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HomeMy WebLinkAbout06-18-13L AGENDA Economic Development Commission June 18, 2013 — 4:30 p.m. City Hall, Marion Conference Room 1. Call to order 2. Approval of April 23, 2013 minutes 3. Presentation by Grady Hamilton, CBRE/ Trammell Crow — Developer of First Park Lakeville 4. Update on Downtown Parking Lot Project 5. Update on Business Marketing Strategy Implementation Activities 6. Update by City Administrator Steve Mielke on Envision Lakeville Project (to be presented at the meeting) 7. Directors Report 8. Adjourn Attachments May, 2013 Building Permit Report "New tax bill laced with special tax breaks for selected businesses," MinnPost, 5 -28 -13 DEED Press Release, 5 -31 -13 "Minnesota economy surged in 2012," StarTribune, 6 -7 -13 "Leveraging the Emerson Deal," Finance & Commerce, 6 -10 -13 item No. CITY OF LAKEVILLE ECONOMIC DEVELOPMENT COMMISSION MEETING MINUTES April 23, 2013 Chair Matasosky called the meeting to order at 4:30 p.m. in the Marion Conference Room at City Hall. Members Present: Comms. Matasosky, Akason, Vlasak, Longie, Emund, Brantly, Starfield, Tushie, Schubert, Ex- officio member Chamber of Commerce Executive Director Todd Bornhauser, Ex- officio member Mayor Ma Little, Ex- officio member City Administrator Steve Mielke. Members Absent: Comm. Smith. Others Present: David Olson, Community — AEconomic Development Director; Adam Kienberger, Economic Development Specialist; Laurie Crow, OpenJo ; Business. 2. Approval of February 26, 2013 meeting Motion Comms. Tush'WS'C bert moved- to approve the minutes of the February 26, '20.13' r»loeting as _ presented. Motion carried unanimously. 3. Introduction 6f New EDC:Member Adel Akason ;. New EDC memo ,, Joel Aka n was introduced and welcomed to the EDC. 4. Electionio►f Office !DC' discussed the ple of - Wfl, rs and thanked Comm. Matasosky for his years servng.as EDC Motid13 :Comms. Tushie/Vlasalk ;moved to nominate Comm. Starfield for Chair, Comm Ltingie for Vice Chair, ands Comm. Schubert for Secretary. Motion carried unanimoualy 5. Presentation by= =Laurie brow with Open to Business Laurie Crow reviewed, the Open to Business program that was rolled out in Dakota County at the beginning of the year, and provided insights as to levels of activity in the first quarter. Ms. Crow discussed additional ways to continue promoting the program to small businesses. Comm. Matasosky suggested mailing a flyer to the local banks to promote the program through the small businesses many of them meet with. 6. Update on Business Marketing Strategy Implementation Activities Economic Development Commission Meeting Minutes, April 23, 2013 Page 2 Mr. Kienberger provided an update on the Business Marketing Strategy and reviewed a proposed work plan for 2013. Comm. Longie summarized the efforts of the Marketing Partners group and reviewed a collaboration to create an ad featured in the yearly "Welcome" Twin Cities relocation guide magazine. Mr. Mielke provided an update on the Envision Lakeville process. 7. Director's Report Mr. Olson reviewed the Director's Report and highlighted the upcoming job fair to be hosted by DEED at the Heritage Center on April 30 8. Adjourn Meeting adjourned at 5:50 p.m. Respectfully submitted by: Adam Kienberger, Recording Secretary Item No, City of Lakeville Community & Economic Development Memorandum To: Economic Development Commission From: David L. Olson, Community and Economic Development Director fili Copy: Steven Mielke, City Administrator Adam Kienberger, Economic Development Specialist Date: June 13, 2013 Subject: Presentation by Grady Hamilton, CBRE / Trammell Crow Mr. Hamilton has requested an opportunity to address the EDC regarding the marketing efforts for the remaining 50 acres in First Park Lakeville located at the intersection of Dodd Blvd. and Co. Rd. 70. In particular, Mr. Hamilton would like to talk about how the City's policy and practice regarding the use of financial incentives factors into these marketing efforts. FOR LEASE > INDUSTRIAL SPACE Frst F Lakev'lle 9150 217TH STREET WEST. LAKEV LLE. MN Colliers INTERNATIONAL �. r. -- 1 M BILL R TTER. CCIM, SIOR RYAN KRZMARZICK ER 'C ROSSBACH SENIOR VICE PRESIDENT SEN OR ASSOCIATE ASSOCIATE D RECT 952.897.7743 DIRECT 952.897.7746 D RECT 952.897.7872 bill.ritter(dcolliers.com ryan.k(dcolliers.com eric.rossbachldcolliers.com A A im inn allm 0 1 0 01111111111111111111 ` 0 W —.m Total Development 1.4 million SF New Development 119,328 SF Available for occupancy Uponor BTS 285,000 SF Completed Feb 2009 Additional Development Up to 1 million SF Speculative or built -to -suit Land sales Highlights 2 miles to interstate 35 12 minutes to Interstate 494 20 minutes to Minneapolis/ St. Paul Int'I Airport Net Rental Rates $4.75 psf warehouse BTS Office 2013 111 CAM & RE Taxes $1.21 psf RE Taxes $0.44 psf CAM $1.65 psf Total FOR LEASE > INDUSTRIAL SPACE First Fark Lakeville 9150 217TH STREET WEST, LAKEV LLE, MN Land For Sale 4 5 - 47 Acres rU) � 0 r ,n r 3.71 Aces ' 07 1 . 4.75 Acres �r . r First Park Lakeville First Park Lakeville is a premier 91 -acre business park with premium speculative space and additional land for build -to -suit facilities. Located with close proximity to Interstate 35 from the intersection of County Road 70 and Dodd Blvd., First Park Lakeville is positioned with the logistics flexibility to meet a corporation's evolving supply chain needs. Site Plan Highlights > Designed to accommodate build -to -suit requests > Small sites with city utility access available > Ample outdoor trailer parking and storage FOR LEASE) INDUSTRIAL SPACE First Fark L ake v ill e 9150 217TH STREET WEST, LAKEVILLE, MN • E Contact Us BILL RITTER, CC M, S OR SEN OR VICE PRESIDENT DIRECT 952.897.7743 bill.ritterldcolliers.com `x'` f y : RYAN KRZMARZICK SENIOR ASSOCIATE D RECT 952.897.7746 ryan.k2colliers.com ERIC ROSSBACH ASSOCIATE DIRECT 952.897.7872 eric.rossbachldcolliers.com -=s Item No. V 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: June 13, 2013 Subject: Update on Downtown Parking Lot Project As part of a Joint Powers Agreement with the Dakota County CDA, the City has been working to develop a City -owned parking lot in the Ben Franklin Block of Downtown Lakeville. The EDC previously reviewed and recommended this proposed project at its January and March 2012 Meetings. Since that time the City has engaged WSB to prepare plans for the parking lot improvements and in December of last year closed on the purchase of a portion of the parking lot that was owned by new owners of the Hewitt Investing building and parking lot. Attached is a copy of the current concept for the parking lot reconstruction project as prepared by WSB who has been retained to prepare plans and specifications for the project. The current estimated project cost $396,000 which includes property acquisition and engineering costs and is being funded entirely with CDA TIF proceeds. The City hosted an Open House in a vacant office space this past Wednesday, June 12th at 4:30 p.m. A number of property owners and building tenants attended the Open House. Several questions were asked regarding specific design details, however there was general support for the project. Staff will review the present design concept at the EDC Meeting and respond to any questions. The City Council is scheduled to review the concept plan at their June 24' Work Session. Action Requested: A recommendation to the City Council supporting the Downtown Parking Lot Design Concept as presented. ! Howland Walkway: — New 6'wide sidewalk and ornamental fence placed along Howland Ave. t A WSB UppE Total Parking: 137 + 3 HC A � A 'S CENTRE STAGE AANCE t y . 1 b Northern Parking Area: Existing Wells Fargo and other public /private stalls remain unaltered Enclosures: Potential locations for consolidated refuse enclosures Aesthetic Improvements: Parking lot improvements allow space between walkway and buildings for businesses to incorporate landscape or screening Central Parking Area: Improvements to include new pavement with 51 standard stalls & 3 HC + 2 private stalls with center landscaped median and new or relocated ornamental light poles Pedestrian Walkway Concrete & paver walkway to match Market Pla=a style delineate the Pedestrian walkway from the parking lot (walk is level with parking lot so curb stops will be needed) Improved Crosswalk: New banded concrete crosswalk in existing location remains mainly level with parking lot to avoid ramping up and down Southern Parking Area: Island provides separation between parking and crosswalk G.phi,S v I !Lem No. 5 � T ; a k . •..rte City of Lakeville Community & Economic Development Memorandum To: Economic Development Commission From: Adam Kienberger, Economic Development Specialist Copy: Steven Mielke, City Administrator Via\ David L. Olson, Community & Economic Development Director Date: June 14, 2013 Subject: Business Marketing Strategy Update Below is an update on a few of the recently completed and upcoming marketing initiatives underway as part of the Business Marketing Strategy. These marketing activities are in line with the report completed by Arnett Muldrow & Associates which continues to serve as a guide to staff for pursuing new and ongoing marketing initiatives. The Marketing Partners recently collaborated to produce a full -page ad in Welcome!, the 2013 -2014 Twin Cities Area Guide. A handout of the ad will be available at the EDC meeting. Lakeville Public Works recently installed new "Welcome to Lakeville" street signs at the entry points to the community. These new signs include the updated logo and graphics along with the "Positioned to Thrive" tagline. Dave attended the 2013 Mid - America Economic Development Council (MAEDC) conference May 15 -17 in Sioux Falls, South Dakota which caters to economic development professionals and site selectors to share best practices across the upper- Midwest. The City of Lakeville is the dinner sponsor for the June 25' Minnesota Commercial Association of Real Estate ( MNCAR) golf tournament at the Legends Club. As a key market segment, this event will provide Lakeville exposure to 150 commercial brokers from across the Twin Cities. The Mayor will provide welcome remarks and a pitch for commercial and industrial development in Lakeville. Staff is working with Creative Ensemble and Marketing on a postcard for the MNCAR golf tournament and a new economic development brochure. Staff will be attending the 2013Economic Development Association of Minnesota (EDAM) Summer Conference in Duluth June 26th - 28th Lakeville is an exhibitor again this year at this conference comprised of economic development professionals, developers, engineers, architects, financial consultants, and other economic development related professions. Action Requested: No action is necessary. The above is intended to be an update on the progress of the implementation of the approved Business Marketing Strategy. Welcome to Positioned to Thrive Item No. Z City of Lakeville Community & Economic Development Memorandum To: Economic Development Commission From: David L. Olson, Community and Economic Development Director 0 Copy: Steven Mielke, City Administrator Adam Kienberger, Economic Development Specialist Date: June 14, 2013 Subject: June Director's Report The following is the Director's Report for June, 2013. Bob Brantly As everyone is aware by now, Bob passed away at his home last Friday, June 7th. The visitation and funeral was held this past Wednesday in Richfield and a number of EDC Members and City staff attended. Bob was first appointed to the EDC in 1989 and served for almost 24 years. Steve Mielke and I will work with the Mayor and City Council and Bob's wife Betty after some time has passed to plan an appropriate recognition of Bob's service to the City of Lakeville. We will keep the EDC members informed when anything is scheduled in terms of a presentation. Building Permit Report The City has issued building permits with a total valuation of $55,872,319 through May. This compares to a total valuation of $38,132,171 through May of 2012. The City issued commercial and industrial permits with a total valuation of $5,593,750 through May compared to a total valuation of $3,157,500 during the same period in 2012. The City has also issued permits for 140 single family homes through May with a total valuation of $42,200,000. This compares to 93 single family home permits through May of 2012 with a total valuation of $27,018,000. Development Update Since the beginning of the year, the City has approved eight residential final plats that resulted in 215 new single family home lots being created. Two additional final plats containing an additional 78 single family lots are scheduled to be considered by the City Council on June 17th. This will bring the total to 293 for the year. In 2012, the City approved residential final plats for 348 new single family lots. July Meeting It has been the practice of the EDC to take the month of July off in terms of having a regular monthly meeting. 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Some call it "economic development," while others view it as "corporate welfare." Whichever term you prefer, the tax bill passed by the 2013 Minnesota Legislature was laced with special tax breaks for selected businesses. The biggest tax breaks, and the ones that received the greatest public attention, were massive tax subsidies to aid in the expansion of Mayo Clinic in Rochester and the Mall of America in Bloomington. But they were not alone. All of this led to some grumbling within the business community. Writing in the Star Tribune last week, Minnesota Chamber of Commerce President David Olson asked, "Why do we have to pick winners and losers in tax reform by raising taxes on all businesses to provide tax exemptions or tax benefits for a few select companies ?" http: / /www.minnpost.com /politics - policy/ 2013/05/ new - tax - bill - laced - special - tax - breaks -se... 5/28/2013 By Steven Dornfeld 109:34 am New tax bill laced with special tax breaks for selected businesses I MinnPost Page 2 of 6 The biggest winner, without question, was Mayo Clinic. The tax bill commits the state to providing up to $32'7 million from the state treasury for public infrastructure and amenities to help Mayo create its "Destination Medical Center." As part of the deal, the state also will contribute to a $116 million fund for public transit, and the city and county will chip in $128 million to the project. Mayo has pledged to spend $3.5 billion expanding and modernizing its Rochester campus, enhancing its ability to attract patients from around the world and employing 33,40 people. No state dollars will be provided until Mayo spends $200 million. Big winners The other recipients of state government largesse include: • The Mall of America, which will receive up to $250 million in aid over the next two decades from the metro fiscal disparities tax pool. It will help pay for roads, utilities and parking facilities as part of an expansion that could more than double the size of the existing 4.2 million- square -foot retail and entertainment venue. Details of the expansion have yet to be provided. • 3M, which will receive aid through a special tax increment financing (TIF) district that will help build a $150 million research and development building at its Maplewood headquarters. The TIF district will divert property taxes that otherwise would go to the city, county and school district. In addition, 3M will receive a sales tax exemption on building materials that will cost the state $3.9 million. Baxter International Inc., an Illinois biotechnology and pharmaceutical firm, which will receive a sales tax exemption for building materials needed to renovate a vacant manufacturing facility in Brooklyn Park. The tax exemption will save the company $940,000. • Emerson Electronics, a St. Louis -based manufacturing firm that will receive an $815,000 sales tax break to help renovate a vacant building in Shakopee. In several cases, these state tax breaks are in addition to other state grants, loans and local tax breaks that also are being provided to these multi - billion - dollar private enterprises. The Citizens League strongly opposed the raid on the metro fiscal disparities pool by the MOA and the city of Bloomington. Proponents of the measure said it is justified because Bloomington is the largest contributor to the regional tax -base sharing pool, which was created in 1971 to reduce the tax disparities between rich and poor communities in the metro area. http: / /www.minnpost.com /politics - policy /2013/05/ new -tax- bill - laced- special- tax - breaks -se... 5/28/2013 New tax bill laced with special tax breaks for selected businesses I MinnPost Page 3 of 6 "That's is a lot like [billionaire investor] Warren Buffett saying he deserves a rebate because he pays a lot of taxes, ignoring the fact that he makes a lot of money," said Sean Kershaw, executive director of the Citizens League. Apart of the league, there weren't a lot of organizations opposing the corporate tax breaks this session. Indeed, the Minnesota Chamber of Commerce was among the groups supporting the Mayo deal, saying it has the potential to be an economic "game- changer." After the legislative session, Dane Smith, president of the left - leaning group Growth & Justice, said, "Economists left and right and in between are generally dismissive, if not scornful, of tax breaks and subsidies for specific projects. That said, the Mayo and MOA projects probably are a whole lot more beneficial for the state's general economic health than all the professional sports stadia we've been building in recent years." Better investments But Smith said "this money probably would have been better invested" if it had gone for a broader capital investment package, for higher education investment, research and tuition reduction, or for workforce training. Arthur Rolnick, an economist and retired senior vice president of the Federal Reserve Bank of Minneapolis, has long been a critic of government tax breaks for specific businesses — ranging with the $800- million Northwest Airlines aid package in the early 199os to the more recent sports facilities for the Twins and Vikings. Rolnick doesn't see any greater justification for the state subsidizing the expansion of Mayo Clinic, much less the other projects that received help this year. "Like the Vikings, they [Mayo executives] were threatening to go somewhere else," Rolnick said. "That's the bidding war game that the sports teams and lots of other companies play. My criticism is not of the CEOs — they are simply trying to get the best return for their investors' money. My criticism is of Congress because it could end this bidding war." Rolnick believes such funding requests should encounter bipartisan opposition. "Democrats should be upset because this is welfare for the rich. Republicans should be upset because this is government picking winners and losers." http: / /www.minnpost.com /politics - policy /2013 /05/ new -tax- bill - laced - special -tax- breaks -se... 5/28/2013 Sean Kershaw New tax bill laced with special tax breaks for selected businesses I MinnPost Page 4 of 6 Art Rolnick Last December, The New York Times published an investigative series in which it estimated that corporations extract more than $8o billion in subsidies from U.S. states, cities and counties every year. The Times estimated that Minnesota was spending $ 2 39 million a year on business incentives, or $45 per capita. However, that's a pittance, according to The Times. Texas leads the nation, providing $19 billion a year in corporate tax breaks and incentives. "The cost of the awards is certainly far higher," the newspaper said. "A full accounting, The Times discovered, is not possible because the incentives are granted by thousands of government agencies and officials, and many do not know the value of all their awards." Some misfires The incentives don't always guarantee that the businesses receiving them will stay put. The Minnesota landscape is littered with vacant or underutilized buildings where businesses once received state or local subsidies to create jobs that no longer exist. Examples that quickly come to mind: the Northwest Airlines overhaul base in Duluth, "Block E" in downtown Minneapolis, the "World Trade Center" and the Macy's store in downtown St. Paul, and the State Farm Insurance building in Woodbury. Very often, Rolnick said, state and local governments are asked to provide money "for at -risk projects that the market wouldn't do on its own. There are so many of these that don't pan out." Sometimes states and cities are fortunate enough to lose the bidding war. In 1985, Minnesota was among 28 states that entered the competition for a new General Motors plant to build Saturns. Led by Gov. Rudy Perpich, Minnesota put together a package of 3o -year tax breaks and other incentives totaling a whopping $1.2 billion. Tennessee ultimately won the bidding for the plant, which operated for just 17 years before GM ended the production of Saturns in 2007. GM has since reopened the plant for the production of some Chevrolet vehicles and engines. RELATED CONTENT: POLITICS & POLICY http: / /www.minnpost. com /politics - policy/ 2013/05/ new - tax - bill - laced - special- tax - breaks -se... 5/28/2013 MinnPost file photo by Bill Kelley Olson, David From: DEED Communications <MNDEED @public.govdelivery.com> Sent: Friday, May 31, 2013 3:20 PM To: Olson, David Subject: The Big Winner This Legislative Session: Jobs The Bi Winner this J- ookw— bi The Department of Employment and Economic Development is thrilled that the Minnesota Legislature approved (and Gov. Mark Dayton signed) more than $95 million in economic development funding along with tax incentives that will help businesses expand and create jobs. The funding was an investment in the economy and in Minnesota's future. It will make the state more competitive while creating thousands of jobs and attracting millions of dollars in private investments. Budget highlights include: • $30 million for the Minnesota Investment Fund which awards grants and loans to companies that expand and create jobs. • $24 million for the Minnesota Job Creation Fund will pay up to $1 million to businesses that meet certain job creation and investment criteria. • $1.5 million for the Global Competitiveness Initiative including funding for opening three foreign trade offices. • $20 million for the Transportation Economic Development Program a collaborate effort with MnDOT that funds highway infrastructure improvements that encourage economic development. • $8.39 million for the Minnesota Job Skills Partnership to develop customized training for companies that want to upgrade the skills of their workers. • $6 million for the Redevelopment Grant Program which helps communities put blighted industrial, residential and commercial sites back into productive use. • $3.94 million for the Contamination Cleanup and Investigation Grant Program which contributes to the cost of cleaning up contaminated sites. Tax incentives will encourage the growth of some of Minnesota's most recognized institutions and companies. The Legislature approved tax incentives for: • Baxter International to expand in Brooklyn Park, creating about 200 jobs that will pay an average of $75,000 a year and will utilize an otherwise empty facility. • Emerson Process Management to expand into the former ADC Telecommunications facility in Shakopee, creating about 250 jobs. • 3M to build a $150 million research and development building in Maplewood. • Mayo Clinic to make its flagship campus in Rochester into a "Destination Medical Center," creating 30,000 jobs and attracting up to $5 billion in private investments. • Mall of America to expand in future phases of the mall that are expected to attract $1.5 billion in private investments. • Greater Minnesota business expansion program: $7 million that will provide tax incentives to qualified businesses expanding in greater Minnesota. POSITIVELY Questions Contact Us DopwWw" of EmOw& K rq Eowomk DvMOp d STAY CONNECTED: ©© O SHRRE SUBSCRIBER SERVICES: Manage Preferences I Unsubscribe I Help This email was sent to dolson @lakevillemn.gov using GovDelivery, on behalf of: Minnesota Department of Employment and Economic Development 332 Minnesota Street Suite E -200 Saint Paul, MN 55101 (800) 657 -3858 � I ' ' rt _ . .0 S#arTribune Minnesota economy surged in 2012 Article by: Adam Belz Star Tribune June 7, 2013 - 6:06 AM Minnesota's economy grew faster in 2012 than it has in nearly a decade, spurred by broad gains in manufacturing, wholesale trade, finance and insurance, and real estate rental and leasing. The state's gross domestic product surged 3.5 percent over the previous year, the fifth- fastest pace in the nation and Minnesota's best year since 2004, according to figures released Thursday by the U.S. Department of Commerce. RICHARD SENNOTT.• Star Tribune. "We are in an economic expansion here," said Toby Madden, an economist at the Federal Reserve Bank of Minneapolis. "The Minnesota economy is doing pretty well." The Commerce Department reported that real GDP, the total value of goods and services adjusted for inflation, grew in every state last year except for Connecticut. North Dakota led the nation in growth, as the state's oil boom continues to transform its economy. Despite headwinds from a struggling European economy and cuts in government spending, the average growth rate for the states was 2.5 percent, nearly a full percentage point better than 2011. Minnesota is doing better than any other state in the Midwest, with the exception of oil -rich North Dakota, where 2012 growth was an astonishing 13.4 percent. Texas, Oregon and Washington rounded out the top five nationally. In Minnesota, the growth was reflected in employment. The state added more than 50,000 jobs last year, and unemployment ticked downward from 5.8 percent at the end of 2011 to 5.4 percent at the end pf 2012. "If the economy's growing above 3 percent, you're going to see reductions in unemployment," said Pete Ferderer, an economics professor at Macalester College in St. Paul. In the Midwest, North Dakota, Minnesota and Indiana all posted 2012 GDP growth above 3 percent. The rest of the region was more sluggish, with Wisconsin growing at 1.45 percent and South Dakota barely breaking even at 0.24 percent. Per capita GDP in Minnesota is a little over $47,000, growing by 2.9 percent in 2012. That's faster than all other states in the Midwest except North Dakota and Indiana. Minnesota's growth was spread across the economy, including agriculture, finance and insurance, wholesale trade, and the rental and leasing businesses, which all posted gains above 6 percent. "The Twin Cities had one of the tightest rental availabilities in the nation," said Madden, the Fed economist. Thanks to a drought that struck hardest in states like Iowa and Illinois but largely spared Minnesota, the state's corn, soybean and other crop farmers had high yields in a year of high grain prices. Median farm income rose 72 percent from 2011, to $254,800. The strength of durable goods manufacturing in Minnesota and across the nation is a solid sign of an improving economy, Ferderer said. "Durable goods are something that can be delayed in purchase, so when they're growing rapidly, I take it as a sign that credit conditions are loosening up, and also, more generally confidence," Ferderer said. "This is a good sign in terms of a rebound." State - specific GDP data is not available for the first quarter of the year, but national growth was 2.4 percent. The economy has been getting a boost from the Federal Reserve, which is holding down interest rates and driving down long -term rates by buying $85 billion in mortgage- backed securities per month. Long known for its snowmobiles and ATVs, Polaris is attempting to become a bigger player in motorcycle manufacturing. "The Fed has had the pedal to the metal for four or five years now," Ferderer said. "I guess at some point it's got to have an effect." As the economy improves, the likelihood increases that the Fed might taper its unprecedented asset - purchasing program — known as quantitative easing. So, for now, good economic news helps fuel fears that the program will stop, causing mortgage rates to rise in the past month and roiling the stock market. Adam Belz • 612 - 673 -4405 Twitter: @adambelz Finance & Commerce > Print > Leveraging the Emerson deal Finance & Commerce Page 1 of 3 http: / /finance - commerce.com Leveraging the Emerson deal by Chris Newmarker Published: June 10th, 2013 Upcoming plan could be just the start in Shakopee Shakopee officials could be setting up their city for more development now that Emerson Electric Co. has confirmed it will expand into the southwestern Twin Cities suburb. St. Louis, Mo. -based Emerson said Monday that it will pour $70 million into an unfinished former ADC Telecommunications facility — a 500,000- square -foot structure at 6021 Broadband Blvd. The location will serve as a new research and manufacturing facility for Emerson's Chanhassen -based Rosemount industrial instrumentation business, bringing up to 500 "new, highly skilled jobs" to the community, according to an Emerson news release. The Emerson project, however, could spur more activity because the 60 acres that Emerson has been eying are part of a larger 109 -acre tract that Minnetonka -based Opus Development Co. has had under contract with owner Maplewood -based Premier Bank. Shakopee officials have said Opus would likely finalize the purchase then sell the existing structure and 60 acres of the site to Emerson, creating an anchor for a larger build -to -suit industrial campus that Opus would develop. "Having Emerson come in is going to be a huge asset to bring in another great company right next door. I have no doubt there will be some type of spinoff or something that will want to be near them," said Samantha DiMaggio, Shakopee's economic development coordinator. Both DiMaggio and Shakopee Mayor Brad Tabke did not know what Opus' exact plans might be. The City Council still needs to consider final platting for the property. Meanwhile, Tabke said that the city has "a lot of things in the pipeline" when it comes to economic development. Dave Menke, executive vice president for Opus Development, could not be reached for comment as of press time. Worth the incentives? The news of Emerson's move into Shakopee comes only weeks after Gov. Mark Dayton signed a two -year state budget that included an $815,000 state sales tax exemption for the project. The sales tax break was part of what Shakopee city documents described as an up to $6.85 million state and local incentives package. Emerson officials previously said they were also considering Chihuahua, Mexico, for the new location. http: / /finance- commerce .comlwp- contentlpluginsltdc- sociable - toolbarlwp- print.php ?p = 620... 6/11/2013 An unfinished, 500,000- square -foot former ADC Telecommunications facility, at 6021 Broadband Blvd. in Shakopee, will serve as a new research and manufacturing facility for Emerson's Chanhassen - based Rosemount industrial instrumentation business. (File photo: Bill Klotz) Finance & Commerce > Print > Leveraging the Emerson deal Page 2 of 3 Emerson Process Management presently has about 2,600 employees in Minnesota, including more than 2,000 who work in the Rosemount measurement business in Chanhassen and Eden Prairie, where the company recently spent $40 million to upgrade facilities. "Our continued investments in innovation, combined with growing energy markets around the world, have fueled the need for more office and manufacturing space to meet the increasing demand for our products and services," Steve Sonnenberg, president of Emerson Process Management, said in a news release. Tabke thinks his city has been able to score major economic development wins because he and other officials have shown a willingness to offer such incentive packages, which local and state governments across the country hand out routinely. Shakopee has also benefited from the Minnesota Department of Transportation's $125 million - plus reconstruction of the Highway 169 - Interstate 494 interchange about three miles to the north. The Emerson project has a "very, very high return," Tabke said. The Emerson jobs are expected to have average annual salaries in the mid- $60,000s, with 60 percent of the jobs in engineering and 40 percent in production, according to a city news release "There's something that could be said about corporate handouts, but we live in a competitive environment," Tabke said. Phil Krinkie, president of the Taxpayers League of Minnesota, complained that reducing taxes across the board for business owners would be a better strategy to improve the state's economy. But state and local officials are instead inking large incentive deals such as the Emerson package. The recently passed state budget also includes large incentive packages around Mayo Clinic in Rochester, the Mall of America in Bloomington, 3M Co. in Maplewood, and Illinois -based Baxter International's expansion into Brooklyn Park. "They always love that headline. They always love that quid pro quo," Krinkie said. Sorting out development In Shakopee, economic development activity is enough that the city in April hired DiMaggio, a former state Department of Employment and Economic Development worker, to fill a newly created economic development coordinator position. DiMaggio is helping the city write economic development incentive guidelines to help streamline future deals, Tabke said. The need for such a policy came up last month when the Shakopee City Council considered whether to keep a $251,555, nine -year property tax abatement for Dallas -based Compass Datacenters — part of a larger state and local incentives package. Compass previously proposed spending at least $67 million over three years to develop five data center "condos" totaling 109,000 square feet in the Dean Lakes area of Shakopee, creating 40 jobs. But with a single user lined up for the data center, Compass now plans to construct four buildings totaling 90,000 square feet in a single year, according to city documents. Only 15 to 18 jobs would be created. Ray Watson a consultant for Compass, told the council at the time that they would be "very excited" when Compass eventually announces that a Fortune 500 company is planning to use the data center. Compass declined to confirm the plan for a recent Finance & Commerce story. The council ended up voting 4 -1 to keep its previous property tax abatement offer. Compass is still deciding whether to build its data center in Shakopee or on a site in northern Iowa. http: / /finance- commerce. com /wp- contentlplugins /tdc- sociable - toolbarlwp- print.php ?p = 620... 6/11/2013