HomeMy WebLinkAbout01-28-14Lakeville
AGENDA
Economic Development Commission
January 28, 2014 — 4:30 p.m.
City Hall, Marion Conference Room
1. Call to order
2. Approval of November 26, 2013 minutes
3. 2013 Annual Report (To be presented at the Meeting)
4. Discussion of 2014 -16 Strategic Plan for Economic Development Work Program
5. February Meeting Date
6. Directors Report
7. Adjourn
Attachments:
December, 2103 Building Permit Report
December, 2013 Foreclosure Report
"2013 sees more growth for Twin Cities builders," Finance & Commerce, 12/27/14
"Minnesota's job market is poised to im prove, "StarTribune
"Entrepreneurs, Business Startups to Benefit from $6.7 Million Angel Loan Fund," Press
Release from the Office of Governor Mark Dayton, 12/12/13
"Twin Cities suburbs are working on their curb appeal," StarTribune, 11 /30/13
16NNo. a
CITY OF LAKEVILLE
ECONOMIC DEVELOPMENT COMMISSION
MEETING MINUTES
November 26, 2013
Chair Starfield called the meeting to order at 4:30 p.m. in the Marion Conference Room
at City Hall.
Members Present: Comms. Matasosky, Emond, Vlasak, Akason, Starfield, Smith,
Mayor Matt Little, Ex- officio member Lakeville Area Chamber of Commerce Executive
Director Todd Bornhauser, Ex- officio member City Administrator Steve Mielke.
Members Absent: Comms. Schubert, Tushie, Longie.
Others Present: David Olson, Community & Economic Development Director; Adam
Kienberger, Economic Development Specialist.
2. Approval of October 29, 2013 meeting minutes
Motion Comms. Matasosky / Emond moved to approve the minutes of the
October 29, 2013 meeting as presented. Motion carried
unanimously.
3. Review and Discussion of Recommended 2014 -2016 Strategic Plan for
Economic Development
Mr. Kienberger reviewed the draft 2014 -2016 Strategic Plan for Economic
Development with the EDC.
Comm. Matasosky noted that this document is a vision for the EDC, not a strict
policy. Mr. Olson added that Craig Rapp indicated during planning sessions that
the EDC is setting goals to shoot for in this document. Mayor Little further added
that the document is a method for providing a guide for what we're trying to do.
Chair Starfield asked about the strategic priority of "High Density Housing" and how
that might move forward. Comm. Smith responded that the EDC should first
address the strategic initiative in the document by establishing "Housing Goals ". It
will be market driven, but should remain a part of the vision and awareness within
the document.
Comm. Emond stated that this document is a recommendation from the EDC to the
City Council about the City's economic development activities. Mr. Mielke added
that the City Council will likely be having a discussion about housing goals within
the City that will be supported by this document.
Comm. Matasosky added that there is an increasing market for apartments for both
seniors and transit - oriented young professionals.
Economic Development Commission Meeting Minutes, November 26 2013 Page 2
Mr. Olson concluded that with a recommendation of the 2014 -2016 being accepted
by the City Council, staff will work to draft a work plan and priorities for the 2014-
2016 economic development activities.
Motion Comms. Smith /Matasosky moved to recommend forwarding the
2014 -2016 Strategic Plan for Economic Development document to
the City Council. Motion carried unanimously.
4. Update on Business Marketing Activities
Mr. Kienberger provided an update on the current marketing activities and noted
that staff will be exploring additional opportunities during the first quarter of 2014.
5. Review of Met Council Preliminary 2040 Population and Household and
Employment Forecasts
Mr. Olson reviewed the preliminary Met Council 2040 Population and Household
and Employment Forecasts for Lakeville and noted that the Met Council will be
reviewing and updating their model and forecasts.
6. Director's Report
Mr. Olson reviewed the Director's Report and provided an update on the growing
number of new residential developments.
7. Adjourn
Meeting adjourned at 5:25 p.m.
Respectfully submitted by:
Adam Kienberger, Recording Secretary
Item A10. /
City of Lakev - i le
Community & Economic Development
Memorandum
To: Economic Development Commission
From: Adam Kienberger, Economic Development Specialist
Copy: David L. Olson, Community & Economic Development Director
Steven Mielke, City Administrator
Date: January 24, 2014
Subject: Strategic Plan for Economic Development Work Plan
The City Council accepted the EDC's 2014 -2016 Strategic Plan for Economic Development at
their January 6, 2014 meeting. This plan provides the EDC and staff with a basis to focus on
specific initiatives during this three -year period. Because the document has been formally
accepted by the City Council, staff is asking the EDC to discuss priorities of the plan to be
addressed during year one (2014). These priorities will become the Work Plan to guide the
EDC and staff during 2014.
As discussed during the strategic planning process, the Strategic Plan for Economic
Development outlines six Strategic Priorities from which multiple Strategic Initiatives were
derived. Attached is the summary document along with the expanded report developed
during the planning process.
Staff has attempted to highlight several Strategic Initiatives that can be the focus of year one.
These Strategic Initiatives touch on each of the six Strategic Priorities included in the overall
Strategic Plan document. Note that for some of the Strategic Initiatives it may make sense to
explore them in a specific order while others can be worked on in parallel to other initiatives.
It should also be noted that by identifying specific Strategic Initiatives to target in the first
year, it doesn't preclude work on other Initiatives and opportunities that may present
themselves as a higher priority. Much like the Strategic Plan document, these goals are
meant to serve as a guide for the EDC and will be continually re- evaluated as appropriate.
Recommended Action: Review and discuss the draft 2014 -2016 Strategic Plan for Economic
Development Work Plan.
Economic Development Commission Strategic Plan Outline 2014 -2016
Strategic
Key Outcome
Measure
Target
Strategic Initiatives
Priority
Indicator (KOI)
High Skill, High
High quality jobs
New jobs over
200 btwn 1/1/14-
a) Conduct mkt. analysis to determine target
Wage Jobs
$60k
12/31/16
mkts.- special emphasis- higher ed
b) Develop strategy to leverage existing
business partners, vendors, alliances for
job creation
c) Correlate incentive packages for high
skill /high wage jobs with overall incentive
strategy
Infrastructure to
Infrastructure
Developer need
95% of time- has
a) Develop detailed infrastructure plans to
Leverage
capacity and
meet developer needs
Opportunities
mechanisms to
b) Explore infrastructure financing methods
meet needs
c) Analyze provider -city
partnership /relationship opportunities
County support
Cost sharing
County supports &
d) Initiate and participate in city - county
shares cost 90% of
discussions
time
Business
Existing businesses
Square footage
500k sq. ft. added
a) Expand /enhance the business outreach
Retention and
of expansions
1/1/14 — 12/31/16
program
Expansion
Existing businesses
Employment
300 jobs added
b)Analyze expanded methods for increased
growth
1/1/14 — 12/31/16
business contacts
Existing businesses
Retention
90 % of existing
c) Evaluate city business expansion
non - retail
requirements for streamlining
businesses retained
opportunities
Incentives and
New business
Leveraged
3 new businesses
a) Expand marketing strategy to ensure
Tools to Achieve
development
investment
via tools /leverage
alignment w/ Lakeville success factors and
Success
btwn 1/14 -12/16
current incentive policies
b) Establish EDC /City Council consensus on
incentive policies, assumptions, ROI,
priority locations
Enhancing a Pro-
RE Developers
Satisfaction w/
90% satisfied-
a) Continue and enhance surveys of
Business Climate
city processes
survey
contractors, developers, and businesses
b) Develop a concise "development review
process' document
Existing businesses
Business
90% good place to
c) Conduct a professionally administered
environment
operate, expand,
and statistically valid business survey
locate
every 3 years
d) Create "internal brand champions" to
market /communicate Lakeville's benefits
internally
High Density
Housing
Sites reguided for
12 scattered sites
a) Adopt city "housing goals"
Housing
high density
btwn 1/1/14-
b) Develop an economic development
12/31/16
housing strategy
C/I zoned districts
C/I districts with
All C/I zones
c) Determine C/I high- density housing
hsg allowed
changed to permit
demand
hsg by 12/31/16
d) Create a plan to address expanded
housing options in C/I zoning districts
Economic Development Commission
2014 -2016 Strategic Plan for
Economic Development Summary Report
November 2013
CRAIGRAPP,LLC
IMPROVING ORGANIZATIONS & THE PEOPLE WHO LEAD THEM
Lakeville EDC Strategic Planning Summary
November 2013
Date: November 22, 2013
To: David Olson, Community & Economic Development Director
From: Craig Rapp
Subject: Strategic Planning Summary
The following is a summary of the strategic planning sessions held at City Hall on October 8,
and November 12, 2013 with the Lakeville Economic Development Commission, City
Administrator and EDC staff.
The sessions focused on establishing strategic direction and focused outcomes. A facilitated
process was used that produced six strategic priorities, a set of key outcome indicators for
each priority, and a list of strategic initiatives that will guide follow -up action.
Prior to the meeting, each participant was asked to complete a questionnaire - providing
opinions on the strengths, weaknesses, opportunities and threats (S.W.O.T.) facing the
community and organization. In addition, they were also asked to identify the highest
priority issues confronting the city.
The group process included three rounds of review and discussion: In the first round, the
group identified the most frequently mentioned attributes in each category. In the second
round, the groups compared strengths with opportunities and weaknesses with threats- to
determine which opportunities would maximize strengths, and which weaknesses would be
exacerbated by the threats. From this round, each group identified strategic priorities for
further consideration.
The full group then engaged in a discussion centered on determining which priorities were
most important- based upon both the SWOT analysis and their own sense of community
needs. In addition, they considered the Envision Lakeville guidance regarding economic
sustainability - listed below:
• Emphasize the attraction of businesses that can provide higher skill, higher wage, head
of household jobs.
• Retain existing businesses and facilitate growth and expansion
• Provide a broad range of financial incentives to attract businesses that employ higher
skilled, high wage jobs.
• Support the aggressive transportation program that is in place to enhance economic
development opportunities
What emerged is a set of six strategic priorities. The priorities are:
2
Lakeville EDC Strategic Planning Summary
November 2013
Strategic Priorities
1. High Skill, High Wage Job Creation
2. Infrastructure to Leverage Opportunities
3. Business Retention and Expansion
4. Incentives and Tools to Achieve Success
5. Enhancing a Pro Business Environment
6. High Density Housing
The next step in the process was the development of Key Outcome Indicators (KOI's) for
each strategic priority. Key Outcome Indicators reflect performance connected to a desired
outcome. They are defined or each priority and include specific measures and targets
related to a desired end state. The KOI's are:
Key Outcome Indicators
1. High Skill, High Wage Job Creation
a) Create an additional two hundred jobs with an average salary of $60,000 or
greater by 12/31/2016
2. Infrastructure to Leverage Opportunities
a) The City has the capacity and mechanisms to meet the needs of 95% of business
prospects.
b) Dakota County is engaged and supportive of our Economic Development efforts
- reflected in polices and cost sharing for public improvements that impact our
projects.
3. Business Retention and Expansion
a) Existing businesses have expanded by 500,000 square feet by 12/31/2016
b) An additional 300 jobs have been added at existing businesses by 12/31/2016
c) 90% of non - retail businesses have been retained between 1/1/2014-
12/31/2016
Lakeville EDC Strategic Planning Summary
November 2013
4. Incentives and Tools to Achieve Success
a) Three new businesses choose to locate /expand based upon leveraged financial
incentives by 12/31/2016
5. Enhancing a Pro Business Climate
a) 90% of real estate developers doing business in Lakeville indicate satisfaction
with city processes- determined by survey
b) 90% of existing businesses indicate that Lakeville is a good place to operate,
expand and /or locate a business- determined by survey
6. High Density Housing
a) 12 scattered sites reguided /zoned for high density housing by 12/31/2016
b) High density housing is allowed in C/I zoning districts by 12/31/2016
Following the development of K0I's, the group developed a preliminary set of strategic
initiatives. Strategic initiatives are focused activities that ensure that priorities are
addressed and that outcomes specified in the K01's are achieved.
Strategic Initiatives
1. High Skill, High Wage Job Creation
a) Conduct a market analysis to determine target markets with a special emphasis
on higher- education
b) Develop a strategy to leverage existing business partners, vendors, and alliances
for job creation
c) Correlate incentive packages for high skill /high wage jobs with overall incentive
strategy
2. Infrastructure to Leverage Opportunities
a) Develop a detailed infrastructure plan to meet developer needs
b) Explore infrastructure financing methods
c) Analyze provider -city partnership /relationship opportunities to provide for
infrastructure needs
d) Initiate and participate in city-county economic development discussions
4
Lakeville EDC Strategic Planning Summary
November 2013
3. Business Retention and Expansion
a) Expand and enhance the business outreach program
b) Analyze expanded methods for increased business contacts
c) Evaluate city business expansion requirements- for streamlining opportunities
4. Incentives and Tools to Achieve Success
a) Expand the marketing strategy to ensure alignment with Lakeville's
success factors and current incentive policies
b) Establish EDC /City Council consensus on incentive policies, assumptions,
ROI, and priority locations
5. Enhancing a Pro Business Climate
a) Continue and enhance surveys of contractors, developers, and businesses
b) Develop a concise "development review process" document
c) Conduct a professionally administered and statistically valid business survey
every three years
d) Create "internal brand champions" to market and communicate Lakeville's
benefits internally
6. High Density Housing
a) Adopt city "housing goals"
b) Develop an economic development housing strategy
c) Determine C/I high - density housing demand
d) Create a plan to address expanded housing options in C/I zoned districts
Nex
To successfully address the strategic priorities and reach the intended outcomes, a focused
work plan will need to be developed. Following the adopted strategic initiatives, detailed
action plans will be developed for each - specifying steps, timing and accountabilities.
The strategic plan, while subject to periodic review and revision over the performance
period, provides a solid foundation for action and accountability.
item No.
City of Lakeville
Community & Economic Development
Memorandum
To: Economic Development Commission
From: David L. Olson, Community and Economic Development Director Pf
Copy: Steven Mielke, City Administrator
Adam Kienberger, Economic Development Specialist
Date: January 24, 2014
Subject: January Director's Report
The following is the Director's Report for January, 2014.
Building Permit Report
The City issued building permits with a total valuation of $149,511,301 in 2013 which is an
increase of more than $20 million over the 2012 total of $129,304,446 and more than a $61
million increase over the 2011 total of $87,647,849.
The City issued commercial and industrial permits with a total valuation of $11,125,750 in
2013 compared to a total valuation of $10,121,500 during 2012.
The largest increase continues to be in the number of single family home permits in 2013.
The City issued permits for 370 single family homes in 2013 with a total valuation of
$119,396,000. Lakeville issued the highest number of residential permits in the Twin Cities in
2013 as reported by the Builders of the Twin Cities (BATC).
This compares to 279 single family home permits in 2012 with a total valuation of $83,548,000
and an increase of $35.8 million over 2012. It also represents an increase of 252 single family
permits over 2011 and with an increase in value of over $83 million compared to 2011. The
number of single family permits issued in 2013 was the highest since 2004. The average
value of a single family home permitted in 2013 was $322,700 not including the lot.
Foreclosure Update
There were a total of 108 Sheriffs Sales in 2013 in the City of Lakeville. That compares to 220
in 2012. This represents a decrease of 50.1 % over the previous year. County -wide the
number of Sheriff Sales decreased 39% in 2013 compared to 2012 and is the third consecutive
year that the number of foreclosures has gone down. It was the first time that there was less
than 1000 Sheriff Sales in the County since 2006.
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Dakota County
Community Development
Agency
CDA
To: Dakota County Cities
From: Lisa Henning
Date: January 13, 2014
Re: Foreclosure Update
2013 Year End Review
gift HOME
OWNERSHIP Ik
The following charts show a quarterly comparison from 2012 to 2013 of Sheriff Sale and Notice
of Pendency numbers in Dakota County.
Sheriff Sales
Quarter
# of Sales 2012
# of Sales 2013
Percent Change
January-March
417
299
-28%
April June
413
234
-43%
July- September
358
236
-34%
October - December
337
1 156
1 -54%
Total
1,525
1 925
1 -39
Notices of Pendency
Quarter
# of NOPs 2012
# of NOPs 2013
Percent Change
January-March
813
453
-44%
April June
713
427
-40%
July- September
606
314
-48%
October - December
572
302
-47
Total
2,704
1,496
-45
Overall, Sheriff Sales decreased by 39 percent from 2012 to 2013. Similarly, Notice of Pendency
filings decreased by 45 percent from 2012 to 2013. This is the third consecutive year that
foreclosure sales in Dakota County have decreased, and the first time since 2006 that the total
has been less than 1,000. The following chart illustrates the past 10 years of foreclosure totals
in Dakota County.
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Total
#
257
336
454
880
1,581
2,063
1,860
2,147
1,985
1,525
925
Sheriff
Sales
Dakota County - H�O E
Community Development OW N S RS H P 1
Agency IA�
Y CiQ r�V
CDA
Dakota County Stats — December 2013
• # of Sheriff Sales in December — 60 (compared to 103 in December 2012)
• Total Sheriff Sales for 2013 — 925 (compared to 1,525 Jan.- December 2012)
• # of Notices of Pendency Filed in December — 86
0 # of Notices of Pendency Filed in 2013 — 1,496
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://eis.co.dakota.mn.us/website/dakotanetgis/
The Dakota County Office of GIS is updating the 2013 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
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Finance & Commerce > Print > 2013 sees more growth for Twin Cities builders Page 1 of 2
Finance & Commerce http:/ /finance - commerce.com
2013 sees more growth for Twin Cities builders
by Mike Rose
Published: December 27th, 2013
The good of days are almost here again.
Twin Cities homebuilding continues to inch closer to pre -
recession levels as demand for apartments and a surge
in single - family construction led to an overall uptick in
permitted units in 2013.
There were 5,339 permits issued in the metro area this
year for a total of 10,303 units, according to a year -end
report from the Builders Association of the Twin Cities
issued this week. It's the first time since 2006 that the
Twin Cities region permitted more than 10,000
residential units in a year, and the 2013 figure is up 14
percent from 2012.
"Hopefully, it means we're heading back to a typical
world view" of the housing market, said Wendy Danks,
the builders association spokeswoman.
However, Danks said an ideal figure for the Twin Cities is
12,000 to 15,000 units in a year, based on population
growth projections and what kind of housing stock will be
needed to meet this demand. Building activity reached
19,000 permitted units in 2003 before shriveling to as
little as 4,405 in 2009. If the market continues to grow
as it has in the past few years, getting back into the ideal
range is possible, Danks added.
"We never have the right crystal ball, but we're hoping
we get back to that range," she said. "Barring any
unforeseen issues that scare people off, we're looking at
next year quite positively."
Safety Coordinators Terry
Hukriede and Rodney Lafreniere
with Adolfson & Peterson
Construction led a press tour Dec.
10 to the top of the LPM
Apartments building in Loring
Park. There were 5,339 permits
issued in the metro area this year
for a total of 10,303 units,
according to a year -end report
from the Builders Association of
the Twin Cities issued this week.
(File photo: Bill Klotz)
Single family construction notched a 26 percent increase, from 4,058 permits in 2012 to
5,110 in 2013, leading the overall growth. Shawn Nelson, the 2014 incoming builders
association president, said this is "very good news" for those in the industry, as well as
consumers.
"I think it validates what a lot of the builders are seeing," Nelson said.
Nelson, who is also president of New Spaces, a remodeling firm in Burnsville, said this trend
benefits companies like his, even though it doesn't do much new construction. The new
construction that is occurring directly translates to renovation and remodeling opportunities,
as homebuyers look to keep their new homes in good shape.
"It's definitely a rising tide," Nelson said.
Lakeville led the way with 365 permits, followed by Woodbury, 361, and Blaine, with 304.
Minneapolis notched 3,153 permitted units, more than five times as many units as No. 2
Maple Grove. Throughout the metro, construction was basically split evenly between single -
family and multifamily projects.
The numbers show that growth is occurring simultaneously in the suburbs and the urban core,
said Dennis Farmer, a research analyst with the Metropolitan Council.
httn:/ /finance -comm erce.com /wn- content /nluQins /tdc- sociable- toolbar /wn- nrint.nhD ?t) =69... 12/30/2013
Finance & Commerce > Print > 2013 sees more growth for Twin Cities builders Page 2 of 2
The council in September released a preliminary population growth forecast for the next 30
years that predicted accelerated growth in Minneapolis, St. Paul and the inner suburbs, and
slower growth farther out. But Farmer said the latest builders association figures, among
other data sources, could help lead to a "rebalancing of the forecast," as signs of progress in
the single - family market are becoming clearer.
"This most recent information helps us see beyond the downturn," he said. "There are areas
where the single - family housing market is picking up."
Pamela Belz, the current president of the Builders Association of the Twin Cities and a
developer with Senior Housing Partners, said in an email that increased material prices and
labor shortages could be challenges for builders in 2014. So too could a potential change to
the state's building code that would require fire sprinklers in all new hors of at least 4,500
square feet. The builders association has come out against the proposal, saying it adds costs
for both builders and buyers. The issue is currently in front of an administrative law judge.
Despite these issues, the association is generally optimistic heading into the new year.
"I definitely see continued growth in 2014," said incoming president Nelson.
Gaining steam
The Twin Cities continues to see growth in residential building activity, though totals remain
short of what builders say is needed to keep pace with population growth.
Year
Permits
Permitted units
2009
2,599
4,405
2010
2,942
5,611
2011
2,978
4,529
2012
4,282
9,042
2013
5,339
10,303
Source: Builders Association of the Twin Cities
Complete URL: http: // finance - commerce.com /2013/12/ 2013 - sees - more - growth for - twin - cities - builders/
httn-/ /finance -comm erce .com /wn- contentlnlugins /tdc- sociable- toolbar /wn- Drint.t)ht)?D =69... 12/30/2013
Minnesota's job market is poised to improve
Adam Belz, Star Tribune
Minnesota's job market will keep improving in 2014, but growth will slow and fall below
historic averages, economists at the Federal Reserve Bank of Minneapolis predicted
Monday
Business leaders in the region are as optimistic as they have been since before the
Great Recession, according to the Minneapolis Fed's business outlook poll. Still, job
growth will likely tick downward slightly to 1.2 percent in 2014. At that rate, the state
would add about 35,000 jobs, slightly fewer than in 2013.
The unemployment rate in Minnesota should keep falling to about 4.3 percent, the Fed
projects, which is well below the national average of 7 percent. The decline won't be as
dramatic as 2013, when the rate fell nearly a full percentage point.
"We've gotten back to more of a normal pattern of growth," said Toby Madden, regional
economist at the Minneapolis Fed.
Despite the expectation of slower job growth, Madden sees the projections as largely
positive.
"Personal income is expected to grow faster, and the unemployment rate is expected to
fall, and housing starts are expected to continue next year," Madden said.
The Minneapolis Fed's region covers Montana, North Dakota, South Dakota,
Minnesota, the northern half of Wisconsin and the Upper Peninsula of Michigan. Job
growth is expected to fall in 2014 below national and historic averages in all states
within the region except North Dakota, where the problem is not a lack of jobs.
"The lack of skilled labor may constrain growth, as almost all of the business
respondents reported challenges finding workers in North Dakota," Madden said.
The regional Fed's annual economic outlook has tended to overestimate job growth in
recent years, but it almost precisely called the decline in Minnesota's unemployment
rate in 2013.
Personal income — which includes wages, benefits and dividends — is projected to rise
at a rate of 5 percent. That's slower than 2011 but faster than 2012.
The Fed's economists use a statistical model to project job growth, unemployment and
personal income growth in each state, but also survey 321 businesses and 485 district
manufacturers to gauge their outlook, sales projections, and hiring and investment
plans.
Manufacturers and construction companies told the Fed that they expect moderate
growth in sales and hiring in 2014. Overall, 75 percent of business leaders surveyed by
the Fed in the region were optimistic about the economy in their community, a clear
improvement over a year ago, when only about 55 percent were optimistic.
In Minnesota, businesses outside the metro area have a cheerier outlook than those in
the Twin Cities. About 80 percent of outstate businesses were optimistic, while 68
percent of businesses in the Twin Cities were optimistic.
Adam Belz • 612 - 673 -4405 Twitter: @adambelz
Entrepreneurs, Business Startups to Benefit from $6.7 Million Angel Loan Fund Page 1 of 2
Office of the Governor, Mark Dayton and Yvonne Prettner
Solon, Lt. Governor
Share:
Entrepreneurs, Business Startups to Benefit
from $6.7 Million Angel Loan Fund
December 12, 2013
New Angel Loan Fund will help startup businesses grow in early stages of
development
ST. PAUL, MN — Entrepreneurs are about to get a needed boost of funding to start, expand,
and sustain new businesses in Minnesota. Today at the state Capitol, Governor Mark
Dayton and DEED Commissioner Katie Clark Sieben announced the state has created a
new $6.7 million Angel Loan Fund that will provide no- interest loans of up to $250,000 for
startup businesses. Starting now, entrepreneurs across Minnesota can begin applying for
these loans to help with business startup costs, working capital, equipment purchases,
construction, inventory financing, franchise funding, and more.
The Angel Loan Fund is now one of four programs available to help small businesses under
the agency's State Small Business Credit Initiative ( SSBCI). The state has set a goal of
attracting at least $10 of private investment for every dollar provided through SSBCI. The
programs, including the no- interest Angel Loan Fund, are expected to spur at least $150
million in lending to small businesses statewide based on U.S. Treasury requirements, and
help create an additional 3,000 new jobs in Minnesota. Given the success of SSBCI
programs, the Minnesota Department of Employment and Economic Development (DEED)
estimates this new investment could leverage as much as $261 million in private investment
to small businesses in Minnesota over the next three years.
"Entrepreneurs who want to start new businesses and create more jobs in Minnesota
should have access to as much help as we can reasonably provide," said Governor
Dayton, who twice served as Minnesota's commissioner of economic development.
"Minnesota is one of the best places in the nation to own a business, and the new
Angel Loan Fund we are announcing today will help make our state an even more
http: / /mn.gov /governor/ newsroom /pressreleasedetail.jsp ?id= 102 - 100187 12/17/2013
Entrepreneurs, Business Startups to Benefit from $6.7 Million Angel Loan Fund Page 2 of 2
attractive place for new business owners to set up their operations, expand, and hire
new workers."
The state's new Angel Loan Fund will be administered by DEED and funded using a
previously underutilized portion of federal dollars available through the State Small Business
Credit Initiative. By obtaining a waiver from the federal government, DEED has repurposed
that funding to stimulate private sector lending and improve access to capital for small
businesses that cannot obtain conventional bank loans for expansion projects and job
creation.
"New businesses are the lifeblood of Minnesota's economy, but many struggle to
access capital from conventional funding sources in the early stages," said DEED
Commissioner Katie Clark Sieben. "This fund will help them leverage new funding and
support their success in a competitive business environment."
These new funds are being made available at a crucial time. Venture capital funding is at its
lowest point since the 1990s, with entrepreneurs facing a tight lending market nationwide
and tough competition for available capital resources.
The Angel Loan Fund is a supplement to Minnesota's successful Angel Tax Credit, which
has already delivered more than $137 million to help hundreds of startup companies across
the state since that program was launched in July 2010. Businesses interested in obtaining
assistance from the new Angel Loan Fund must first be certified in the Angel Tax Credit
Program.
For additional information about the Angel Loan Fund, including how to be certified for
consideration, visit the DEED website at www.tinyurl.com /AngelLoanFund Interested
participants also may contact Lisa Dargis for additional information and assistance by email
at Lisa. Dargis(a)state.mn.us or by phone at 651- 259 -7446 or 1- 800 - 657 -3858.
Minnesota's Growing Economy
Minnesota is seeing notable economic growth that makes it a great place to start a new
business. Forbes recently ranked Minnesota the eighth -best state to do business in the
United States, and the U.S. Department of Labor reported Minnesota had the fifth - fastest
growing economy in the nation in 2012. Over the last three years, more than 122,000 new
jobs have been created in Minnesota, regaining all the jobs lost during the Great Recession.
In October, Minnesota's unemployment rate reached its lowest point since 2007; the ninth -
lowest in the nation.
http: / /mn.gov /governor/ newsroom /pressreleasedetail.jsp ?id= 102 - 100187 12/17/2013
itarint?une - rnnt rage
StarTribune
Twin Cities suburbs are working on their
curb appeal
Article by: Shannon Prather
Star Tribune
November 30, 2013 - 10:25 PM
Coon Rapids came of age when the suburbs were chic. Built out in
the 1960s, 70s and '80s, the Anoka County city of 61,000 was
designed with the auto and other suburban ideals in mind,
including space and privacy. Young families lapped it up.
Today, a new generation is less sold on the suburbs, development
experts say. Many young Americans put more value in walkability,
easy access to stores, restaurants, mass transit and other urban
amenities.
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Megan Tan, Special To The Star Tribune
That changing marketplace is forcing Coon Rapids, a city with 341 cul -de -sacs and an aging housing stock heavy on split -
levels and ramblers, to reinvent itself. It is just one of dozens of Twin Cities suburbs, shiny and new in the '70s and '80s, that
are now plotting, planning and redeveloping for future generations.
"The younger generations are looking for a different kind of lifestyle. They are not as enamored with the car," said Caren
Dewar, executive director of the nonprofit Urban Land Institute Minnesota. "The marketplace is definitely responding to that.
In order for suburban communities to stay competitive, they will have to respond to that, too."
It isn't a quick change, and it isn't cheap.
Coon Rapids has a three -front approach to revitalization:
• Spur business and home redevelopment along Coon Rapids Boulevard, a main thoroughfare. The city has spent $20 million
on land purchases, demolition, cleanup and relocating some businesses during the past 15 years, city officials said.
• Pour $100,000 into a home - remodeling program and offer money to homeowners investing in large -scale renovations.
• Spend $17.4 million on a parks face -lift, with one -third of the money going to trails to improve connectivity.
'The New Normal'
Coon Rapids has invested heavily in redevelopment — using controversial eminent domain powers in the past to acquire
some land — but leaders say it will pay off and keep the city competitive, especially with neighboring suburbs that are
courting businesses and residents with undeveloped land. Over the years, especially during the recession, some residents
questioned the expense.
"Long -term, we think it's important for us to invest in the city's future," said Mayor Tim Howe. "We've gotten to that point of
near full development. We've turned our focus on what we can do to improve our city."
Suburban leaders across the Twin Cities are rethinking their futures and finding creative ways to meet changing demands.
The Urban Land Institute has met with leaders from two dozen cities to talk about "Navigating the New Normal" — how to
redevelop under post -Great Recession economic realities.
"I do think Coon Rapids is very conscious of the need to look at the future vision of the community and are making some
efforts to be proactive in that," said Cathy Capone Bennett, of the Urban Land Institute's housing initiative. "The biggest
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The comer of Hanson and Coon Rapids Boulevards in 2012.
Among Coon Rapids' revitalization efforts is a focus to spur
business and home redevelopment along Coon Rapids
Boulevard.
StarTribune - Print Page http: / /www.startribune. com/printarticle / ?id= 233+4407
challenge for residents and for policy leaders to understand is that it take years to make those transformational changes.
Redevelopment is not a quick fix."
Development along 'ports'
A generation ago, Coon Rapids Boulevard was the pulse of the city's business district. It was Hwy. 10 through the city and
where people shopped. Then the highway was redirected in the 1970s, and Coon Rapids Boulevard languished. Target and
other retailers moved out to a new shopping hub, Riverdale.
In 2000, the city first laid out a long -term plan to rebuild along parts of the boulevard, buying land, razing older buildings,
cleaning up contamination and wooing developers. The blueprint, updated in 2010, emphasizes building on businesses and
institutions anchoring the boulevard, including Mercy Hospital and Anoka - Ramsey Community College.
Coon Rapids has focused on four "port" areas: Port Wellness around Mercy, where a new medical office building is nearing
completion; Port Campus Square around Anoka - Ramsey; Port Riverwalk, near the entrance to Coon Rapids Dam, and Port
Evergreen, on the border with Blaine near a park- and -ride, which city officials hope will one day be a second Coon Rapids
stop on the Northstar commuter rail line and a proposed passenger rail line to Duluth. In the Campus Square and Riverwalk
areas, the city has prepared 25 and 32 acres, respectively, for development.
Taking the lead
Marc Nevinski, Coon Rapids' community development director, said the city has acted as a master developer in several of the
ports, buying small pieces of land, cleaning them up and combining them to create acreage for bigger projects. Coon Rapids,
like many suburban cities, has to do the initial land acquisition and cleanup for redevelopment because developers won't, he
said.
"We had to lead the charge. We have been courting the private market for years and not getting anywhere.... We need to do
site assembly to attract the larger developers," he said. "The talk of public investment gets the private sector engaged."
Mayor Howe said that he and others on the council understand the city needs to shepherd this project and that it does require
public investment. "It's a tough sell to the community itself. We have to make a major investment, but long term, we think it's
worth it," Howe said.
Land is another issue. Coon Rapids Boulevard is surrounded by established neighborhoods, which can limit the scale of any
project. "We don't have a lot of depth to the properties. They are all sort of small parcels," Nevinski said.
Assembling larger sites for redevelopment can take years. The city, with the help of state dollars, has cleaned up after an old
gas station, a dry cleaner and an unofficial dump site, where crews unearthed 2,000 old tires.
Redevelopment also means change for residents, many of whom still favor older suburban ideals and don't always embrace
the idea of mixed use — new offices and businesses near their neighborhood.
Finally, it takes patience.
"This stuff gets measured in decades. It takes time to do the site assembly. It takes time to attract developers and buyers, and
it takes time to absorb. You can only absorb so much housing at one time," Nevinski said.
One other goal is to change the mood of the boulevard: to add sidewalks, vegetation, trail connections to the community to
make it visually appealing and pedestrian - friendly. The city wants to tie the boulevard to the beauty of Coon Creek, the Coon
Rapids Dam and other sites. "It's extremely scenic. We are trying to leverage that," Nevinski said.
Rethinking Coon Rapids' future means looking beyond the commercial hub, city leaders say. To attract new residents, the city
is also investing in its neighborhoods house by house. Its "Home for Generations" program has attracted national attention.
The city bought five older homes, including a 1960s rambler and a 1970s split level, and remodeled them for modern living.
More than 8,000 residents toured the model homes, and the city believes it spurred more than 100 remodels in surrounding
neighborhoods, judging by building permit data.
2 of 3 12/2/2013 11:36 Alt
itarTnt\une - Ynnt Page nttp:i iwww.srartnDune.corwpnntarciciei
Now the city is offering up to $5,000 to homeowners undertaking large -scale remodels. More than 40 homeowners have
approached officials about the grant program.
In November, voters agreed to spend $17.4 million to redo nine city parks, build a new park and expand the trails system.
City leaders say a flourishing parks and trails system will keep Coon Rapids competitive.
At the same time, Nevinski said that even amid the wave of empty nesters and millennials moving to the urban core, suburbs
are still a great place to raise a family and that some reinvestment by cities will add to that strength.
"There will always be a percentage of the population that wants to be in a very urban environment," he said. "There are more
people who want to be in a suburban environment. You have more space. You can own your own home. You've got a yard,
good schools and safe neighborhoods. And we've got great parks."
Shannon Prather • 612 - 673 -4804
® 2013 Star Tribune
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