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HomeMy WebLinkAbout08-28-12City of Lakeville Economic Development Commission Regular Meeting Agenda Tuesday, August 28, 2012, 4:30 p.m. City Hall, 20195 Holyoke Avenue Lakeville, MN 1. Call meeting to order 2. Approve June 26, 2012 meeting minutes 3. Continued Discussion on C/I Park Dedication Ordinance Changes 4. Update on Business Marketing Strategy Implementation Project 5. Money Magazine Recognition 6. Director's Report 7. Adjourn Attachments: July 2012 Building Permit Report July 2012 Foreclosure Report Stream Global picks Eagan for HQ, call center; move will add hundreds of jobs, Minneapolis /St. Paul Business Journal, 8 -3 -2012 Squeezing into the suburbs, StarTribune, 8 -11 -2012 Consolidated Container Co. to create Lakeville Plant, Finance & Commerce, 8 -14 -2012 item No. � City of Lakeville Economic Development Commission Meeting Minutes June 26, 2012 Marion Conference Room, City Hall Members Present: Comms. Matasosky, Starfield, Tushie, Smith, Brantly, Schubert, Emond, Longie, Ex- officio member Mayor Mark Bellows, Ex- officio member City Administrator Steve Mielke. Members Absent: Comm. Vlasak. Others Present: David Olson, Community & Economic Development Director; Adam Kienberger, Economic Development Specialist; Rob Smolund, MCCD; tee Hall, MCCD. 1. Call Meeting to Order Chair Matasosky called the meeting to order at 4:30 p.m. in the Marion Conference Room of City Hall, 20195 Holyoke .Avenue, Lakeville, "Minnesota. 2. Approve May 22, 2012 Meeting Minutes Motion 11.12 Comms. Tushie /Smith moved to approve the minutes of the May 22, 2012 meeting as presented. Motion carried unanimously. 3. Presentation on "Open to Business" Program Rob Smolund and I be . Hall ''from the Metropolitan Consortium of Community Developers ma'de..a presentation on the MCCD Open to Business program. MCCD provides , technical counseling and financing for small businesses in the Twin Cities. :. The EDG the program and several members inquired about the sources of capita(' iat MCCD leixds to small businesses. Mr. Hall stated: that partners with local banks to finance deals along with financing received from a variety of sources including grants, national banks, and federal dollars. Comm. Tushie asked about the standard loan term issued by MCCD. Mr. Hall responded that the term can vary based on market needs but typically a loan would be between 3 -10 years at slightly higher than market rate interest rates. The goal of the program is to drive financing to traditional lending sources, but they are able to provide financing to higher -risk businesses or projects that aren't able to secure traditional financing. Economic Development Commission Meeting Minutes June 26 2012 EDC members asked about measuring the benefits to Lakeville by partnering with MCCD and how they track their interactions with prospective businesses. Mr. Smolund responded that the benefits will be related to the marketing of the program for Lakeville businesses. He also went on to discuss MCCD's business tracking and funding reports that show how many businesses are assisted and where they are located each year. These also include demographics of the clients that receive technical assistance along with a business survey conducted every five years to measure the successes of the businesses. Chair Matasosky and Comm. Smith asked how the City. of Lakeville can "sell" this service to the business community to make it an effective tool. Comm. Longie how we can market the program to existing businesses as well. Mr. Smolund suggested that you involve the "top people" in the community who would have contact with entrepreneurs or others looking to start a business. This could range from local bankers to the Chamber and other business groups: Mr. Hall stated that reaching existing businesses is actually even easier as success stories can be used as testimonials to tout the program to the existing business community. Comm. Starfield inquired about the renewal rate of.the cities that have partnered with MCCD in the past. Mr. Hall responded that to date every -city or.regiobal organization that has partnered with MCCD has renewed and remained a.partner. Comm. Schubert asked if MCCD works with the SBA. Mr. Hall noted that they work with a wide variety of business assistance groups including the,SBA, SCORE, DEED,: arid Women Ventures among others. Mr. Olson discussed_ .the proposed, source of old DEED funds the City has that would be used to fund its membership portion in Dakota County with MCCD. The City's direct'cost would be around $7;500. He added that you wouldn't be able to get even a fraction of this type of.service from a different group for that cost. Comm. Brantly 7added it will be key to market this program to the local banks. Comm. Starfield : inquired about using municipal liquor funds to pay for this business development activity. Mr. Olson responded that it is currently being proposed to utilize old DEED funds the City has that is to be used for a business loan program. These funds are more restrictive than liquor funds and this program meets the intent of the old DEED dollars. Mr. Mielke added that the City Council has discussed using liquor funds for economic development activities in the past. 2 Economic Development Commission Meeting Minutes June 26 2012 Comm. Tushie concluded that there could be a negative perception of using liquor funds for this type of service. Liquor funds already do a good job of lowering the overall tax burden for the City. Motion 12.12 Comms. Smith /Brantly moved to recommend to City Council to authorize funds to participate in the MCCD program and work on a marketing strategy to successfully implement it. Motion carried unanimously. 4. Update on Business Marketing Strategy Implementation Project Mr. Kienberger provided an update to the EDC on the Marketing Strategy. It was noted that internal website and branding development will be ready sometime at the end of July. Comm. Brantly noted that the Marketing Partners group, continues to be very positive and open to collaboration on joint marketing efforts. 5. Update on Park Dedication Ordinance Changes Mr. Mielke reviewed a memo handed out at the EDC meeting prepared by consultant Dan Licht of TPC. The memo outlined options for calculating commercial and industrial park dedication fees that were discussed at the June 25 City Council work session. The Ci #y ,Council requested input from the Parks, Recreation and Natural Resources Committee along with the EDC prior to proceeding. Mr. Mielke reviewed the consultant's recommended approach of an appraisal consultation for determining:iand values for calculating park dedication fees for new commercial and industrial:plats. Comm. Tushie no'ted:that state. law states that the benefit must be demonstrated of the fee, paid. Mr. Mielko, responded that a legal challenge has required the City to review the park dedication rates and process used for calculating them. Chair Matasoskj asked about granting the platting party the opportunity to choose where the park dedication fee is used or if it can be used for onsite park improvements. Comm. Smith stated that park dedication is for the City to build City parks for everyone to use. Comm. Tushie suggested disclosing the "real cost" for the park dedication fees during a development and then reduce that cost to incentivize new industrial development. Comm. Brantly agreed that it would be good to use fee reductions as a way to incent industrial development. 3 Economic Development Commission Meeting Minutes June 26 2012 Chair Matasosky stated that park dedication fees need to be reduced for the City to remain competitive and that he wouldn't support any fee increases. Mr. Mielke responded that this is still just the introductory portion of the process. A rough proportionality needs to be calculated to establish valuation of commercial and industrial property so that an equitable fee can be established. The recommended method is to conduct an appraisal consultation that can be updated as the City Council chooses. He added that the City Council would set the fee based on the formula, but can always choose to lower it. Comm. Tushie advocated for affordable housing developments to have a 0% park dedication fee. Mr. Mielke concluded the discussion by stating that the City Council will be discussing this issue again in July. 6. Director's Report Mr. Olson reviewed the Director's Report. He :highlighted the Niakwa Village Housing Improvement Area project which the EDC noted was a very positive project for the City. 7. Adjourn The meeting was adjourned at 6:25 p.m. Respectfully submitted Icy: Adam Klenberger, Recording Secretary Attested to: R. T. Brantly, Secretary 4 item No. �. Lakeville City of Lakeville Community & Economic Development Memorandum To: From: Copy: Date: Subject: Economic Development Commission David L. Olson, Community and Economic Development Director Steven Mielke, City Administrator Adam Kienberger, Economic Development Specialist August 24, 2012 Continued Discussion of Commercial /Industrial Park Dedication Requirements The EDC had an initial discussion on commercial and industrial park dedication requirements at their June 26 meeting. Prior to returning the issue to the City Council we are asking the EDC to again consider the issues. The City Council on June 4 adopted an amendment to the Subdivision Ordinance pertaining to park dedication requirements for new subdivisions. The Council revised the City's park dedication ordinance after the residential park dedication requirements were challenged by the developer of the Crescent Ridge 2n Addition subdivision plat last year. The Council was advised that the City needed to establish a formulaic approach to setting the fees in accordance with State Statute so as to demonstrate that 1) the land dedication was justified using a demand based methodology and 2) that the cash fee in lieu of land dedication was based upon a rough proportionality to the fair market value of the land being subdivided. The ordinance adopted by the City Council on June 4 established the methodology to determine the land dedication demand factor by land use for residential as well as commercial and industrial development. The land values for cash in lieu of land dedications were only adjusted for residential developments. The approved changes resulted in a reduction in the cash in lieu of land requirements for residential subdivisions by 25% percent for single family subdivisions, 42% for townhome subdivisions and 56% for high- density residential subdivisions This was able to be done in large part because of the consistent pattern of adjustments to land market values for undeveloped residential land that have been made by the County Assessor's Office over the past four years. Unfortunately the County Assessor's adjustments to values for commercial and industrial land have not followed the same consistent pattern for undeveloped commercial and industrial properties. The attached memo from Dan Licht with TPC dated June 25, 2012 provides the background on the options for establishing values for purposes of calculating commercial and industrial Park Dedication Fees. The recommendation of City staff, the City Attorney and the City's planning consultant contained in this memo is to consult with an appraiser to establish an average fair market value for undeveloped commercial properties and a separate average value for industrial properties. While the values for cash in lieu of land dedications did not change as a result of the ordinance adopted on June 4 the percentage factor applied to both land and cash in lieu of land was increased from 5 to 6 %. This factor was arrived at by multiplying the estimated number of employees per acre for 2030 by the commercial /industrial per capita acreage demand. The per capita demand for was based on a study the City of Bloomington did which determined that 10% of the demand for park land is generated by commercial and industrial development and 90% by residential development. The ordinance amendment adopted by the Council established percentage requirements using a formula that is consistent with requirements of Minnesota Statutes. However if the EDC feels that the percentage factor of 6% established for calculating both land and cash -in- lieu of land dedications for commercial and industrial development should be revisited in conjunction with the City's economic development policies, it can make that recommendation. The City Council is also seeking a recommendation from the EDC as to the process to establish land values for commercial and industrial cash in lieu of land dedications. Regardless of what percentage factor is determined to be appropriate for commercial and industrial development, a method for determining land values will still need to be determined. Many cities charge the same amount for both commercial and industrial development as indicated in Exhibit A to TPC's memo The City has had a practice of collecting lower park dedication fees for industrial development as incentive to encourage that type of development in our community. City staff emphasizes that the technical analysis of the land and cash -in -lieu of land dedication provides a ceiling for what the City may require of developers. The City Council, with recommendations from the EDC and Park, Recreation and Natural Resources Committee may establish lesser dedication requirements for land, cash or both. This is especially true for commercial and industrial development given the competitive nature of economic development. Action Requested: Provide a recommendation to the City Council as to whether the recently approved percentage factor for the calculation of commercial and industrial park dedication fees should be re- visited from an economic development policy standpoint. The EDC should also indicate whether it agrees with the recommendation of consulting with an independent appraiser to establish average values for undeveloped commercial and industrial properties. 3601 Thurston Avenue N, Suite 100 Anoka, MN 55303 Phone: 763.231 .5840 Facsimile: 763.427.0520 TPCTPC@PlanningCo.com VA AIW:7A &1111L1 TO: Gerald S. Michaud FROM: D. Daniel Licht, AICP DATE: 25 June 2012 RE: Lakeville — Commercial /Industrial Park Dedication TPC FILE: 135.01 - 11.03 BACKGROUND The City of Lakeville has initiated a review of it park dedication requirements applicable to new subdivisions as provided for in Section 10 -4 -8 of the Subdivision Ordinance to ensure consistency with requirements established in State Statute. This review has been initiated after the City received feedback from developers that a review of the fees was needed. The review was expedited when Shamrock Development Inc. disputed the park dedication fee in lieu of land for Crescent Ridge 2 "d Addition. The initial phase of the study focused on the dedication requirements for residential uses as it related to the dispute raised by Shamrock Development. The City Council at their work session on 23 April 2012 accepted the general approach for modifying the park dedication requirements applicable to all land uses and further accepted recommended adjustments to the residential park dedication fees in lieu of land. The City Council also directed at the 23 April 2012 work session that City staff continue with a review of the park dedication fees for commercial and industrial development. The City Council at their meeting on 4 June 2012 approved an ordinance amending the Subdivision Ordinance to establish park land dedication requirements for all uses and cash fees in lieu of land dedication for residential uses. The purpose of this memorandum is to outline recommended modifications to the cash fees in lieu of park land dedication applicable to commercial and industrial development. Exhibits: A. Community Survey B. Map of Commercial /Industrial Properties. C. Commercial /Industrial Property Value Survey D. Consultation Proposal ANALYSIS State Statute. Minnesota Statutes 462.358, Subd. 2b enables the City to require dedication of a portion of a subdivision to the public for parks, recreational facilities, playgrounds, trails, wetlands or open space. Minnesota Statutes 462.358,Subd 2c. further requires that there be an essential nexus between the dedication of land or payment of fees based upon the City's purpose for the dedication and that the dedication or fee must be roughly proportional to the need created by the development and, where fees are to be dedicated in lieu of land, that the fee be based on the average fair market value of unplatted land. A map illustrating the commercial and industrial properties in the City meeting these criteria within the MUSA and MUSA Expansion Area A is attached hereto for reference. Current Dedication Requirement. The City Council approved an ordinance on 4 June 2012 establishing that for commercial or industrial subdivisions where a land dedication is required, six percent of the buildable land being subdivided is to be dedicated. The dedication of land is based on the acreage of land guided for commercial and industrial land uses by the 2030 Land Use Plan, projections of existing /future employment populations within the City to 2030 and the amount of park land guided by the Parks and Trails System plan attributable to commercial and industrial users. The current cash fees in lieu of land dedication for commercial and industrial uses established in Section 10 -4 -8.J of the Subdivision Ordinance are shown below. These fees were established based on a detailed study of planned park capital improvements and land acquisition undertaken by the Parks, Recreation and Natural Resources Committee and Economic Development Commission and approved by the City Council. The current fee schedule has not been adjusted since 2008. Land Use 2011 Commercial $7,693/net acre Industrial $4,558/net acre Community Survey. Communities within Lakeville's region of the Twin Cities Metropolitan Area were surveyed for park dedication fees, with this information shown in the table attached as Exhibit A. This information is not to be used in establishing dedication requirements in Lakeville. However, the information is useful for comparison purposes to ensure that the City's dedication fee does not put it at a competitive disadvantage with comparable communities in the region relative to economic development objectives. Proposed Cash Fee In Lieu of Land Dedication. The City may elect to receive payment of a cash fee in lieu of land for all or a portion of a specific development's park dedication requirement. City staff interprets the Statute provisions outlined above literally that the cash fee in lieu of land must be calculated specific to the amount of land 2 to be dedicated and the value of the land required to be dedicated outlined in the following formula applicable to all land use types: Acres Required to Dedicate x Land Value = Cash Fee In Lieu of Land The ordinance amendment approved by the City Council on 4 June 2012 established a methodology to determine park land dedication factor by land use, including commercial and industrial uses, to be used in the formula above. As with residential uses, the challenge that arises is determining a means of establishing land value to be used in the calculation for commercial and industrial development. The following methods were considered as part of the initial study as to a means of establishing average fair market value: 1. Individual Appraisal. Land value at its most basic definition is the price agreed to between a willing seller and willing buyer. Under this simple concept, actual sales data could be used to establish property value. However, the timing of sales for development parcels varies and would not be a reliable indicator of property value across the City. Determining if a sale value is a reliable indicator of market value is also problematic due to the number of distressed sales by banks, lenders or failed companies that have occurred during the market downturn which artificially has deflated property value. The actual market value of a specific property at the time of final plat approval can only be determined by commissioning preparation of an individual property appraisal. The City may implement this process to determine the cash fee in lieu of land by contracting with an appraiser of its choice with the costs of the appraisal passed through to the developer. This approach would take additional time to complete during the final plat process, which may cause conflicts with the Statutory requirement for the City Council to act upon a final plat application within 120 days after receiving a complete application for final plat approval. This approach would also result in varied park dedication fees in lieu of land from plat to plat eliminating the ability of a developer to anticipate their costs for a project until such time as they are receiving final approvals. City staff recommends that a flat value be established for properties to provide consistency rather than the individual appraisal method. 2. Dakota County Assessor Data. The City has in the past utilized Dakota County Assessors data to establish base property values and trends in property value changes in determining park dedication fees in lieu of land. This approach is rational in that State law requires that property tax assessment values be based upon market value trends and be accurate within a reasonable percentage of market value. Furthermore, the size of the data base ought to provide for a more consistent analysis from year to year than does actual sale transactions. However, review of current year Dakota County Assessors data finds wide variation in estimated property values between abutting parcels as well as across the City. This variation means use of Dakota County Assessors data on a 3 specific per parcel basis would not result in an equitable park dedication requirement for the same type of land use for different parcels within the City. However, Dakota County Assessors data is an area wide evaluation of property values that could be averaged to provide a community wide estimate of property value. City staff remains concerned that the variation seen in current estimated property values of adjacent parcels reduces the accuracy of the data for the City's purposes in establishing a park dedication fee in lieu of land. 3. Appraiser Consultation. A third option City staff has discussed to establish property values for the purpose of calculating park dedication fees in lieu of land would be to obtain a consultation from an appraiser as to the values of undeveloped properties within the MUSA by Comprehensive Plan land use designation and land use type. This base value for five distinct land use categories would be used as a consistent factor in the formula to determine the cash fee in lieu of land for the various types of land use multiplied with the area of the land required to be dedicated. A mechanism would also be established for year -to -year adjustments in the base value with additional consultations from an appraiser sought when more significant changes in property values are believed to have occurred. City staff believes that consultation with an appraiser as to community wide market values of properties within the MUSA based on land use designation would establish an accurate, consistent property value to be used as the basis for calculating park dedication fees in lieu of land. 4. Market Value Percentage Adjustment. City staff established that there has been a consistent reduction in Dakota County Assessor's estimated land values across all residential properties from their peak prior to the economic slowdown to today. However, unlike the change in estimated market value for residential properties, City staff has found that there is no consistency in the change in property values for the qualified commercial and industrial sites as shown on the attached exhibit. City staff is recommending obtaining an Appraiser's consultation to establish the average fair market property value for the existing commercial and industrial properties meeting the criteria established by State Statute for the purpose of calculating park dedication fees in lieu of land. The base values for commercial and industrial land use categories would be used as a consistent factor in the formula to determine the cash fee in lieu of land for the various types of land use multiplied with the area of the land required to be dedicated. City staff further recommends a mechanism be established for periodic or annual adjustments in the base value in accordance with the average change in the Dakota County Assessor's estimated market value for the qualified properties (as was proposed for residential uses). The City could seek additional consultations from an appraiser when more significant changes in property values are believed to have occurred. City staff has obtained a quote from an appraiser recommended by the City Attorney as qualified to complete the project. The consultation option would cost up to $6,000.00 to complete the proposed study. Given the time needed to complete the analysis and likely ordinance change, staff suggests the Council consider establishing the commercial and industrial rate(s) becoming effective July 1, 2012 which would require a retroactive effective date when the ordinance is ultimately adopted by the Council. CONCLUSION City staff believes that consultation with an appraiser as to establish an average fair market value for commercial and industrial properties would establish an accurate, consistent basis for calculating park dedication fees in lieu of land. This recommendation was presented to the City Council at their work session on 25 June 2012, who agreed with the recommended approached and directed that the item be referred to the Parks, Recreation and Natural Resources Committee, Economic Development Commission and Planning Commission for input prior to proceeding with the consultation and the process to amend the Subdivision Ordinance to adjust the park dedication fees in lieu of land for commercial and industrial properties. C. Steven Mielke, City Administrator Roger Knutson, City Attorney Dennis Feller, Finance Director Daryl Morey, Planning Director David Olson, Community and Economic Development Director 5 S� XHI r3l - r A Comparison of Commercial and Industrial Fees COMMERCIAL 2008 Burnsville $17,500 per acre Chanhassen Burnsville Eden Prairie $11,000 per acre Maple Grove $11,000 per acre Rosemount $9,000 per acre Plymouth $8,500 per acre Savage $7,800 per acre Lakeville $7,693 per acre Shakopee $6,930 per acre Woodbury $5,000 per acre Eagan* $869 $8,000 Apple Valley* Varies Savage Farmington* Formula Bloomington* Varies $7,693 INDUSTRIAL 2008 Burnsville $13,000 per acre Chanhassen Burnsville Eden Prairie $11,000 per acre Plymouth $8,500 per acre Savage $7,800 per acre Shakopee $6,930 per acre Maple Grove $6,500 per acre Rosemount $5,000 per acre Woodbury $5,000 per acre Lakeville $4,558 per acre Bloomington* $433 $8,000 Eagan* $236 Savage Apple Valley* $100 Farmington* Formula $7,693 COMMERCIAL 2009 2010 2011 Burnsville $17,500 per acre Chanhassen $12,500 $12,500 per acre Eden Prairie $11,000 $11,500 $11,500 per acre Maple Grove $11,000 per acre Rosemount $9,000 per acre Plymouth $8,500 $8,000 $8,000 per acre Savage $8,025 per acre Lakeville $7,693 $7,693 $7,693 per acre Shakopee $6,930 $6,930 $6,930 per acre Woodbury $5,000 per acre Eagan* $869 Apple Valley* Varies Farmington* Formula Bloomington* Varies INDUSTRIAL 2009 2010 2011 Burnsville $12,500 per acre $12,500 $12,500 per acre Eden Prairie $11,000 $11,500 $11,500 per acre Plymouth $8,500 per acre Savage $8,025 per acre Shakopee $6,930 per acre Maple Grove $6,500 per acre Rosemount $5,000 per acre Woodbury $5,000 per acre Lakeville $4,558 per acre Bloomington* $436 Eagan* $236 Apple Valley* $100 Farmington* Formula Notes: • Apple Valley, Eagan, and Bloomington use per 1,000 sq. ft. of building area • Apple Valley's commercial has three categories • Bloomingon's commercial has several categories • Farmington uses a formula based on the per acre appraised value of the land to be developed G \Adnnm�t .non \park Urd¢anon\f rr Campauson Nun r1 \Commmml Ind -mal Comp.tn,nn Short- updatrd 2011 \1. Exhibit C Commercial /Industrial Property Value Survey TAXPIN FULLNAME 220280056031 MARK ALLEN CHRISTIANSON 220250029010 DPS LAKEVILLE LLC 220290035010 GEORGE W WARWEG 220320050010 JANE STEPKA 220121029012 ATL HOLDINGS LLC 220011076012 JAMES D RENDER 220350003011 MARY LOUISE TSTE SCHERER 220011005030 DIVERSIFIED EQUITY INVESTMENTS LLC 220350006010 ROBERT LENERTZ 220200055012 SARAH L MAHONEY 220360003012 CONRAD J TSTE CARR 220350005012 STEVEN J WOOLDRIK 220360007011 LAKEVILLE IND ACREAGE PTNSHP 220360004010 LEONARD N JR & LOIS NEWMAN 220330075030 DAKOTA SUPPLY GROUP INC 220360026010 NOLAN BROS INC 220011017020 DIVERSIFIED EQUITY INVESTMENTS LLC 220121030010 ATL HOLDINGS LLC 220100051011 MICHAEL JTSTE DEVNEY 220121029011 ATL HOLDINGS LLC 220360003011 CONRAD J TSTE CARR 220011054010 FRANK M TSTE SCHOEBEN 220011052021 FRANK M TSTE SCHOEBEN 220011006020 DIVERSIFIED EQUITY INVESTMENTS LLC 220320006010 GERALD M MILLER 220350001012 LAKEVILLE LAND LTD 220011005012 DIVERSIFIED EQUITY INVESTMENTS LLC 220280053051 JLG INVESTMENTS LLC 220360025011 FIRST COMMERCIAL BANK 220340025022 MURRY JR & CYNTHIA L KELLY 220030025011 HAT TRICK INVESTMENTS LLC 220250055010 FIRST COMMERCIAL BANK 220020001030 RECHTZIGEL FAMILY PARTNERSHIP LP 220340025021 WRC PARTNERS LP 220121034011 POE -LIM & ESTRELLA CHUA 220011005013 VENSTAR LLC 220260003010 DPS LAKEVILLE LLC 220340025030 WRC PARTNERS LP 220290025013 HERITAGE COMMONS LLC 220330003028 JJM PROPERTIES LLC 220340051010 RCD REAL ESTATE PTNSHP 220340026018 AIRLAKE DEV INC 220250054013 LANDGRO PROPERTIES LLP 220340026016 AIRLAKE DEVELOPMENT INC 220100025024 REVESTORS GROUP 3 LLC 220011037020 RND LAKEVILLE LLC 220121053010 FORTUNE REALTY INC 220340050011 AIRLAKE DEV INC Assessors Estimated 2012 Market Value 3,000 14,900 50,300 66,200 66,300 67,500 68,000 82,000 98,100 98,600 109,000 122,400 154,200 165,900 170,800 229,000 284,500 290,900 297,300 310,700 326,300 329,200 361,700 380,200 421,300 449,800 450,500 508,100 558,500 578,600 604,400 637,800 700,400 829,100 866,100 934,500 992,100 1,052,700 1,117,600 1,163,500 1,194,400 1,876,000 2,156,900 2,246,700 2,471, 200 2,613,100 2,772,200 3,437,800 ACRES 0.5 1.0 10.2 14.3 0.4 0.4 3.1 0.3 19.3 0.6 4.8 8.7 31.5 7.2 1.0 6.0 1.1 1.9 30.4 2.4 19.4 2.4 5.8 1.5 3.2 5.6 1.7 2.9 20.6 7.8 96.7 4.1 6.6 9.4 20.8 3.7 2.0 10.0 2.9 9.6 18.9 13.2 14.4 28.4 8.7 13.9 36.1 106.0 PATCHIN MESSNER DODD 8L BRUMM VALUATION COUNSELORS June 20, 2012 City of Lakeville 20195 Holyoke Avenue Lakeville, MN 55044 Attn: Dennis Feller Finance Director RE: Land Analysis Commercial /Industrial Land Lakeville, Minnesota Dear Mr. Feller: As a follow -up to your request for a proposal for an analysis of commercial and industrial land in the City of Lakeville, this letter outlines the potential scope of work to be performed by Patchin Messner Dodd & Brumm. As requested, our firm will investigate and analyze land sales in Dakota County and surrounding areas in order to arrive at an average estimated market value of land in the City of Lakeville prior to platting. The land analyzed will include commercial and industrial parcels only. As a consultation, we will provide an anticipated unit range of value, along with an average market value per unit for both commercial and industrial properties. The function of this analysis is to provide guidance to the City of Lakeville in determining appropriate park dedication fees. Finally, a report will be prepared summarizing the findings of our analyses. The consultation will be completed within eight weeks from the return of this authorization to proceed. It is anticipated that the cost of this consultation will not exceed $6,000. Professional fees for services rendered after delivery of the consultation report will be invoiced at the following hourly rates: Follow -up Consultation /Analysis Jason Messner, MAI $200.00 /Hr. Sherri Brumm, MAI $150.00 /Hr. Associate Appraisers $80.00 to $100.00 /Hr. Sunset Pond Executive Offices ■ 13967 West Preserve Boulevard a Burnsville, MN 55337 Phone: (952) 895 -1205 Fax: (952) 895 -1521 if you have any questions or comments regarding this proposal, feel free to contact me at your convenience. Sincerely, PATCHIN MESSNER DODD & BRUMM 7 Jlson L. Messner, MAI Authorization to Proceed Client Name: Individual Responsible: Signature: Date Accepted: PATCHIN MrsSNGR DODD & BRUMM U Item No. '� Lakeville City of Lakeville Community & 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: August 28, 2012 Subject: Business Marketing Strategy Update New opportunities for the Business Marketing Strategy continue to be identified and explored as internal communication pieces are aligned to form a comprehensive brand image for the City of Lakeville. Communications staff is finalizing the branding and messaging pieces across City departments so that the new look initiated by Arnett Muldrow & Associates can be rolled out uniformly. Memo templates, email signatures, and letterhead have all been standardized with the revised logo and include the "Positioned to Thrive" tagline where appropriate. The City's "Messages" weekly publication was first published with the new look on August 17. The redesigned Business Bullets newsletter will be published on September 7. Website redesign is nearing completion and will be launching shortly. A quarter page ad was secured for the July and August Minnesota Real Estate Journal. Other upcoming marketing opportunities include the Minnesota Real Estate Journal Industrial Real Estate & Economic Development Conference, MNCAR (Minnesota Commercial Association of Real Estate) Expo and sponsorship, and Lakeville's annual Manufacturing Reception event. The City will also continue to promote itself with EDAM (Economic Development Association of Minnesota) on their website, newsletter, and at events. Staff will continue to explore other opportunities as they arise. The Marketing Partners group will be meeting in September to discuss additional strategies promoting Lakeville's recent designation as one of Money Magazine's "Best Places to Live ". Action Requested: The above is intended to be an update on the progress of the implementation of the approved Business Marketing Strategy. Pag 1 Minnesota Real Estate Journal July 2012 we feel have reached their useful life cycle for our Partners," said Brendt Rusten, senior vice president, Domini- um "We are bringing these properties to market and the equity is being re- deployed in new communities that fit our long -term business plan. It is about balancing our portfolio while continu- ing our growth ". The sellers were represented by Keith Collins and Abe Appert of CBRE StuartCo Announces the Opening of The View Apartments at Long Lake ------------------------------____ StuartCo announces completion of The View Apartments at Long Lake in New Brighton. The City of New Brighton approved the Certificate of Occupancy just ahead of the target date of July 1st, 2012 for the 124 unit, mar- ket -rate rental apartment project in the New Brighton Exchange Redevelop- ment area. Doors opened to new resi- dents over the weekend with several new move -ins and almost 25% of the units This is the first significant activity since 2008 on the 100 acre redevelopment site, previously known as the Northwest Quadrant. StuartCo will host a grand opening celebration on Tuesday, July 10th at 10:00AM with special guests including City of New Brighton Mayor, Dave Jacobson, and Twin Cities North Cham- ber of Commerce President, Tim Roche. The View is the second of two new developments this year for StuartCo. The company is also opening Genesee Apartments & Townhomes, a 234 -unit development at the crossing of Penn and American Boulevards in Bloomington. Ackerberg sells office portfolio in Minneapolis' Historic Warehouse District ------------------------------ - -- The Ackerberg Group announced tha t Josh Floring, Senior Associate with company's Brokerage Division, has sold three commercial buildings known as I11I Appraisal IIIII Institute' )Y¢y4M.! „d4ir) Prtucdl+y( N¢aY h.Yae .x�fuhwl, wmappmisaIfI1 hule.ofg AVOID APPRAISAL PROBLEMS! Look for the MAI, SRPA and SRA Designations "Your most educated and trained real estate appraisers” Minneapolis' Historic Warehouse Dis- trict. The portfolio was valued at $1,200,000, or $43.64 per rentable square foot. The three buildings total approxi- mately 42,000 square feet of gross building area and 27,500 square feet of rentable building area. The combined site area is 14,500 square feet. Together, there are three office users that occupy 75% of the combined properties. "These properties were extremely well received by the market with inter- est coming from a variety of prospects and we were fortunate to procure a qual- ified buyer in a very short period of time," Floring said. Josh Floring specializes in the sale of investment and user properties in the Minneapolis /St. Paul Metropolitan area and exclusively represented the seller, Yamamoto Moss Leasing Company LLP, in the transaction. The buyer was First and First LLC. `v NorthMarq Capital Arranged $14 Million Mortgage for 5995 Opus Parkway in Minnetonka, MN ---------------------------------- James Hoopes, senior vice president/senior director and Patrick S. Minea, senior vice president/managing director of NorthMarq`s Minneapolis Regional office arranged acquisition financing of $14 million for 5995 Opus Parkway, a 164,931 sq. I class A office building in Minnetonka, Minnesota. Financing was based on a 5 -year term and a 30 -year amortization schedule and was arranged for the bor- rower by NorthMarq through its rela- tionship with a correspondent life insur- ance company. With one of the largest industrial parks in Minnesota, Lakeville is positioned for your business to thrive. Contact us for your business development needs. n,¢.d awn 952 985 4421 952. 9854425 Lakevii' 'din oscta w ww.ta4¢vJl¢Lvun¢,t . cw++ k pre - leased. The View offers studio, one, the Yamamoto Moss Offices located at two, and three bedroom apartments. 244, 248, 252 First Avenue North in Businesses Thrive Here Item No. � To: Economic Development Commission From: Adam Kienberger, Economic Development Specialist Copy: Steven Mielke, City Administrator David L. Olson, Community & Economic Development Director Date: August 28, 2012 Subject: Money Magazine Recognition Lakeville was recently named one of Money Magazine's "Best Places to Live" in their September 2012 magazine. Ranked number 19 overall, this is the second time Lakeville has received designation as one of Money Magazines "Best Places to Live ". In 2008 Lakeville was ranked number 26. Every two years Money Magazine conducts a ranking of small cities with populations between 50,000 and 300,000. They utilize criteria based on financial, housing, education, quality of life, and leisure and culture data to select the top 100 "Best Places to Live" from around the United States. Lakeville was one of five Minnesota cities chosen as a "Best Places to Live" this year: Eden Prairie - No. 3 Woodbury - No. 11 Eagan - No. 14 Lakeville - No. 19 Maple Grove - No.22 This designation will be used to bolster our marketing efforts as part of the Business Marketing Strategy along with additional collaboration with the Marketing Partners Committee. Staff is currently exploring ways to incorporate this designation into upcoming community marketing pieces reinforcing our tagline of "Positioned to Thrive ". Best Places to Live 2012 - Top 100: 1 -25 — Money Magazine http: / /money.cnn. com/magazines /moneymag/best- places /2012 /top 100/ BEST PLACES TO LIVE Money's list otAmerica's best small cities 2012 Full List Near You Top 100 All cities Top 100 1-25 26 - 50 51-75 76-100 Rank City 1 Cannel, IN 2 McKinney, TX 3 Eden Prairie, MN 4 Newton, MA 5 Redmond, WA 6 Irvine, CA 7 Reston, VA 8 Columbia /Ellicott City, MD 9 Overland Park, KS 10 Chapel Hill, NC 11 Woodbury, MN 12 Fishers, IN 13 Allen, TX 14 Eagan, MN 15 Parsippany -Troy Hills, NJ 16 Castle Rock, CO 17 Centreville, VA 18 South Jordan, UT 19 Lakeville, MN 20 Waldorf, MD 21 Highlands Ranch, CO 22 Maple Grove, MN 23 Gaithersburg, MD 24 Germantown, MD 25 Franklin, NJ From the September 2012 issue Housing Financial Quality of Life Best Places Winners Find a Job jobs by r-ts sirl`04 Looking for a new position in the area? Browse opportunities in popular fields or search all openings. Key Industries Key Occupations Accounting jobs Management lobs Engineering lobs Marketing jobs Finance lobs Sales jobs job title or company location Homes for sale pi " ` by truha City, state, or zip Price range Min to Max Property Type Any type Find a home in: New York I Atlanta i Chicago i Los Angeles Washington D C I Houston i Philadelphia i More options Video (zots) t Irvine's tasty food truck scene The Lime Truck's owner serves up California fusion in his old hometown, and is a driving force behind the O C's growing mobile food scene Watch How we picked the Best Places Using statistics from data services company Onboard Informatics, we crunched the numbers in order to zero in on America's best small cities for families. (Last year, we looked at small towns, with populations between 8,500 and 50,000.) More Comments? E -mail the editors onboard i m 2012 Cable News Network A Time Warner Company. All Rights Reserved Terms under which this service is provided to you Privacy Policy. Ad choices. 1 of 1 8/24/2012 8:42 AM Lakeville, MN - Best Places to Live - Money Magazine http: / /money.cnn. com/magazines /moneymag/best- places /2012 /snapsho... BEST PLACES TO LIVE Money's list of America's best small cities 2012 Full List Near You Housing Financial Quality of Life 19. Lakeville, MN 19 of 100 Vote for this town as fan favorite: WINNER Top 100 rank: 19 Population: 56,700 Compare Lakeville to Top 10 Best Places Kids have it good in Lakeville, a city just 26 miles from Minneapolis. All 14 of Lakeville's public schools beat the state averages; summertime brings swimming, boating, and fishing at Marion and Orchard lakes as well as hiking along the Genesee Valley Greenway. Lakeville's downtown is small but there are several shopping and restaurant destinations within driving distance, like the Burnsville Center shopping mall, just five miles north of the city. -- L.M. Subscribe to Money Magazine iliglif -- Fan Favorite Towns It's your turn to choose. Which city should be No. 1? Is Lakeville a great town, or what? Sort by Oldest first Login below to leave a comment Lakeville stats Financial Median family income (per year) Family purchasing power (annual, cost -of- living adjusted) State sales tax State income tax rate (highest bracket) State income tax rate (lowest bracket) Best places city state avg. $101,995 $96,825 $92,136 $93,218 6.88% 5.57% 7.85 %1 7.31% 5.35 %1 3.08% Best Places to Drive Contest: Where's your favorite place to take a weekend drive? Subscribe by RSS Map date ©2012 - Home deals I Colleges I More Jobs near Lakeville, MN � „14 Looking for a new position in the area? Browse opportunities in popular fields or search all openings. Key Industries Key Occupations Food & Beverage Sales Manufacturing Personal Care Retail and Wholesale Food & Beverage job title or company location Homes for sale 9491 173rd St W Lakeville $259,900 3 br 1 full, 2 partial ba Lakeville real estate City, state, or zip Price range Min to Max Property type powered =v Any type trulla Fan Favorite Towns Money picked the top 100. Now its your turn: Which town will be our fan favorite? 'Like' your town and it might just make it to No. 1. Town # of Likes 1 Carmel, IN 3,016 2. McKinney, TX 1,475 3. Auburn, AL 617 4. Reston, VA 524 5. Franklin, TN 455 See the rest Video (5d6) a P.:yy 't,.'. � t, J' � ■ � .tea,.. How we picked the Best Places Using statistics from data services company Onboard Informatics, we crunched the numbers in order to zero in on America's best small cities for families. (Last year, we looked at small towns, with populations between 8,500 and 50,000.) More 1 of 3 8/24/2012 8:43 AM Lakeville, MN - Best Places to Live - Money Magazine Education Colleges, universities and 3 8 professional schools (within 30 miles) Test scores reading 38.2% 28.2% (% above /below state average) Test scores math 59.2% 29.2% (% above /below average) % students attending public/private 99.1/0.9 91.5/8.5 schools (located within town limits) Quality of life Air quality index' 83.0% 77.3% (% of days AQI ranked as good) Personal crime incidents (per 1,000) 23 2 Property crime incidents (per 1,000) 233 20 Median commute time (in minutes) 22.7 22.2 % population with commute 10.2% 14.9% 45 mins. or longer % population walk or bike to work 1.3% 3.2% Leisure and culture Movie theaters 28 33 (within 15 miles) Restaurants 1,514 3,134 (within 15 miles) Bars 80 199 (within 15 miles) Public golf courses 198 169 (within 30 miles) Libraries 47 70 (within 15 miles) Museums (accredited by AAM; 5 10 within 30 miles) Ski resorts (within 100 miles) 5 6 Arts funding (Dollars per person of state 6.0 1.4 funds spent on arts) Weather Annual rainfall 31.43 34.21 (inches) % clear days in the area 26 32 High temp in July ° F 83.6° 86.8° Low temp in Jan ° F 3.8° 18.4° http: / /money.cnn. com/magazines /moneymag/best- places /2012 /snapsho... 2 of 3 8/24/2012 8:43 AM Lakeville, MN - Best Places to Live -14ney Magazine Best places Financial City stets avg. Meet the neighbors Median age 33.2 35.2 Completed at least some college 77.3% 72.6% (% of residents) Married % 69.4% 57.9% Divorced % 7.7% 8.0% Racial diversity index 37.7 118.4 (100 is national average; higher numbers indicate greater diversity) See less data From the September 2012 issue Notes: 'County data (3) Crime incidences are estimates based on FBI 2011 Universal Crime and incidence reports, OnBoard analysis (1) Income tax notes: 17 states have statutory provision for automatically adjusting to the rate of inflation the dollar values of the income tax brackets, standard deductions, and /or personal exemptions Massachusetts, Michigan, and Nebraska index the personal exemption only. Oregon does not index the income brackets for $125,000 and over. Because the inflation adjustments for 2012 are not yet available in some cases, the table may report the 2011 amounts. These states use the personal exemption amounts provided in the federal Internal Revenue Code. The income brackets reported for Minnesota are for single individuals. For marned couples filing jointly, the same tax rates apply to income brackets ranging from $34,590, to $137,431. http: / /money. cnn. com /magazines /moneymagibest -p laces /2012 /snapsho... © 2012 Cable News Network A Time Warner Company Al Rights Reserved. Terms under which this service is provided to you. Privacy Policy. Ad choices. 3 of 3 8/24/2012 8:43 AM 'rPm No. � L City of Lakeville Community & Economic Development Memorandum To: Economic Development Commission From: David L. Olson, Community and Economic Development Director Copy: Steven Mielke, City Administrator Adam Kienberger, Economic Development Specialist Date: August 24, 2012 Subject: August Director's Report The following is the Director's Report for August, 2012. MOM Brand (Malt -O -Meal) Announcement Regarding Corporate Headquarters As has been reported recently in several publications including Lakeville Business Bullets, MOM Brands recently announced that they have entered into an agreement to purchase the New Morning Windows building which is adjacent to their existing building in the Fairfield Business Campus. In conjunction with this they also announced that they will be re- locating their corporate headquarters from the IDS Building in Downtown Minneapolis to Lakeville. This will result in an additional 1 00 jobs coming to Lakeville and will result in MOM Brands having over 300 employees in Lakeville. With this most recent acquisition, MOM Brands will own more than 20 acres and approximately 165,000 square feet of building in the Fairfield Business Campus. Downtown TIF Projects The demolition of the duplex located at the corner of Holyoke Avenue and 210` Street was recently completed. With the exception of turn lane improvements to the adjacent intersection in the next several years, the remainder of this property will remain undeveloped. City staff continues to work on the Downtown Parking Lot project. Discussions with the current owner as well as a potential purchaser of the privately owned portion of the parking lot in the project area are continuing. The City is also reviewing a proposal for design services for the parking lot that would include re- platting the area. The re- construction of this parking lot will not occur until the Spring of 2013. Manufacturers Appreciation Event This year's Manufacturers Appreciation Event has been scheduled for Thursday, October 25` at the Lakeville Holiday Inn and Suites. Please mark your calendars. Page 2 August 28, 2012 EDC Meeting Building Permit Report The City issued building permits with total valuation of $62,987,338 through July. This compares to a total valuation of $37,392,840 through July of 2011. The City issued commercial and industrial permits with a total valuation of $8,050,500 through July compared to a total valuation of $7,232,500 during the same period in 2011. The City has also issued permits for 139 single family homes through July with a total valuation of $40,371,000. This compares to 67 single family permits through July of 2011 that had a total valuation of $20,777,000. It was recently reported in the StarTribune that Lakeville was second in the Metro Area in new housing starts in the second quarter of the year with 70. Blaine was first with 103 and Lakeville was followed by Plymouth with 67 and Maple Grove with 67. Development Updates National Polymers: Construction continues on 1306 square foot office addition and a 31,388 square foot warehouse addition. The City also approved the construction of six storage silos on the property in conjunction with this expansion. National Polymers will have a building totaling 103,123 square feet when this project is completed. Hosanna / Ebenezer Senior Housing Project: This project which is being marketed as the Fountains at Hosanna has begun leasing efforts and now has several model units to tour. According to Ebenezer staff, leasing efforts are going well and they have established a leasing office in Lakeview Bank. The project is expected to be fully completed in October. Kingsley Shores Senior Housing Project: This 101 unit senior housing project located adjacent to the Chart House restaurant and banquet facility was approved by the City in the spring of 2011 and recently closed on their financing. Construction is expected to begin soon. Frank Schoeben and several partners are the developers of this project. Walmart Project: Construction is scheduled to be completed on the building on August 31' at which point the building is turned over to Walmart. Walmart is planning a grand opening for the store on October 17 th . Walmart has been operating a temporary hiring office in the Lakeville Mall building in Downtown and is in the process of hiring over 200 part -time and full -time staff. Roffe Container: This Moorhead based plastic container manufacturer that recently purchased the former Genpak building on Hamburg Avenue in Airlake Industrial Park was recently purchased by Consolidated Container Co. based in Atlanta. Remodeling work is continuing at the Hamburg Avenue location. Consolidate Container has 59 manufacturing facilities and 2,100 employees. 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O. �+ Lt �r (Z! d Q.1 !/] x cn +.+ o?� N ... O ..� C i. C w v Fy w e v v v v 0 3 y N ro 0 0 0 c 0. r+ cu o ,; O C v d a a aCi o xx r v� x33 v� �UA am v� o.F% �¢UV.�a Dakota County Community rV Developme Agency mm To: Dakota County Cities From: Lisa Henning Date: July 30, 2012 Re: Foreclosure Update 2012 Half Year Summary & Comparison The following summary contains notice of pendency and foreclosure activity for the first half (January — June) of 2012 in comparison to the same 6 -month time period from 2010 and 2011. So far in 2012, sheriff sale numbers have decreased by about 22 percent as compared to 2010 and 2011. Notice of pendency filings have increased by about 4 percent as compared to 2011, but are still down about 21 percent as compared to 2010. Although notice of pendency filings can be an indicator of future sheriff sales, not all notices of pendency will result in foreclosure. Notices of Pendency Sheriff Sales 2010 2011 2012 2010 2011 2012 Apple Valley 247 200 224 154 135 102 Burnsville 320 226 229 181 172 124 Eagan 255 209 201 139 155 125 Farmington 179 125 144 97 98 61 Hastings 103 89 94 48 59 48 IGH 111 100 91 52 68 53 Lakeville 311 208 220 168 149 131 Mendota Heights 13 22 19 6 15 5 Rosemount 98 78 88 45 57 44 South St. Paul 147 98 105 89 79 67 West St. Paul 73 48 57 52 41 40 Small Cities 76 1 64 54 1 33 39 30 Total 1,933 1 1,467 1,526 1 1,064 1,067 830 So far in 2012, sheriff sale numbers have decreased by about 22 percent as compared to 2010 and 2011. Notice of pendency filings have increased by about 4 percent as compared to 2011, but are still down about 21 percent as compared to 2010. Although notice of pendency filings can be an indicator of future sheriff sales, not all notices of pendency will result in foreclosure. Dakota County Stats — June 2012 • # of Sheriff Sales in June — 120 (compared to 193 in June 201 1) • Total Sheriff Sales for 2012 — 830 (compared to 1,067 Jan. -June 201 1) • # of Notices of Pendency Filed in June — 215 • Total Notices of Pendency Filed in 2012 — 1,526 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. If you have any concerns, please call me at (651) 675 -4467 or send me an email at Ihenning (&dakotacda.state.mn.us L w i 3 N O 7 u O 0 4J O V td 4J O 0 H R3 s z CD N d G O V1 u V N C O u C N C O U� aLn t N � �LO c �- C V 0 L- Z O (n w Q O 0 co U$ a) ;q L O 4j a, C ,S = a O Cd c O fd N E 0 c a� O E O LL- � co O N c N N M N— — co N N _ — p� cq O N N Ln M 00 v %O N o v Ln M v %O v = Co H u et eh �o �o er Ln Z a �o er 41 u r w e O - Ln — N (% N — NO M Go %a 73 ��co — PV — N N N a V4 cc Ln N CO 2 N a = %O — h h I� Ln Cr cV — N fV N Cr N N O 1l% � O% !h %O Q, O %O O N — I� O — Ln = %O M N O% P% N N N N O N N M Ln N O co N LL O — N N Ln O� N O co %O N �C � _ N N 00 �O `� Ln a — N 'o %a !f — — 41 • d s _ .�—°' _ O > 2 c am = ° —o V � �•� 0 r.+ = b 4� • o 4 j = ONVf �, o 0 0 N_ L� E d ao� i pip L. a O- O V)i 3 E 0 (Otv LL =JEOCH�H OO I 000 1►I► III z CD N d G O V1 u V N C O u C N C O U� aLn t N � �LO c �- C V 0 L- Z O (n w Q O 0 co U$ a) ;q L O 4j a, C ,S = a O Cd c O fd N E 0 c a� O E O LL- ul blo c to u C 4) V 4) CL 4- O N Oo u O c Z 3 _ — �O M 0 Ln M m O N^ M O% N M N %O O -n N a Ln N v v — N N N N C O� N () N Y1 N u d D Z 41 u O 4J CL d0 Q 7 M M N T X2 O r0 N N LO ^ O Ln N rOr1 Ln Q M _ M _ M _ M Ln N N Ln Ln C% N — M 00 M O �O 2 -- �n N v M v N N— N LL N V M Mt M M Ln N�— IV N 4J _Do • T � 41 t C i •� y H V C > _ E. 0. d d >•� _ ao0 °' 4J U) V J CL L. � h d c d Q F- QmWIL= bo _- 1Ew0�0 0 c 75 d L t � 41 W o a Z V C C � n E o a a) s N cd a) u o d L ai w L .p I N C o � V a) �. O U s '^ 41 O s " � v c � o U o a+ O O d � c o O � Y v � E � O , . H 3 T N C W E` O a) N d0 d O " E o w ed V p O �Z ai o L � f0 y V C y C CL N O d u_Z 0 V1 o � Z w Os Z vi N u N O V a, C fV C O U� a^ N c L n 3 O w — E V 0 L- Z O N OA QO U$ a) � O 4j Y O Cd n G O [d Vl E > C a) O E O lL Stream Global picks Eagan for HQ, call center; move will add hundreds of jobs - Minnea... Page 1 of 2 From the Minneapolis / St. Paul Business Journal : http: / /www.bizjournals.com /twincities /blog /real_ estate / 2012/08/ stream - global - picks - eagan- for -hq- and.html Stream Global picks Eagan for HQ, call center; move will add hundreds of jobs Minneapolis / St. Paul Business Journal by Sam Black, Senior reporter Date: Friday, August 3, 2012, 3:00pm CDT n Sam Black Senior reporter- Minneapolis /St. Paul Business Journal Email I Twitter I Facebook Stream Global Services has decided to plant its flag in Eagan, where it plans to locate between 40 and 50 headquarters jobs and between 300 and 350 call- center jobs. The company, now based in Wellesley, Mass., near Boston, had announced plans to open its headquarters in Apple Valley earlier this year. It had difficulty findin the right office space in the city however, and was on the lookout for a suitable location in nearby suburbs. Stream opted to lease space in the Northwood Business Park -Phase I building at 3285 Northwood Circle in Eagan. Stream may also add a second call center with an additional 300 -400 jobs next door in the second phase of the Northwood Business Park. Details of the plan were included in a letter sent to Jon Hohenstein Eagan's director of community development. The letter, from Vincent Mottola vice president of Stream, is included in an agenda packet for the Aug. 6 meeting of the Eagan Economic Development Authority. Stream Global is asking for state aid from the Minnesota Investment Fund to help renovate the site, a project expected to cost between $1.5 million and $2 million for the first building. The second building could also cost $2 million. Stream, Greater MSP and the Minnesota Department of Employment and Economic Development worked together on the business assistance support, but the measure needs to pass through the city council. http: / /www.bizj ournals. com /twincities/blog /real_ estate / 2012 /08 /stream- global - picks- eagan-... 8/3/2012 Stream Global picks Eagan for HQ, call center; move will add hundreds of jobs - Minnea... Page 2 of 2 Fred Hedberg a broker at Paramount Real Estate Corp., who handles leasing for Northwood Business Park, declined to comment. The Business Journal broke the news in March 2011 about Stream's intent to move some executive offices here. Stream operates call centers that provide sales, customer -care and technical - support services for companies such as Dell Inc. and Hewlett- Packard Co . Stream has had executive offices in a Bloomington office building for more than a year. It opened an office in Minnesota shortly after hiring Minnesota -based executive Kathy Marinello as CEO in August 2010. Marinello, 55, was formerly CEO of Bloomington -based Ceridian Corp Stream, which was listed on the AMEX exchange until it went private earlier this year, posted a loss of $24 million in 2011, compared to a loss of $53 million for the prior year, according to SEC documents. Its revenue for 2011 was up 6 percent to $847 million, up from $800 million in 2010. Officials at Stream couldn't be reached for comment. Sam Black covers real estate, manufacturing, food, and economic development http: / /www.bizj ournals. com /twincities/blog /real_ estate / 2012/08 /stream- global - picks- eagan-... 8/3/2012 StarTribune - Print Page StarTribune Squeezing into the suburbs Article by: JIM BUCHTA Star Tribune August 11, 2012 - 1:38 PM Twin Cities home builders are having their busiest season in five years, suggesting that their backhoes and pickup trucks are once again making tracks on vast undeveloped swaths of land throughout the metro. Far from it. Only a handful of suburbs are seeing new construction, and those areas have a limited supply of land. With demand for new houses rising, builders are predicting shortages of buildable lots and higher prices for new homes. The average base price already has jumped Glen Stubbe. Star Tribune Page 1 of 2 close to 8 percent in some areas, according to Metrostudy, a research company that tracks for -sale housing. "We'll hit a wall very quickly ... that could push buyers back into the existing -home market," said Bill Burgess, president Lennar Corp., the state's largest home builder. While construction activity in the Twin Cities has improved dramatically, it remains near historic lows. Last year, permit: issued for 6,000 units, well below the 12,000- to 22,000 -unit range that is considered normal. With an expected increas 18,000 new households this decade, there are concerns that a housing shortage could be in the offing. For now, the bulk of new construction is happening in the seven -county metro area, where homes in cities like Woodbu Maple Grove and Blaine are in high demand. Lot supplies in those communities are being stretched thin and homes un construction are often snapped up quickly because transportation, shopping and jobs are nearby. In Plymouth, new hor sales have doubled so far this year, and the city has the tightest supply of buildable lots in the metro. "Right now it all revolves around gas prices," said Jacob Fick of Tradition Development, noting that buyers want to be c jobs, schools and stores. Oleg Lidukhover and his wife, Yuliya, weren't even looking for a house when they chose to move to Plymouth late last) On a walk near their Maple Grove community, they noticed a massive subdivision going up in neighboring Plymouth. TI loved the wooded location and its proximity to Arbor Lakes, where shops, trails and restaurants are tucked into a colos; housing development. Building a home wasn't high on their to -do list, but when they started weighing the benefits, they took the plunge. The k weren't as expensive as they thought, and Pulte Homes offered a $25,000 discount on the lot. "We weren't in the mark( this was an opportunity that was hard to pass," Oleg Lidukhover said. Mary McDaris, Minnesota division president for Pulte, said business has been brisk. At Elm Creek Highlands, the build( quickly sold 26 homes at prices averaging in the mid- $400,000s. And in the Willows, where the Lidukhovers built their s bedroom, six - bathroom house, Pulte has sold 11 homes priced in the upper $500,000s. Pulte already is planning to deg 40 homesites on a nearby parcel. http:// www .startribune.com /printarticle / ?id= 165779336 8/13/2012 Construction continues in Plymouth at the Steeple Hill development by builder D.R. Horton. Thursday. August 2012. StarTribune - Print Page Page 2 of 2 The demand in Plymouth is more than anecdotal. Based on the current sales pace, there's only a 12 -month supply of v developed lots. Because it takes so long to turn raw land into buildable lots, there's a risk that developers could run out lots. Across the metro, nearly 1,500 new lots were brought to market over the past 12 months, the highest pace since 2009, according to Metrostudy. Still, supplies are at the lowest since 2008, and the situation isn't expected to improve soon. Lennar's Burgess plans to increase output by 25 percent in the next two years, all of it within the seven -county metro, tc intense demand. But Jacob Fick, project manager with Tradition Development, said the tight lending environment has made it tough for developers to finance big, expensive acquisitions. The suburbs are appealing because they offer smaller parcels for me modest projects. Still, Fick and other developers aren't aggressively pursuing new development opportunities until they' sure the market really is on the mend. "The days of multiple offers on land have come and gone," said Fick. "We want to make sure this isn't just a blip on the screen." It's quiet farther out And despite dwindling lot supplies, Fick and others say that it'll be years before developers take a risk on new projects i farthest reaches of the metro. In Buffalo, only one house has been built, and there are hundreds of unsold lots. The Metropolitan Council said construction activity in developing suburbs has been declining steadily since 2008, while grov the more established suburbs closer to Minneapolis and St. Paul. Such disparities are a reflection of both a growing interest in urban living and unprecedented affordability in communitie once were financially out of reach for many buyers. "Folks are still not driving to affordability," Fick said. The intense focus on building within the seven -county metro is putting pressure on prices of new and existing homes. Ir Blaine, the average price per square foot for new construction during July was up 20 percent compared with the previot year, according to the Minneapolis Area Association of Realtors. The previous year prices had fallen 10 percent. Burgess and other developers say rising prices and low lot inventories could help the broader housing markets in those communities as buyers who couldn't buy new are forced to consider existing homes. Already, the average per- square -foot sale price of existing homes is on the rise in Plymouth, Blaine and Maple Grove, t has fallen in Buffalo and several other outlying communities. McDaris and other developers think the trend will continue "Any limits to supply, including new home supply, will push pricing upward," he said. Jim Buchta • 612 - 673 -7376 © 2011 Star Tribune http:// www .startribune.com /printarticle / ?id= 165779336 8/13/2012 Finance & Commerce > Print > Consolidated Container Co. to create .. Finance & Commerce http: / /fmance- commerce. com/wp- content/plugins /tdc- sociable - toolbar... : / /finance - commerce.com 1 Consolidated Container Co. to create Lakeville plant by Chris Newmarker Published: August 14th, 2012 Bain Capital -owned company acquires Roffe Container of Morehead Atlanta -based Consolidated Container Co. is planning to create a multi -line production plant in Lakeville after acquiring most of the assets of Moorhead -based plastic container manufacturer Roffe Container. Consolidated itself was recently acquired by private equity firm Bain Capital Partners, which Republican presidential candidate Mitt Romney used to run. The company said in a Tuesday news release that it will sign a separate lease for a Lakeville manufacturing site. Consolidated Container Co.'s president and CEO Jeffrey Greene said in a news release: "The f addition of the Moorhead facility and the opening of a greenfield in the Minneapolis -Saint Paul area enhance CCC's ability to serve key regional and national customers in the dairy and industrial markets in the Upper Great Lakes and Northern Great Plains regions." The company plans to complete initial work on the Lakeville facility by the middle of next year. More details were not immediately available. But an entity of Roffe called Habile Holdings in May spent $1.6 million to buy a 46,000- square -foot plastics plant at 21860 Hamburg Ave. in Lakeville. The plant site came open when Great Pacific Enterprises moved to a larger facility in Lakeville. "We were filling up in Moorhead," Tom Janas, Roffe's president and owner, said at the time. Consolidated Container Co. has 59 manufacturing facilities and 2,100 employees. Complete URL: http: / /finance- commerce.com/ 2012 /08 /consolidated- container- co -to- create- lakeville- plant/ of 1 8/15/2012 10:46 AM