651 - 296 -5287 ■ TTY/TDD: 651 - 296 -3900 An equal opportunity employer and service provider. 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The session will be held at the CDA's office building, which is located at 1228 Town Centre Drive in Eagan from 6 -7 p.m. The session will include general information about the foreclosure process and possible loss mitigation options presented by certified housing counselors. The presentation will begin promptly at 6 p.m. Individual appointments can be scheduled following the event. Pre - registration is required To pre- register, homeowners should call the CDA's foreclosure intake line at 651 - 675 -4555. After registering, visit the CDA's website at www.dakotacda.org /homeowners.htm to download a foreclosure counseling application and authorization forms. Documents can be emailed to skehoe(cDdakotacda.state.mn.us faxed to 651- 287 -8026 or dropped off at the CDA's office. Packets should be addressed to CDA Foreclosure Counseling Team. If homeowners are unable to provide the required documents beforehand, please plan to arrive at the session at 5:45 p.m. to complete the paperwork. For more information or to speak to a housing counselor, call the CDA's foreclosure intake line at 651- 675 -4555. HOME Dakota County OWN E P Community Development Agency RSHIN , f - @nAA 50 Dakota County Stats — May 2012 • # of Sheriff Sales in May — 122 (compared to 170 in May 201 1) • Total Sheriff Sales for 2012-710 (compared to 874 Jan. -May 201 1) • # of Notices of Pendency Filed in May — 241 • Total Notices of Pendency Filed in 2012 — 1,311 A Notice of Pendency is filed by a mortgage company's attorney as official notification that the foreclosure process has begun. Not all of these result in Sheriff Sales. Mapping Using Dakota County GIS http://gis.co.dakota.mn.us/website/dakotanetgis/ The Dakota County Office of GIS is updating the 2012 Foreclosures and Notice of Pendency layers on a monthly basis. If you need assistance using this Web page, please call Randy Knippel or Mary Hagerman with the Office of GIS at (952) 891 -7081. 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O E o Gl m u 4, O v Z a� O � N u� c o E vZ Q N Z LU Os Z N U N C O U d C N C O U d Ln I d C LM O d — E V 0 s- = O N Q O Q td U-0 a� v Y o Cd d o ° (d C O L fd N_ E > 0 C d O E L O U - tarTril une - Print Page �* M. 2 1 Bagged cereal is booming at Malt -O -Meal Article by: k"E HUGHLETT Star Tribune June 2, 2012 - 1:34 PM If Toucan Sam heard what Malt -O -Meal is up to, it would throw him for a loop. It would make the Honey Nut Cheerios bee buzzing mad. The Minneapolis -based company has quietly notched impressive gains in the otherwise lumbering cold cereal market by mastering the knockoff. Its Tootie Fruities bear a striking resemblance to Froot Loops. As for its Honey Nut Scooters — where have we seen that classic oat ring before? Malt -O -Meal, recently rechristened MOM Brands, has built a lucrative cold cereal niche by delivering more product for the money than similar cereals made by industry titans General Mills and Kellogg. http:// www .startribune.com/printarticle / ?id= 156469995 Richard Sennott, Star Tribune "Once people try us, we have a very loyal group of consumers," said Chris Neugent, MOM Brands' chief executive. It's a growing group. Between 2001 and 2011, Malt -O- Meal's annual sales climbed from $300 million to about $750 million. In 2009, it opened a cereal factory in North Carolina, a $275 million project. And over the past decade, it has spent $100 million boosting production capacity and efficiency at a big cereal plant in Northfield. Not bad for a firm associated for decades with just one product, the hot wheat concoction known as Malt -O -Meal. The 93- year -old company, owned by descendants of its founder, still makes its namesake product. But hot cereal comprises only about 10 percent of total sales, and most of that comes from Better Oats, a fast - growing instant oatmeal line. Several newer brands like Better Oats and Mom's Best Naturals -- cold cereals made with natural ingredients -- led the company in February to change its corporate name from Malt -O -Meal to MOM Brands. The rebranding also reflects a change in the company's strategy. A decade ago, half of its sales came from private -label cereal, products carrying the brands of supermarket chains. Today, that's down to 20 percent. The core business is Malt -O -Meal branded cold cereal -- Tootie Fruities, Marshmallow Mateys and the like -- that took off in the 1980s. Mature industry Cold cereal is a huge business, generating about $9 billion in U.S. sales in 2011, according to Mintel International. But it's a mature, slow - growing business. And Golden Valley -based General Mills and Michigan -based Kellogg together capture more than 60 percent of the market. Malt -O -Meal has been gaining ground, though, particularly on the No. 3 and 4 players, Post and PepsiCo's Quaker division. Its share of the U.S. cold cereal business as measured in pounds jumped from 3.1 percent in 2011 to 9.6 percent last year, fourth among major cereal makers and just a bit behind Post, according to Nielsen Co. data provided by MOM Brands. Consumers usually pay about 20 to 25 percent less for a pound of Malt -O -Meal branded cereal than they do for a pound of its rivals' products, Neugent said. of 3 6/4/' )0 11 •)i A Malt O' Meal, now known as MOM Brands, has posted strong growth in the mature business of cereal making. It specializes in making cereals that are a lot like those made by General Mills and Kellogg, but are cheaper. Knockoffs so to speak. Joann Flicek watched a bagging machine closely while packaging Frosted Mini Spooners, .arTribune - Print Page http:// www. startribune.com/printarticle / ?id= 156469995 Neugent, Malt -O- Meal's CEO since 2008, makes no excuses for the knockoff approach. "We're not the first ones to come in and have similar products." The strategy doesn't always sit well with its competitors, though. "We're not on their Christmas card list, I will say that," Neugent said. It's not surprising the cereal colossi get irked. "You can make the argument that Malt -O -Meal is free - riding off the advertising" of General Mills and Kellogg, said Akshay Rao, a marketing professor at the University of Minnesota's Carlson School of Management. A minuscule ad budget While heavy advertising greases cereal sales for the heavyweights -- Toucan Sam has been an animated celebrity since the 1960s — Malt -O- Meal's ad budget can be measured in spoonfuls, not bowls. Minimal marketing expenses are critical to maintaining its lower prices. Kellogg's and General Mills spend up to 8 percent of their total cereal sales on advertising, said Rick Shea, owner of Shea Marketing, a Chanhassen -based consultancy. Malt -O -Meal spends less than 1 percent, said Shea, who was the company's chief marketing officer from 2004 through to 2006. Minuscule would be the best word to describe Malt -O- Meal's ad spending the past two years as measured by advertising tracker Kantar Media. "I would love to advertise our products, but if 1 did, I'd have to raise our prices," said Neugent, who is no stranger to heavy -duty food marketing. Before arriving at Malt -O -Meal in 2001, the Texas native worked at PepsiCo's Frito -Lay division and was for a time its Doritos brand manager. At MOM Brands, Neugent runs "a very lean organization," Shea said. "Its strength is on the manufacturing side, not the sales and marketing side." MOM Brands' product quality is on par with its competitors', Shea said. And its cereal factories are highly efficient. The company's manufacturing prowess is on display in Northfield, home to the largest of its three cold cereal plants and about 800 of its 1,100 Minnesota employees. Malt -O -Meal is Northfield's largest employer along with St. Olaf College. Its main plant runs 24 hours, 7 days a week. Workers at the plant are not all that easy to spot, though, given the pervasive automation. On a normal shift, four employees oversee the production line for Frosted Mini Spooners, Malt -O- Meal's biggest seller and a product akin to Kellogg's Frosted Mini - Wheats. The air smells toasty, earthy and a bit sweet, as computerized machines -- including a football field -sized oven -- each day transform 120,000 pounds of winter wheat into enough Mini Spooners to fill about 120,000 bags and boxes. On the packaging line, one robot stuffs freshly filled bags of Mini Spooners into boxes for shipping; another corrals multiple boxes into pallet -sized units. The bulk of Malt -O- Meal's cold cereal is packaged in bags, not boxes, because it's less expensive that way. Bags weigh about 75 percent less than boxes. And boxes, since they contain more wasted space than bags, "don't pack out as well "' -- i.e. they require more room in trucks, Neugent said. The Northfield cold cereal plant is known as the Campbell Mill, named after John Campbell, the Owatonna grain miller who created Malt -O -Meal and ran the firm for decades. Neugent is only the company's fourth chief executive, the second outside of the founder's family. Campbell staked out Northfield as his production base in the 1920s. The city's historic Ames Mill -- built in 1869 -- still churns out classic Malt -O -Meal, though the cereal makes up only a couple of percentage points of MOM Brands' sales. of 3 6/4/2012 11:21 AM StarTribime - Print Page http://www.startribune.com/printarticle/?id=156469995 "Hot wheat is not growing," Neugent said. Hot oats are, though, prompting the company in 2010 to launch Better Oats, a premium oatmeal at a value price -- no knockoffs here. Better Oats has carved out a 4 percent share, in dollar sales, of the Quaker- dominated hot instant cereal market. To market Better Oats, Malt -O -Meal took to social media, a typically pennywise move. It scooped up PepsiCo's "Choice of a New Generation" slogan -- big in the 1980s -- after the soft drink giant let its trademark lapse. MOM Brands adapted "Choice of a New Generation" to Better Oats, hiring the crowdsourcing ad agency Poptent for a Web video. Poptent got about 100 submissions from its network of video producers, and MOM Brands paid the winner $7,500. The video, featuring a guy dancing in his kitchen and singing an ode to Better Oats, was posted on YouTube and Better Oats' Facebook page and its own dedicated website. There was no big multimedia ad splash, as is common with new cereals. "We do everything differently," Neugent said. "Frankly we have to. We're the little guy in the category." Mike Hughlett • 612 - 673 -7003 © 2011 Star Tribune 3 of 3 6/4/2012 11:21 AM St. Paul Saints expanding Lakeville sports academy - Minneapolis / St. Paul Business Jou... Page 1 of 1 From the Minneapolis / St. Paul Business Journal : http: // www.bizjournals.com /twincities/ news / 2012/06/05/ saints- expand ing- sports - academy. html St. Paul Saints expanding Lakeville sports academy Minneapolis / St. Paul Business Journal by Evelina Smirnitskaya, Staff Writer Date: Tuesday, June 5, 2012, 10:53am CDT Related: S orts Business, Commercial Real Estate Is Evelina Smirnitskaya Staff Writer- Minneapolis /St. Paul Business Journal Email The St. Paul Saints are expanding its Saints Sports Academy in Lakeville. Though many athletic training programs have been turning to empty industrial spaces for their facilities, the Train America Athletic building, which currently houses the academy, is already designed as a sports facility. >Click to the right to see inside the Saints Sports Academy in Lakeville. The academy takes up 28,000 square feet of the building's second floor. It will be shifted to a larger space downstairs. The Saints have leased two spaces on the west and east ends of the building, to roughly double the facility to 57,000 square feet. The academy, which opened in 2009, will also add three turf fieldhouse spaces and re -turf the current space. The academy has batting machines and pitching mounds, and is available for instruction in baseball, football and soccer. "We've seen substantial growth in numbers of members and participants over the past couple of years making this expansion a necessity," Saints Executive Vice President Derek Sharrer said in a news release. The expansion is expected to be completed in early August. http: / /www.bizjoumals.com /twincities /news /2012/06/05/ saints - expanding- sports - academy.h... 6/5/2012 Finance & Commerce > Print > Twin Cities' median home price climbs 10.5 percent in M... Page 1 of 1 Finance & Commerce //finance-commerce.com Twin Cities' median home price climbs 10.5 percent in May (update) by Burl Gilyard Published: June 12th, 2012 Scott Parkin, a real estate agent with Minneapolis -based Hoffman Parkin Urban Realty, is seeing multiple offers for about half the sales handled by his agency. "That, to me, is the key indicator of an improving market," said Parkin, whose agency focuses on condo sales in downtown Minneapolis. "It's a balancing market, which is good." Parkin's sense of the market is backed up by fresh data showing the median local sales price climbed 10.5 percent in May to $169,000 from May 2011. The performance marks the third straight month that local home prices have increased compared with the year -ago period, according to the Minneapolis Area Association of Realtors ( Other indicators point to an improving market after several sluggish years: The number of days on the market until a home sells has dropped from 155 days a year ago to 125 days in May. Homeowners are now getting 94.5 percent of their original list price when they sell, up from 91.1 percent from a year ago. That's the highest percentage that MAAR has reported since October 2009. Distressed properties - foreclosures and short sales - are still a factor in the market. Sales of distressed properties accounted for 39.4 percent of closed sales during May. While that's still nearly four out of 10 homes, it marks the lowest percentage among total closed sales since September 2008. "It's all very encouraging," said Carl Linn, president of MAAR and an agent with Coldwell Banker Burnet. "We've got buyers out there; we've got great interest rates right now ... this is a great market." MAAR also found that pending sales were up 27.3 percent in May and that closed sales increased 20.5 percent. Another factor in the current market is the tightening inventory of homes for sale, down 31.1 percent from May 2011. Like Parkin, Linn said that she is seeing the return of multiple offers on homes. "That is not uncommon," Linn said. The MAAR statistics track home sales in the 13 -county metro area. MAAR recently added a new element to its report, tracking the type of financing used by home buyers. The latest report shows that buyers paid cash in 20.1 percent of closed sales during in May, typically a sign of investors buying properties. Complete URL: http: / /finance - commerce.com/ 2012/06/ median - home - sales - price- up- 10- 5-percent/ http:/ /finance - commerce. com /wp- contentlplugins /tdc- sociable - toolbar /wp- print.php ?p= 469... 6/13/2012 File photo: Bloomberg Finance & Commerce > Print > Manpower: More employers will hire than fire in Q3 Pagel of 2 Finance & Commerce http:/ /finance - commerce.com Manpower: More employers will hire than fire in Q3 by Chris Newmarker Published: June 12th, 2012 Construction among sectors with strong job prospects The portion of Minnesota employers planning to hire remains unchanged from a year ago, with three out of four planning to keep staff levels the same in coming months, according to the latest Manpower Employment Outlook survey released Tuesday. Despite the lackluster news, the recession - battered construction sector is one of the areas where Manpower expects hiring. For all employment sectors, Manpower pointed out that more employers plan to hire than fire in the third quarter of 2012 — a difference of 18 percentage points in Minnesota and 20 points in the Twin Cities. The percentage point difference is also about the same as a year ago and an improvement over hiring expectations for the current (or second) quarter. Construction crews work Monday on the future Whole Foods at the site of the former Jaguar car dealership at 222 Hennepin Ave. in Minneapolis. More Minnesotans could be doing this type of work in the late summer and early fall, according to the Manpower Employment Outlook survey. (File photo: It is also better than in the overall nation, Bill Klotz) in which there is a difference of 15 percentage points between the 21 percent of employers that plan to add to their workforces and the 6 percent who plan to let workers go. Jobs prospects in Minnesota look especially strong in construction, durable and non - durable goods manufacturing, and professional and business services, according to Milwaukee, Wis.- based Manpower. The only industrial sector where job increases are not planned is information. The Manpower report provides some slightly positive news after a spring of disappointing employment numbers, and questions over whether the United States' slow recovery from the Great Recession is sputtering out. Stock markets took a tumble more than a week ago after the U.S. Bureau of Labor Statistics reported that total nonfarm payroll employment in May grew by 69,000 jobs, less than what many economists had expected, with the unemployment rate essentially unchanged at 8.2 percent. Minnesota numbers for May are due out later this month. "The demand slowed down in the spring, but it certainly didn't dry up," said Anne Edmunds, Manpower's regional director. In the Twin Cities, jobs demand is especially strong among in durable manufacturing, including among heavy machinery makers and operations tied to a U.S. auto industry that has made a comeback, Edmunds said. As for construction, Edmunds acknowledges the sector has a long way to go, but home remodeling work is helping to increase jobs demand. "People can't afford to move, but they're investing some money in improving their homes," she said. http: / /finance- commerce .com /wp- contentlplugins /tdc- sociable - toolbar /wp- print.php ?p= 469... 6/12/2012 Finance & Commerce > Print > Manpower: More em*yers will hire than fire in Q3 Page 2 of 2 In April, Minnesota's unemployment rate fell two - tenths of a percentage point to 5.6 percent, even as employers in the state shed a net of 3,100 jobs, according to the state Department of Employment and Economic Development. Minnesota's construction sector, which lost about 50,000 jobs during the recession, lost another 1,600 in April, but the industry is still up 1,600 jobs for the past 12 months. The most significant weakness among the state's construction jobs is in heavy and civil engineering, which has 17.8 percent fewer jobs than it did a year ago, according to DEED. The specialty trades, which make up the largest portion of construction jobs, were up 8.7 percent. Employment in the construction sector should be better in coming months, but it won't truly recover until next year, said David Semerad, CEO of the Associated General Contractors of Minnesota. Last month, Gov. Mark Dayton signed a $496 million bonding bill and a $348 million state contribution for a new Minnesota Vikings stadium in downtown Minneapolis — measures that Semerad describes as progress for the construction industry. But many companies are still holding back on building projects as they wait to see how the U.S. presidential election and the sovereign debt crisis in Europe play out, Semerad said. "We still don't see this economy as being that strong," Semerad said. Pam Perri, executive vice president of the Builders Association of Minnesota, says the builders that survived the Great Recession are getting more work building multifamily dwellings and custom homes. Rehab projects also are available, too. Still, Perri worries about another economic slowdown. "If we don't gain jobs fast enough ... we're going to lose it," she said of recent jobs gains. Q3 2012 Hiring Plans Minnesota Employers Increase staff levels 22% Decrease staff levels 4% Maintain staff levels 73% Don't know 1% Minneapolis -St. Paul Employers Increase staff levels 22% Decrease staff levels 2% Maintain staff levels 76% Don't know 0% Source: Manpower Employment Outlook survey Complete URL: http: // finance - commerce.com/ 2012/06/ manpower- more - employers -will- hire - than - fire- in -q3/ http: // finance - commerce .com /wp- contentlplugins /tdc- sociable - toolbar /wp- print.php ?p= 469... 6/12/2012