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Home My WebLink AboutItem 22017-2019 Economic Development Strategic Plan Reflection Economic Development Commission October 29, 2019 Lakeville, Minnesota—Positioned to Thrive Lakeville, Minnesota—Positioned to Thrive Strategic Priorities •Business Retention and Expansion •Maintain a Competitive Edge •Housing to Support Economic Goals •Workforce Lakeville, Minnesota—Positioned to Thrive Business Retention & Expansion Limit loss of existing business Source: DEED QCEW Q1 data 1,040 1,095 1,145 1,212 950 1,000 1,050 1,100 1,150 1,200 1,250 2016 2017 2018 2019 Number of Lakeville Establishments $200,897,819 $238,117,954 $270,685,655 $249,612,298 $222,557,781 * 50 100 150 200 250 300 2015 2016 2017 2018 2019Millions Lakeville, Minnesota—Positioned to Thrive Total Building Permit Valuation *YTD through September 2019 Lakeville, Minnesota—Positioned to Thrive >75% of current businesses expand rather than relocate Company Name Expansion Year Post Consumer Brands Retained HQ and 250 high-skill jobs 2016 Verified Credentials 5,600 SF addition 2016 Dakota Truck Construction of new 13,000 SF building 2016 Bass Flexible Packaging 7,058 SF addition 2017 Lakeview Bank 2,105 SF addition 2017 McDonald Eye Care Associates Construction of new 6,772 SF building 2017 Menasha Packaging Occupied 150,000 SF additional space in the new Launch Park Warehouse 2017 Schneiderman’s Furniture Store Construction of new 112,000 SF showroom 2017 Total Hockey Moved into larger space in former Schneiderman's Furniture Store 2017 Caribou Coffee (& Einstein Bros Bagels)3rd location, new 2,700 SF restaurant 2018 HOBO Incorporated 23,000 SF addition 2018 Cosmopolitan Orthodontics 2nd Lakeville location 2018 Exuberance Chiropractic 2nd Lakeville location 2018 O'Reilly Auto Parts Constructed a new 7,636 SF building 2018 Hy-Vee (Fast & Fresh)Grocery opened in 2016 and Convenience Store in 2019 2019 Motoprimo Motorsports 30,000 SF addition 2019 Northland Collision 3,420 SF addition 2019 QA1 Precision Products Inc.Construction of new 100,000 SF building 2019 Scheiderman’s Distribution Center Construction of new 130,000 SF warehouse facility 2019 Polytek Surface Coatings Construction of new 14,818 SF building 2019 Recycle Minnesota 21,240 SF addition and 69-foot storage silo 2019 Lakeville, Minnesota—Positioned to Thrive Business Retention & Expansion EDC and City Council understand relocation and expansion requirements •Business Subsidy Policy discussion Review and update to the City’s Business Subsidy Policy in 2017 Policy and requirements were discussed at four EDC meetings •Launch/Menasha 2/McNeilus and QA1 Precision Products Inc. requests Tax Increment Financing, Minnesota Investment Fund, Job Creation Fund Considering out-of-state location based on financing gap Applications discussed during EDC and Council meetings Maintain a Competitive Edge Lakeville, Minnesota—Positioned to Thrive Improve C/I Real Estate industry recognition, awareness and opinion of Lakeville •MNCAR Expo sponsor Over 600 CRE professionals attend annually •MJEJ Summit sponsor South Suburban Real Estate (2017), Land Development (2018), Industrial and Economic Development (2019) Maintain a Competitive Edge Lakeville, Minnesota—Positioned to Thrive Continue review of regulatory processes and development fees Maintain a Competitive Edge Lakeville, Minnesota—Positioned to Thrive Communicate and publicize major commercial and industrial expansions and new construction projects •Marketing Thrive! Newsletter MN Marketing Partnership Trade publications Videos (Spotlight on Business and Thrive!) Lakeville, Minnesota—Positioned to Thrive Housing to Support Economic Goals Balanced housing options to support market demands PLATTED LOTS Lakeville, Minnesota—Positioned to Thrive Housing to Support Economic Goals 250 additional higher density units that address needs •Completed Argonne Hills (senior affordable –62 units) BeeHive Senior Homes (senior memory care –20 units) Edison at Avonlea (market rate -146 units) Keystone Crossing Townhomes (workforce –36 units) Lakeside Flats (market rate -120 units) Lakeville Pointe (workforce -49 units) Moments Memory Care (senior memory care -32 units) TOTAL: 465 units Lakeville, Minnesota—Positioned to Thrive Housing to Support Economic Goals 250 additional higher density units that address needs (cont.) •Under Construction Edison at Spirit (market rate -160 units) Kingsley Place (senior assisted and memory care -55 units) Spero Senior Living (senior market rate -55 units) Springs at Lakeville (market rate -260 units) TOTAL: 530 units Identify scattered high density sites Lakeville, Minnesota—Positioned to Thrive Housing to Support Economic Goals Comprehensive Plan update •2040 Comprehensive Plan Process began February 2017 Approved by Metropolitan Council on September 25, 2019 Adopted by City Council on October 7, 2019 Includes new Commercial Mixed-Use (CMU) District along I-35 and Cedar corridor •Zoning Ordinance and Map will be reviewed and updated by Spring 2020 Lakeville, Minnesota—Positioned to Thrive Workforce 200 new jobs paying over $60,000/year BTD Compeer Financial FedEx Freight ImageTrend Post Consumer Brands Lakeville, Minnesota—Positioned to Thrive Workforce Pursue possible partnerships or collaborations with Chamber of Commerce, School Districts, and Higher Education Providers Lakeville, Minnesota—Positioned to Thrive Workforce A commitment for a higher education presence Dunwoody tour of Lakeville (June 2019) Chamber visit to Dunwoody campus (August 2019) Lakeville, Minnesota—Positioned to Thrive Workforce Review current TIF and Tax Abatement policies to better correlate assistance levels to proposed wage levels •July 2019 EDC meeting Review of Business Subsidy Policy Wage Rate Requirements DEED’s minimum wage rate for business subsidy recently increased to $15/hour Key Takeaways Lakeville, Minnesota—Positioned to Thrive 2018 Money Magazine Best Place to Live •We’ve seen success with the 2017-2019 Strategic Plan initiatives The vast majority of local businesses choose to expand here Lakeville’s “Positioned to Thrive” message is being shared across multiple platforms and at industry events Housing options and density have increased since 2017 Many new jobs created in the city pay $60,000+ 2017-2019 Reflection Questions & Discussion Lakeville, Minnesota—Positioned to Thrive Lakeville Demographics Lakeville, Minnesota—Positioned to Thrive Lakeville Demographics Lakeville, Minnesota—Positioned to Thrive •Population projected to reach 80,000 by 2040 •1,200 businesses •A large industrial park with over 400 developable acres •Leading the Twin Cities metro in single- family home permits since 2012 •44% of 2018 home sales were $300,000 or below 2018 Money Magazine Best Place to Live Lakeville Demographics 2018 Money Magazine Best Place to Live Lakeville Demographics 2018 Money Magazine Best Place to Live (2013-2017) Lakeville Demographics 2018 Money Magazine Best Place to Live (2013-2017) Lakeville Demographics 2018 Money Magazine Best Place to Live Lakeville Demographics 2018 Money Magazine Best Place to Live Lakeville Demographics 2018 Money Magazine Best Place to Live Lakeville Demographics 2018 Money Magazine Best Place to Live Lakeville Demographics 2018 Money Magazine Best Place to Live Manufacturing Labor Shed Profile •30-minute drive-time area •Includes portions of 8 counties •Total population within the labor shed: 953,135 •This population area is expected to grow 3.6% by 2023 •Number of jobs in the Lakeville Manufacturing Labor Shed is expected to grow 3.7% by 2023 Manufacturing Labor Shed Profile Lakeville Demographics 2018 Money Magazine Best Place to Live Key Takeaways Lakeville, Minnesota—Positioned to Thrive 2018 Money Magazine Best Place to Live•Population Lakeville is growing: Population projected to reach 80,000 by 2040 Our population is becoming more diverse •Development Multi -family development has added nearly 1000 units since 2017 Large undeveloped parcels are available now and in the future for commercial, industrial and residential development •Employment Top employing industries: Retail, Manufacturing, Food Service and Education Lakeville employers are drawing workers from Dakota, Scott and Hennepin Counties Envision Lakeville Lakeville, Minnesota—Positioned to Thrive Envision Lakeville Lakeville, Minnesota—Positioned to Thrive 2018 Money Magazine Best Place to Live•VISION STATEMENT We envision a thriving, multi‐generational community where families, friends, and neighbors connect, live, learn, work and play. Great schools; a diverse local economy; exceptional parks, trails, and recreational opportunities; vibrant social and cultural institutions; safe neighborhoods; and responsive and cost‐effective public services—together create a place we are proud to call home. Community Values Lakeville, Minnesota—Positioned to Thrive Strategic Priorities Lakeville, Minnesota—Positioned to Thrive Envision Lakeville Lakeville, Minnesota—Positioned to Thrive 2018 Money Magazine Best Place to Live The Envision Lakeville Taskforce’s recommendations regarding priority owners, subject matter experts, city liaison, and updated initiatives: •Strategic Priority: Increase Economic Sustainability •Suggested Owner: Lakeville Economic Development Commission •Subject Matter Expert Support: Dakota County Community Development Agency, Chamber of Commerce, Convention & Visitors Bureau •City Liaison: Community and Economic Development Director Envision Lakeville Lakeville, Minnesota—Positioned to Thrive 2018 Money Magazine Best Place to LiveSuggested Initiatives/Issues: Need for a trained workforce, including schools and technical training Need for workforce housing Need for transportation, particularly for workers Summary Lakeville, Minnesota—Positioned to Thrive 2018 Money Magazine Best Place to Live •Lakeville has seen success implementing its 2017-2019 Strategic Planning Priorities Business Retention & Expansion, Maintain a Competitive Edge, Housing to Support Economic Goals, Workforce •The Lakeville community values “Diversified Economic Development” •Economic Development Commission has ownership of the Envision Lakeville Strategic Priority “Increase Economic Sustainability” •2018 Envision Lakeville Taskforce suggested focusing efforts on workforce training, housing and transportation Strategic Planning Questions & Discussion Lakeville, Minnesota—Positioned to Thrive