HomeMy WebLinkAbout11-27-12Y z
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akeville
AGENDA
Economic Development Commission
November 27, 2012 — 4:30 p.m.
City Hall, Marion Conference Room
1. Call to order
2. Approval of September 25, 2012 minutes
3. Review of Proposed Tax Increment Financing (TIF) Policy
4. Update on City Visioning Process (Steve Mielke will provide update)
5. Update on Business Marketing Strategy Implementation Project
6. Directors Report
7. Adjourn
Attachments:
October, 2012 Building Permit Report
October, 2012 Foreclosure Report
Finance and Commerce.com; "Greater MSP sees jobs back at 2007 levels — in 2016
November 5, 2012
Sunthisweeks.com; "Farmington businesses being wooed by other cities,"
November 14, 2012
Finance & Commerce.com; "Falling leaves, rising prices for local home sales
(update) ", November 12, 2012
Finance & Commerce.com; "Report: State construction starts soar in September,"
October 24, 2012
item No. �
CITY OF LAKEVILLE
ECONOMIC DEVELOPMENT COMMISSION
MEETING MINUTES
September 25, 2012
Chair Matasosky called the meeting to order at 4:30 p.m. in the Marion Conference
Room at City Hall.
Members Present: Comms. Matasosky, Tushie, Longie, Brantly, Emond, Starfield,
Smith, Schubert, Vlasak, Ex- officio member Chamber of Commerce Executive Director
Todd Bornhauser, Ex- officio member Mayor Mark Bellows, Ex- officio member City
Administrator Steve Mielke.
Members Absent: None.
Others Present: David Olson, Community & Economic Development Director; Adam
Kienberger, Economic Development Specialist; Daryl Morey, Planning Director; Allyn
Kuennen, Associate Planner; David Edquist, Holiday Stationstores; Michael Cronin,
Consultant to Holiday Stationstores.: - - - -
2. Approval of August 28, 2012 meeting miinutes
Motion Comms. Smith / Emond moved to approve the minutes of the August
28, 2012 meeting as presented. Motion carried unanimously.
3. Review of Proposed Zoning Ordinance Regulations for Electronic Signs
Mr. Morey reviewed the EDC -memo outlining the proposed zoning ordinance
regulations for electronic signs. He noted that the Planning Commission is seeking
feedback from the EDC - prior to making a recommendation to the City Council.
Mr., Cronin complimented the draft zoning ordinance and discussed the request
from Holiday Stationstores included in the EDC packet to consider the rate of
change for electronic signs in seconds as opposed to minutes. He noted that
Holiday utilizes the signage to encourage customers to enter the store instead of
paying at the pump. - -
Mr. Edquist added that Burnsville recently amended their electronic sign ordinance
adopting a rate of change provision of 30 seconds, which is a viable rate for Holiday
Stationstores. Shakopee recently switched to a 60- second rate of change.
Comm. Smith stated that whatever standards are adopted should be the same for
both schools /public uses and the business community.
Mr. Cronin added that Holiday Stationstores view electronic signs as a series of
static signs. They have no desire to utilize animation, scrolling, or other distracting
Economic Development Commission Meeting Minutes, September 25, 2012 Page 2
features sometimes employed by similar signs. Distractions are not good for the
City or the business community. He complimented staffs comprehensive approach
taken in the preparation of the draft zoning ordinance to restrict these types of
distractions.
Comm. Starfield inquired about the reasoning behind the 15- minute rate of change
provision of the proposed zoning ordinance.
Mr. Morey explained that a comparison was made with other cities that have done
studies related to driver distraction. He also noted that in a commercial corridor,
there is a cumulative effect if multiple electronic signs - - are located within close
proximity to each other as a driver passes through the area.
Comm. Longie asked when Burnsville switched to a 30- sbdond rate of change
requirement.
Mr. Olson responded that the change was made recently after a multi -year trial at
longer rates of change, and this past year which was a trial period at the 30- second
rate of change.
Comm. Tushie added that 30 seconds does not seem to be too short a duration to
be a driver distraction.
Comm. Vlasak added. that allowing electronic images on the signs could be an
aesthetic concern for - Lakeville. He asked if a shopping center could sell advertising
on these types of -signs if they chose to build one on their property as allowed under
the sign ordinance.
Mr. Morey responded that the City cannot regulate content, only height, size and
performance standards.
Comm. Tushie summarized by stating that the proposed ordinance is a good base,
but would recommend the Planning Commission consider a rate of change of 30
seconds that can be reviewed annually.
The EDC', agreed and -noted that the Planning Commission should also include a
provision to consider -that the road elevation be used as the base of measurement
for sign height:-;='`
Mr. Morey added that the EDC's recommendation would be brought to the October
4 th Planning Commission work session with a public hearing possibly in November
prior to City Council adoption in December.
Economic Development Commission Meeting Minutes, September 25, 2012 Page 3
4. Review of Office Park (OP) Zoning District Allowed Uses and Exterior Building
Requirements
Mr. Morey reviewed the EDC memo outlining the proposed Office Park (OP) zoning
district allowed uses and exterior building requirements. He noted that the Planning
Commission is seeking feedback from the EDC prior to making a recommendation
to the City Council.
Comm. Tushie stated that the percentage of grade A materials needs to be much
stronger than the 15% recommended in the memo. There should be a clear visual
distinction between office and industrial park building standards. Office parks
should not look like industrial buildings and should include more brick and glass.
He further recommended that the OP standards should be adopted at the current
commercial standards of a 65/25/10 ratio of- grade A, B, and C materials
respectively.
Chair Matasosky noted that many manufacturers are increasing the finish level of
their buildings. He asked about the requirements for existing office - park buildings
when they wish to expand.
Mr. Morey responded that existing buildings are-grandfathered and able to expand
up to 50% with similar materials used on the existing building.
Comm. Tushie added that it can often be less expensive to meet grade A material
requirements with glass, which is more appropriate for an office park. He further
recommended that the Planning Commission consider "architectural panels" and
Quik Brik as a grade A material. Architectural panels and high -grade metal can
sometimes be more expensive than traditional brick and have a high - quality finish
appropriate for'office buildings. He noted that the current definition of "architectural
panels" is a good place to start'and it should be clear that these are not the same
type of panels as prefabricated concrete panels, which are not appropriate for the
OP District. Architectural, panels could also be included in the grade A materials
with the provision. "as approved by Planning ".
The - EDC concurred with Comm. Tushie's recommendations of a 65/25/10 ratio of
grade A. - B, C materials respectively, with the provision that architectural panels,
Quik Brik and certain types of high -grade decorative metal panels be considered a
grade A material in'the OP District.
5. Update on Business Marketing Strategy Implementation Project
Mr. Kienberger reviewed the EDC memo outlining the recent recognition by Money
Magazine naming Lakeville one of the "Best Places to Live ". He noted that this
designation was discussed with the marketing partners committee to help identify
potential joint marketing opportunities. Lakeville also recently became a member of
the Minnesota Commercial Association of Real Estate (MNCAR) and will be
attending their Fall Expo to promote the City of Lakeville and expand relationships
with the commercial /industrial broker community.
Economic Development Commission Meeting Minutes, September 25, 2012 Page 4
6. Director's Report
Mr. Olson reviewed the Director's Report. He noted that the annual Manufacturers
Reception has been re- scheduled to Wednesday, October 24
7. Adjourn
Meeting adjourned at 6:00 p.m.
Respectfully submitted by:
Adam Kienberger, Recording Secretary
Lakeville
Memorandum
f
'item N0. -
City of Lakeville
Community & Economic Development
To: Economic Development Commission
From: David L. Olson, Community and Economic Development Director
Copy: Steven Mielke, City Administrator
Adam Kienberger, Economic Development Specialist
Date: November 21, 2012
Subject: Review of Draft Tax Increment Financing Policy
The City Council adopted a revised general Business Subsidy Policy in August of 2011 after
it had been reviewed and recommended by the EDC. Attached is a copy of the approved
policy.
One of the goals in the approved 2011 -2012 Strategic Plan for Economic Development
that was approved by the City Council is the creation of a toolbox of incentives. The most
commonly used incentive tool utilized by cities in Minnesota is Tax Increment Financing
(TIF). The EDC was provided with an overview of the history of the use of this financing
tool in Lakeville in early 2011.
Attached is a Draft TIF Policy for the EDC's consideration. It attempts to include the
objectives that were included in the revised overall Business Subsidy Policy recommended
by the EDC and adopted by the City Council last year. The City continues to receive
inquiries on what, if any, incentives the City is willing to consider for development
projects. These projects include both industrial manufacturing and warehouse and
distribution center type projects as well as some types of commercial projects. It is my
opinion that if we are going to effectively compete for some or all of these types of
projects, the City will have to be willing to consider the use of Tax Increment Financing
and other financial incentives.
Staff proposes to bring a proposed Tax Abatement Policy for the EDC to consider at the
January meeting.
Action Requested: Staff is requesting comments and feedback on the attached
proposed TIF Policy.
Policy 1.25
BUSINESS SUBSIDY POLICY
Adopted 8/1/11
1.00 PURPOSE
1.01 This Policy is adopted for purposes of the Business Subsidies Act (the "Act "), Minnesota Statues,
Sections 116J.993 through 116J.995. Terms used in this Policy are intended to have the same
meanings as if used in the Act, and this Policy shall apply only with respect to "subsidies" as
defined by the Act if and to the extend required thereby.
2.00 POLICY
2.01 The City of Lakeville and the Lakeville Economic Development Commission maintain several
policy documents which speak to the general goals and objectives for the provision of public
assistance for private development or redevelopment activities. These documents include, but are
not limited to the current Strategic Plan for Economic Development and the Comprehensive Land
Use Plan.
2.02 The City of Lakeville has determined that in order for any project to be considered for financial
assistance, a finding is needed that determines that, "but for" the City's assistance, this project
will not occur or will not occur within a reasonable amount of time. The City will also need to
demonstrate a return on its investment based on one or more of the public benefit categories listed
in this Policy.
2.03 Because projects vary greatly in structure and public benefit derived, each project will be
considered on its own merits. Consideration will be given to projects providing public benefits in
one or more of the following categories:
a. The creation of new jobs /increase in total payroll. In the case of new job creation, new jobs
must pay an average wage equal to the minimum wage level for business assistance programs
administered by the Minnesota Department of Employment and Economic Development for
cities located in the seven county metropolitan area in place at the time of an application by
any business seeking a subsidy. Preference will be given to higher paying jobs that also
provide benefits such as health care coverage.
b. Projects that provide value in the forms of needed transportation and other utility
infrastructure improvements including regional infrastructure in the community that would
be completed in conjunction with the project.
c. Redevelopment projects that result in the stabilization of business districts or neighborhoods
by elimination of blighting conditions.
d. Projects that enhance or increase the economic diversity of the community by attracting
businesses or industries not currently located in the City. New job wage requirements will
apply to any new jobs created.
e. Projects that result in the development of affordable senior or workforce housing.
f. Quality of Life based on business /projects. Those business /entities that provide a desirable
good or service and address an unmet demand in the community will be considered. New job
wage requirements will apply to any new jobs created.
g. Retention of existing jobs. To be considered under this category, it must be demonstrated —
to the satisfaction of the City - that the loss of jobs is specific and can be demonstrated.
2.04 If a particular project does not involve the creation of jobs, but is nonetheless found to meet
another public purpose of the City it may be considered without any specific job wage goals, as
permitted by Minnesota Statutes. This public purpose has to be something other than an increase
to the City's tax base. Other measurable, specific and tangible goals must be established.
Examples of tangible goals may include redevelopment or clean -up of a contaminated site or
increased tourism.
2.05 Each project shall not only be evaluated against the Business Subsidy Policy but also against other
applicable City of Lakeville or Economic Development Commission policies, including the
Comprehensive Land Use Plan, current Strategic Plan for Economic Development. The level of
assistance to be provided for any project is at the discretion of City of Lakeville.
2.06 Because it is not possible to anticipate every type of project which may in its context and time
present desirable community building or preservation goals and objectives, the governing body
must retain the right in its discretion to approve projects and subsidies which may vary from the
principles and criteria of this Policy. The burden will be on the applicant to demonstrate, to the
satisfaction of the City of Lakeville, that the public benefit justifies the requested subsidy.
2.07 In all cases of business subsidy, where the subsidy is equal to or greater than the threshold
prescribed in Minnesota Statutes, a subsidy agreement will be entered into between the City and
the recipient. This agreement will delineate the subsidy structure and amount, as well as the
expected public benefit. The agreement will include provisions for repayment and other
resolution options if the expected public benefit is not achieved. Upon completion of the project,
the actual costs of the elements of the project eligible for the business subsidy will be verified.
All business subsidies will be subject to the criteria outlined in Minnesota Statutes, Section
116J.933 through Section I I6J.955 except those subsidies as exempted by same.
DRAFT
CITY OF LAKEVILLE TAX INCREMENT FINANCING POLICY
A. POLICY PURPOSE
For the purposes of this document, the term "City"shall include the Lakeville City
Council.
The purpose of this policy is to establish the City of Lakeville's position
relating to the use of Tax Increment Financing (TIF) for private
development above and beyond the requirements and limitations set forth
by State Law. This policy shall be used as a guide in the processing and
review of applications requesting tax increment assistance. The
fundamental purpose of tax increment financing in the City of Lakeville is
to encourage desirable development or redevelopment that would not
otherwise occur but forthe assistance provided through TIF.
The City of Lakeville (City) is granted the power to utilize TIF by the
Minnesota Tax Increment Financing Act, as amended. It is the intent of
the City to provide the minimum amount of TIF at the shortest term
required for the project to proceed. The City reserves the right to approve
or reject projects on a case by case basis, taking into consideration
established policies, project criteria, and demand on city services in
relation to the potential benefits from the project. Meeting policy criteria
does not guarantee the award of business assistance to the project.
Approval or denial of one project is not intended to set precedent for
approval or denial of another project.
The City Council can deviate from this policy for projects that supersede
the objectives identified herein.
B. OBJECTIVES OF TAX INCREMENT FINANCING
Tax Increment Financing (TIF) uses the increased property taxes
generated by new real estate development within a tax increment district
to pay for certain eligible costs associated with the development. As a
matter of adopted policy, the City will consider using TIF to assist private
development projects that will achieve one or more of the following
objectives:
To retain local jobs and /or increase the number and diversity of jobs
that offer stable employment and /or attractive wages and benefits.
Preference will be given to higher paying jobs that also provide
benefits such as health care coverage.
1
2. Projects that provide value in the forms of needed transportation and
other utility infrastructure improvement that would be completed in
conjunction with the project.
3. To encourage additional unsubsidized private development in the
area, either directly or indirectly through "spin off" development.
4. To facilitate the development process and to achieve development on
sites which would not otherwise be developed but /for the use of TIF.
5. To remove blight and /or encourage redevelopment of commercial and
industrial areas in the city that result in high quality redevelopment
and private reinvestment.
6. To offset increased costs of redevelopment (i.e. contaminated site
clean up) over and above the costs normally incurred in development.
7. To create opportunities for affordable housing.
8. Projects that improve the quality of life in the City by providing a
desirable good or service and address an unmet demand in the
community.
9. To contribute to the implementation of other public policies, as
adopted by the city from time to time, such as the promotion of
quality urban or architectural design, energy conservation, and
decreasing capital and /or operating costs of local government.
C. POLICIES FOR THE USE OF TIF
1. When possible, TIF shall be used to finance public improvements
associated with the project. The priority for the use of TIF funds is:
a. Public improvements, legal, administrative, and engineering costs.
b. The preparation, site improvement, land purchase, demolition, and
environmental remediation.
c. Capitalized interest, bonding costs.
2. The following types of TIF districts may be established:
a. Economic Development Districts (maximum term 9 years)
b. Redevelopment Districts (maximum term 26 years)
c. Housing Districts (maximum term 26 years)
d. Renewal and Renovation Districts (maximum term 16 years)
2
e. Other types of TIF districts, along with specific criteria, may be
considered on a case by case basis.
3. TIF assistance shall not be provided for reimbursement of land and /or
property price that is in excess of fair market value. An appraisal by a
third party, agreed upon by the City and Developer, will determine the
fair market value of the land.
4. A maximum of ten percent (10 %) of any tax increment received from
the district shall be retained by the City to reimburse administrative
costs.
5. Only for a project which significantly supersedes the objectives
identified herein, will the term of the TIF assistance exceed 15 years.
6. Any developer receiving TIF assistance shall provide a minimum of
twenty percent (20 %) cash equity investment in the project. The
assistance shall not be used to supplant cash equity.
7. TIF shall not be used in circumstances where land and /or property
price is in excess of fair market value. An appraisal by a third party,
agreed upon by the City and Developer, will determine the fair market
value of the land.
8. Developer shall be able to demonstrate a market demand for a
proposed project. TIF shall not be used to support purely speculative
projects.
9. TIF shall not be utilized in cases where it would create an unfair and
significant competitive financial advantage over other projects in the
City.
10. TIF shall not be provided for projects that would place extraordinary
demands on city services or for projects that would generate
significant environmental impacts.
11. The developer must provide adequate financial guarantees to ensure
completion of the project, including, but not limited to: assessment
agreements, letters of credit, personal guaranties, etc.
12. The developer shall adequately demonstrate, to the City's sole
satisfaction, an ability to complete the proposed project based on past
development experience, general reputation, and credit history,
among other factors, including the size and scope of the proposed
project.
3
13. For the purposes of underwriting the proposal, the developer shall
provide any requested market, financial, environmental, or other data
requested by the City or its consultants.
D. PROJECT QUALIFICATIONS
All TIF projects considered by the City of Lakeville must meet a / /of the
following requirements:
1. To be eligible for TIF, a project shall result in:
a. For Economic Development TIF Districts, new construction of a
minimum of 5,000 square feet;
b. For Economic Development TIF Districts, the minimum creation of
one new or retained full time job per $25,000 of TIF provided;
c. For Redevelopment TIF Districts, a minimum value increase of
$200,000 or not less than 2 times the current year assessed value,
whichever is greater; and,
2. The project shall meet at least one of the objectives set forth in
Section B.
3. The developer shall demonstrate that the project is not financially
feasible but- forthe use of TIF.
4. The project must be consistent with the City's Comprehensive Plan,
Land Use Plan, and Zoning Ordinances.
5. The project shall serve at least two of the following public purposes:
a. Creation of jobs with livable wages and benefits, per City's
Business Subsidy Policy.
b. Increase of tax base.
c. Enhancement or diversification of the city's economic base.
d. Industrial development that will spur additional private investment
in the area.
e. The project contributes to the fulfillment of the City's development
or redevelopment objectives.
f. Removal of blight or the rehabilitation of a high profile or priority
downtown site.
E. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS
All developers /businesses receiving tax increment financing assistance
from the City of Lakeville shall be subject to the provisions and
requirements set forth by state statute 1163.993 and summarized below.
All developers /businesses receiving TIF assistance shall enter into a
subsidy agreementwith the City of Lakeville that identifies: the reason for
0
the subsidy, the public purpose served by the subsidy, and the goals for
the subsidy, as well as other criteria set forth by statute 1161.993.
The developer /business shall file a report annually for two years after the
date the benefit is received or until all goals set forth in the application
and performance agreement have been meet, whichever is later. Reports
shall be completed using the format drafted by the State of Minnesota and
shall be filed with the City of Lakeville no later than March 1 of each year
for the previous calendar year. Businesses fulfilling job creation
requirements must file a report to that effect with the city within 30 days
of meeting the requirements.
The developer /business owner shall maintain and operate its facility at the
site where TIF assistance is used for a period of five years after the
benefit is received.
The developer /business will be required to attain or exceed the jobs and
wages goals set forth in the Subsidy Agreement.
Developers / Businesses failing to comply with the above provisions will be
subject to fines, repayment requirements, and be deemed ineligible by the
State of Minnesota to receive any loans or grants from public entities for a
period of five years.
F. APPLICATION PROCESS
1. Applicant submits the completed application along with a nonrefundable
initial application fee of $500.
a. City staff reviews the application and completes the Application
Review Worksheet.
b. Results of the Worksheet are submitted to the appropriate
governing authorities for preliminary approval of the proposal.
2. If preliminary approval is granted, the applicant submits the final
application fee of $5,500 and the Tax Increment Financing Plan, along
with all necessary notices, resolutions and certificates are prepared by
City staff and /or consultants.
a. Notices are published and sent to the county and school board
b. Public hearing(s) on the proposed project are held.
c. The City Council grants final approval or denial of the proposal.
5
Item No. r ^'
N EVU L IViNI - 15te '
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: November 27, 2012
Subject: Business Marketing Strategy Update
Over 30 businesses total 82 attendees joined us at this year's manufacturers event, held
Wednesday, October 24 at the Lakeville Holiday Inn and Suites during Minnesota
Manufacturers Week. This after -hours reception provided an opportunity for networking with
other manufacturing businesses and allowed the City to express its appreciation for all that
the manufacturing and industrial businesses provide to the community. As a special
promotion this year, attendees were provided with a "Positioned to Thrive" travel mug as a
token of the City's appreciation for being in our business community.
Staff attended the 2012 MNCAR Expo held at the Depot in downtown Minneapolis on
November 8. As a sponsor we were recognized in all of the promotional literature, at various
other locations at the event, and at our event booth. This annual event hosted several
hundred local commercial property brokers and provided excellent exposure for the City of
Lakeville as a place to do business. There continues to be ongoing follow -up with new
connections made at this event as a direct result of our presence there.
The Marketing Partners group met on November 13' to discuss additional opportunities for
collaborating on joint marketing efforts.
Website redesign is still underway due to some technical web hosting related challenges.
Keeping relevant information updated and included on the website will be the primary focus
once the redesign is completed.
Action Requested: The above is intended to be an update on the progress of the
implementation of the approved Business Marketing Strategy.
"m No.
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: November 21, 2012
Subject: November Director's Report
The following is the Director's Report for November, 2012.
Manufacturers Appreciation Event
The annual Manufacturers Appreciation Event was held on October 24th at the Holiday Inn &
Suites. Each year during Minnesota Manufacturing Week the City of Lakeville coordinates
this event as a way to say thank you to our manufacturing and industrial businesses in the
community.
This year we had over 80 people representing 32 Lakeville businesses attend the event. This
compares to 60 attendees representing 31 companies at last year's event. 12 businesses and
related agencies had a display table to showcase their business or promote their service
supporting the business community. We heard many compliments from the attendees about
how they enjoyed the event and how they appreciate networking and learning from other
Lakeville businesses. I should also recognize our sponsors Dakota Electric, Frontier
Communications, Minnesota Energy Resources, and Xcel Energy. Without these sponsors,
this event would not be possible.
Building Permit Report
The City has issued building permits with a total valuation of $104,705,324 through October.
This compares to a total valuation of $61,038,027 through October of 2011. It should be
noted that this is the first time the City has exceed$100 million in total building permit
valuation since 2008 and there are two months remaining in the year.
The City issued commercial and industrial permits with a total valuation of $9,606,500
through October compared to a total valuation of $9,024,000 during the same period in 2011.
The City has also issued permits for 215 single family homes through October with a total
valuation of $63,658,000. This compares to 105 single family home permits through October
of 2011 with a total valuation of $32,607,000. It is the first time since 2006 that the City has
issued over 200 single family home permits.
Development Updates
Midwest Veterinary Building (Former DHY Building): The City recently issued a building
permit to complete interior alterations for this building. The building located at the NW
corner of Holyoke Avenue and Co. Rd. 70 was recently sold to Burnlarc LLC. The building will
be the new home for Midwest Veterinary Supply that is currently located in Burnsville.
Midwest is a full -line distributor of veterinary supplies and sells to over 12,000 veterinary
clinics in 30 states.
National Polymers: Construction is nearly complete on a 1306 square foot office addition
and a 31,388 square foot warehouse addition. National Polymers will have a building totaling
103,123 square feet when this project is completed.
Hosanna / Ebenezer Senior Housing Project: This project has been completed. A Grand
Opening Event was held Saturday, November 10tH
Kingsley Shores Senior Housing Project: Construction has begun on this 101 unit senior
housing project located adjacent to the Chart House restaurant. Winkelman Building
Corporation from St. Cloud is the General Contractor and is also a partner in the project.
Construction is expected to be completed in the Fall of 2013.
Foreclosure Report:
Attached is a copy of the October Foreclosure Update from the Dakota County CDA. There
were 13 Sheriff Sales during the month of October. The total number of Sheriff Sales through
October is 194 compared to 284 for the entire year of 2011.
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D akota County
Community Development
A
To: Dakota County Cities
From: Lisa Henning
Date: November 20, 2012
Re: Foreclosure Update
s�
S O
Dakota County Stats — October 2012
• # of Sheriff Sales in October — 117 (compared to 112 in October 201 1)
• Total Sheriff Sales for 2012 — 1,305 (compared to 1,630 Jan.- October 201 1)
• # of Notices of Pendency Filed in October — 233
• Total Notices of Pendency Filed in 2012 — 2,365
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
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finance & Commerce > .Pnnt > Greater MAY sees fobs back at 2007 le..
Finance & Commerce
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Greater MSP sees jobs back at 2007 levels — in 2016
by Chris Newmarker
Published: November 5th, 2012
Group expects to play key role in 30 deals
A year after its official launch, regional economic development group
Greater MSP claims it is on track when it comes to its job creation
goals in the Twin Cities.
Minneapolis -St. Paul in September had nearly 23,000 more jobs than
it did 12 months before, according to Minneapolis Department of
Employment and Economic Development (DEED) statistics.
If such year-over-year numbers hold lip for the rest of the year, men
the region is growing jobs at a rate fast enough to meet Greater
MSP's goal of 100,000 jobs created from the start of 2012 to the end
of 2016. The amount is a third higher than the 75,000 jobs that
DEED and credit ratings agencies such as Moody's say would have
been created otherwise.
The 100,000 positions would bring the Twin Cities employment to 1.8 million - about the same
amount of jobs it had for much of 2007. Is the goal perhaps not ambitious enough?
"It will get us out of the recessionary period we've experienced.... The partnership, working
together, is adding stimulus to this economy," Greater MSP CEO Michael Langley said Monday
morning.
The group Monday evening was scheduled to lay out its accomplishments to hundreds of
businesses and government leaders gathered at the Guthrie Theater in Minneapolis.
Greater MSP officials expect to have helped with 30 economic development deals from October
2011 through the end of the year, with 4,000 jobs created or retained and $440 million in capital
investment generated through the works.
Minnesota DEED has done much of the same type of work for years. But the agency simply does
not have the staff available to provide the "marketing and hand - holding" needed to properly recruit
and retain employers to the region, said Mark Phillips, who stepped down as DEED commissioner
last month after nearly two years in the post.
Phillips recalls that Greater MSP was helpful when it came to Stream Global Services and its plans
to move from Wellesley, Mass., to Eagan. The move is expected to bring hundreds of jobs to the
metro.
"They're very complementary," Phillips said of Greater MSP's work. "We brought each other in on
deals."
"We have to work together.... We work with their leads. They work with our leads," Langley said of
DEED.
Admittedly, some of these deals only involved Greater MSP officials making a few phone calls.
For example, Bloomington officials earlier this year became aware that there were retention issues
involving Cypress Semiconductor. The San Jose, Calif. -based company has hundreds of workers at
a 170,000- square -foot plant at 2401 E. 86th St. in Bloomington.
Bloomington officials contacted Greater MSP, which then in turn contacted the Minnesota Chamber
of Commerce, which subleases offices to Greater MSP. The Chamber's Grow Minnesota program
helped Cypress negotiate lower electricity rates through Minneapolis -based Xcel Energy and the
of 2 11/6/2012 10:21 AM
Michael Langley
inance & Commerce > Print > Greater MSP sees jobs back at 2007 le...
state Public Utilities Commission.
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Basically, Greater MSP forwarded a phone call. "People will say that is simple and obvious. But you
would be surprised. In the past, we haven't done that," said Bill Blazar, the Chamber's senior vice
president of public affairs and business development.
In the case of biopharmaceutical company DiaMedica, Greater MSP referred company executives to
commercial real estate agents, health insurance brokers and other service companies as DiaMedica
prepared to move its headquarters from Winnipeg, Manitoba to the Twin Cities.
DiaMedica expects to employ about 20 people at the office it has been leasing since the summer at
One Carlson Parkway in Plymouth.
"It was really pointing us in the right direction," DiaMedica CEO Rick Pauls said of Greater MSP's
help. "When you're coming from another city or another country, it can be a bit overwhelming."
Greater MSP on Monday night was also expected to tout the help it provided when it came to
Polaris Industries' 144.000 - square -foot expansion of its existing 126,000- square -foot product
development facility in Wyoming, Minn.
Langley says Polaris CEO Scott Wine personally reached out to Greater MSP as he sought help in
securing economic development incentives. The company eventually received a forgivable
$400,000 Minnesota Investment Fund loan related to the expansion. The company expects to hire
a total 280 workers over the next three to five years.
Other recent Greater MSP developments include:
The group has successfully raised the $15 million it needs to operate for the next three
years, with four -fifths of the money company from major corporations and other private
entities;
Greater MSP later this month will open an Osaka, Japan, office in coordination with the
BioBusiness Alliance of Minnesota and LifeScience Alley - its second office after an office
opened in the Chinese port city of Shanghai earlier this year;
The half -hour "Greater MSP Business" television program will first air on the morning of
Sunday, Dec. 16, on KSTP Channel 5, with Cyndy Brucato hosting.
Minneapolis -St. Paul employment
December 2007: 1,808,950
January 2012: 1,703,028
December 2016 (projected): 1,803,028
Source: Minnesota DEED statistics, 13- county metro area
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of 2 11/6/2012 10:21 AM
Olson, David
From: Kienberger, Adam
Sent: Friday, November 16, 2012 8:52 AM
To: Olson, David
Subject: Economic Development Recruitment Article
http: / /sunthisweek.com/ 2012 /11 /14 /farmington- businesses - being- wooed -by- other - cities/
Farmington businesses being wooed by other cities
By Laura Adelmann on November 14, 2012 at 12:42 pm
City will increase its recruitment efforts
Farmington officials heard unwelcome news during recent on -site business visits: Other cities are
aggressively working to woo away some Farmington businesses.
"We were surprised," said Economic Development Authority Member Jeri Jolley. "We heard other cities
were calling them every six months to see how they are doing and if they are looking to make changes."
Elected officials and economic development staff from other cities have also personally visited Farmington
businesses, inviting owners to move.
The news angered Farmington Mayor Todd Larson, who has made economic development his top priority.
"You could see steam coming out of his ears," Farmington Business Association President Clyde Rath said.
Larson said Farmington will have to get more aggressive with its efforts to grow the city's commercial tax
base.
"This one got me going," Larson said. "I went into City Hall, and (City Administrator) Dave (McKnight) and
I are figuring things out. We want businesses to feel welcome here, and to partner with them. I want to make
sure none of the businesses leave Farmington."
The city's strategy will include continued and improved communications with existing businesses and more
aggressive recruitment efforts.
Larson said the city will start recruiting businesses they know may be looking for a new location.
"When we hear of a business looking to expand or move, I'd like us to be the first one on the doorstep
saying: `Hey, look to Farmington,' " Larson said.
He is also interested in adding to the city's industrial property so there are more options for businesses to
consider.
A possible strategy to build Farmington's business base could include property tax abatements.
The topic has already come up with a Farmington business owner considering moving into a building in the
industrial park or moving out of the city, but nothing has been formally presented or is being considered by
the City Council or EDA.
The business has been approached by at least two other cities, Larson said.
Using tax dollars to subsidize business expenses can be controversial because other property taxes may
increase to fund the abatements, or there could be a rush on City Hall as businesses seek similar tax relief.
Rath said in the world of economic development, cities are competitive and have a "no holds barred" attitude
to get new businesses to move into their community.
He supports Farmington offering incentives like abatements because they can help attract more businesses
and residents and passionately encouraged residents to support their community verbally and financially.
"When we say shop local and encourage businesses to come to Farmington, that's for real," Rath said.
"That's not just blowing smoke."
Chris Nielsen owns a truck repair business in Eureka Township.
He said Eureka Township is "not real friendly" toward business, and although there would be costs involved,
he would consider moving to Farmington.
"We've been here since 1988, and they won't even let me have a sign," Nielsen said. "I'd consider
Farmington."
Adam Kienberger
Economic Development Specialist
(952) 985 -4425
Finance & Commerce > Print > Falling leaves, rising prices for local home sales (update) Page 1 of 2
Finance & Commerce http:/ /finance - commerce.com
Falling leaves, rising prices for local home sales (update)
by Burl Gilyard
Published: November 12th, 2012
The Twin Cities housing market still hasn't
returned to the frothy days of 2006, but
local real estate agents are encouraged by
what's now seen as sustained improvement
for home sales.
October's median sales price of $175,000
climbed 14.8 percent increase compared
with October 2011. Median sales prices
have now posted eight consecutive months
of year- over -year price gains in the Twin
Cities.
The latest statistics for home sales in the
13- county metro area also showed a
strong 34 percent gain in pending sales
and a 15.1 percent increase in closed sales
compared with a year ago.
"I think it's clear that 2012 was the start of the housing recovery. ...We're going into the fall
market very healthy," said Aaron Dickinson, an agent with Edina Realty who also writes the Twin
Cities Real Estate Bloa "That's going to set us up for a very healthy market in 2013."
In the current climate, the supply of homes available for sale is tightening and demand is
increasing, which is helping to push prices up. The latest statistics from the Minneapolis Area
Association of Realtors were released on Monday.
"This just confirms that it seems like this recovery has got some legs to it," said Andy Fazendin,
president -elect of MAAR, of the latest statistics.
"Seasonally, we usually experience quite a dip between Thanksgiving and Christmas," he said. "I
think we're going to have more business than usual during these very lean months. There are
buyers out there, but they can't find what they want."
Still, Fazendin notes that the housing market remains inextricably linked to the larger economy,
which is less than robust.
"We're optimistic, but we're still a little cautionary," Fazendin said.
Local median sales prices peaked at $238,000 in June 2006. The low point occurred in February
2012 when the local median sales price stood at $138,000.
Median prices were higher between June and August this year, when the median sales price
ranged between $177,900 and $178,675. Home prices are generally higher in the summer and
lower in winter.
Homes are now on the market an average of 104 days before selling, a 24.8 percent drop
compared with the average a year ago.
The inventory of homes for sale is at its lowest level since January 2003. The number of homes
for sale has declined for 21 consecutive months. But new listings were up 7.5 percent compared
with October 2011.
"I'm hoping that's a leading indicator," Fazendin said of the uptick in new listings.
http: / /finance - commerce.com /wp- content /plugins /tdc- sociable - toolbar /wp- print.php ?p =53... 11/16/2012
This foreclosed home for sale in south Minneapolis is
owned by Freddie Mac. Distressed property sales
made up 35.6 percent of closed sales during
October. (Staff photo: Bill Klotz)
Finance & Commerce > Print > Falling leaves, rising prices for local home sales (update) Page 2 of 2
At the same time, distressed properties are a declining sector of the market. During October,
35.6 percent of all closed sales were either foreclosures or short sales. In February 2011,
distressed properties accounted for 61.5 percent of all sales. That was a low point for the market
with distressed properties, which accounting for nearly two - thirds of all closed sales and created
a significant drag on overall median prices.
MAAR reports that new listings for traditional homes climbed 25.4 percent in October, while new
listings for both foreclosures and short sales declined.
"Traditional sales are increasing," Fazendin said.
MAAR track sales in Hennepin, Ramsey, Dakota, Anoka, Washington, Scott, Carver, Wright,
Chisago, Isanti and Sherburne counties in Minnesota, and Pierce and St. Croix counties in 4
western Wisconsin.
Herb Tousley, director of the Shenehon Center for Real Estate at the University of St. Thomas,
said that after a few false starts in the housing market, the current numbers suggest a solid
recovery is in progress.
"This one looks more sustainable over a period of time," Tousley said.
Looking ahead, Tousley sees competition for homes driving up prices. j
"There's going to be more people chasing fewer houses. I think that will put more upward I
pressure on prices, which is good," Tousley said.
I
Said Dickinson: "Overall, it's hard to find a housing statistic right now that isn't improving. We've
found stability in the market."
Monthly home sales in Twin Cities area
October 2012 / % change from October 2011
e
Median sales price: $175,000 / +14.8 percent
Closed sales: 4,262 / +15.1 percent
Pending sales: 4,483 / +34 percent f
Days on market: 104 / -24.8 percent !
% of original price received: 94.4 percent / +3.5 percent
Inventory of homes for sale: 15,002 / -29.7 percent
Source: Minneapolis Area Realtors Association
Complete URL: http: // finance- commerce.com / 2012 /11 /falling - leaves- rising - prices- for - local- home - sales/
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Finance & Commerce > Print > Report: State construction starts soar i..
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Report: State construction starts soar in September
by Brian Johnson
Published: October 24th, 2012
September brought more evidence of
i recovery for Minnesota's construction
industry, as construction starts for the month
rose more than 90 percent from a year ago.
Minnesota saw $947.4 million in contracts for
future construction, up 91 percent from
September 2011, according to a new report
from McGraw -Hill Construction's research &
analytics unit.
Apartments and a large high school project in reflected in McGraw -Hills September data.
Alexandria accounted for a significant chunk (SUBMITTED RENDERING)
of the September construction, according to
Ralph Gentile, senior economist with Bedford,
Mass. -based McGraw - Hill's research and analytics unit.
The news — combined with improving home sales and a surge in residential building permits — is
encouraging but builders and contractors are still cautious about the local construction economy,
which lost about 50,000 lobs during the recession
Phil Raines, vice president of public affairs for the Associated Builders and Contractors' Minnesota
and North Dakota chapter, said some long- delayed projects are finally moving forward.
Still, McGraw - Hill's numbers "seem pretty high," he said. "I know they do a good job of reporting,
but it doesn't feel that good."
In September, contracts for future residential ($397.3 million) and non - residential ($308.28
million) construction were more than double the September 2011 figures. Non - building projects —
everything from highways to utilities — increased 55 percent, according to McGraw -Hill.
Year -to -date through September, construction starts ($6.7 billion) are 20 percent higher statewide
than at the same point last year.
j The Twin Cities area has seen similar trends, with year -to -date increases in total construction (18
percent) and residential (63 percent). Non - residential construction was still down 12 percent in the
13- county metro area through September.
The biggest projects reflected in McGraw - Hill's September data are the new Alexandria High School
($78 million in construction costs) in Alexandria, and the Trillium Woods senior housing
development on a 46 -acre site near the intersection of Juneau Lane North and County Road 47 in
Plymouth ($84 million construction costs).
Marie Darling, a planner for the city of Plymouth, said Trillium Woods hasn't actually started
construction yet. Financing is in place, but the project won't break ground until spring she added.
Other projects in the report include the Pioneer - Endicott Apartments renovation (336 Robert St. N.
in St. Paul), Penfield Apartments (101 E. 10th St. in St. Paul), Longfellow Station apartments
(3815 Hiawatha Ave. in Minneapolis), and a Highway 75 concrete overlay in Stearns County.
Homebuilding permits are also on the rise.
According to the Keystone Report, which tracks residential construction permits in the 13- county
metro area, builders have pulled permits for 1,306 new housing units so far in October, up from
of 2 10/25/2012 9:29 AM
The new Alexandria High school ($78 million in
construction costs) is amon the bi est ro'ects
Finance & Commerce > Print > Report: State construction starts soar i.
377 units in October 2011.
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Minneapolis leads with 10 permits for 749 units in October, followed by Lakeville (24 permits, 124
units), Maple Grove (24 permits, 39 units), Woodbury (32 permits, 39 units) and Chanhassen (18
permits, 33 units).
Recently started apartment projects in Minneapolis include Track 29 Apartments (198 units, 2841
Bryant Ave. S.); Mill & Main phase one (180 units, 501 Main St. SE); Elan Uptown first phase (203
units, Colfax and Fremont avenues); Soo Line Building City Apartments (254 units, 101 Fifth St.
S.); Third North Apartments (204 units, 800 Third St. N.); Dock Street Apartments (185 units, 333
Washington Ave. N.) and Longfellow Station (180 units, 3815 Hiawatha Ave. S.).
Also on Wednesday, the American Institute of Architects said architecture billings in September
increased "at their fastest pace since late 2010." AIA's architecture billings index, a barometer of
future construction spending, increased from 50.2 in August to 51.6 in September.
Any reading higher than 50 indicates an increase in billings, according to AIA.
The U.S. Commerce Department also said Wednesday that U.S. new home sales in September rose
to the highest level in two -plus years, and the Commerce Department said last week that
homebuilding reached a four -year high in September, according to the Associated Press.
"Going back to the third quarter of 2011, the multifamily residential sector has been the
best - performing segment of the construction field," AIA chief economist Kermit Baker said in a
news release.
Raines said he's seeing some activity in health care and tenant remodels and a little bit of
manufacturing, as well as residential. Some projects have been delayed for a long time and
"people are finally getting to the point of where they have to do it," he added.
i
Overall, construction activity is "certainly a lot better than last year, but it can turn in an instant,"
Raines added. "Nobody is celebrating too heavily so far. We have a long way to go to get out of the
woods."
Complete URL: http: // finance- commerce.com /2012 /10 /report- state - construction- starts- soar -in- september/
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