HomeMy WebLinkAbout02-26-08 City of Lakeville
Economic Development Commission
Regular Meeting
Agenda
Tuesday, February 26, 2008, 5:00 p.m.
City Hall, 20195 Holyoke Avenue
Lakeville, MN
1. Call meeting to order
2. Approve November 27, 2007 meeting minutes
3. Election of Officers
4. Presentation of 2007 Annual Report
5. Summary of 2007 Development Project Feedback Surveys
6. Review and Discussion of 2008-2010 Strategic Plan for Economic
Development Work Program for 2008
7. Twin Cities Regional Economic Development Website Demonstration
8. Director's Report (First Industrial, Highview Hills, Lakeville Woods Apts.,
Dakota Future Annual Report, Regional Economic Dev. Website., Feb.
Spotlight on Business....)
9. Adjourn
Attachmentsr
January Building Permit Report
Dakota Future 2007 Annual Report
Southern Twin Cities Association of Realtors Article
v~ ~~®a
City of Lakeville
Economic Development Commission
Meeting Minutes
November 27, 2007
Marion Conference Room, City Hall
Members Present: Comms. Matasosky, Vlasak, Smith, Emond, Erickson, Schubert,
Tushie, Gehrke, Brantly, Ex-officio member Mayor Holly Dahl; Ex-officio member City
Administrator Steve Mielke, Ex-officio member Chambers of Commerce Executive
Director Todd Bornhauser.
Members Absent: Comm. Pogatchnik.
Others Present: David Olson, Cemm~~n,+y`'R Eronem;c Development _n,pec+or• Adam
Kienberger, Economic Development Specialist; Allyn Kuepnen, Associate Planner; Jay
Thompson, Brian Smith, Maxfield Research; Ben Coons; BTTTF representative.
1. Call Meeting to Order
' ~ ~
Chair Matasosky called the meeting to order at 5 00 p m, in the Marion Conference
Room of City Hall, 201~~. Holyoke Avenue, tal<eville Minnesota.
2. Approve October 22, 2007 Meting Minutes
Motion 07.13 Comms, E~nond/Gehrke"". moved to approve the minutes of the
October 24t77 rraeeting as presented. Motion carried
unanimously.
3. presentation by Maxfield Research on Senior and Workforce Housing Market
Analysis
Jay Thainpson and Bnan Smith of Maxfield Research presented their findings of a
market analysis of senic2r and workforce housing in Lakeville. Findings included a
forecasted tternancj f~'r~approximately 1,300 senior housing units by 2020, and
approximately~,~4(Y0'workforce housing units by 2020. Mr. Thompson noted that
Maxfield Research"used values up to 115% of the Area Median Income (AMI) to
define workforce housing in their report as it more accurately reflects area
demographics and housing patterns. The Met Council currently calculates workforce
housing at 60% of the AMI for their affordable housing goals.
The EDC raised questions regarding the percentage of workforce housing in
surrounding communities and how they compare to the projections for Lakeville.
Economic Development Commission
Meeting Minutes
November 27, 2007
Mr. Thompson responded that communities such as Burnsville and parts of Apple
Valley have an older existing housing stock that as this housing stock continue to
age becomes more moderate in price. Because of this, these communities will have
a higher percentage of workforce housing units than is forecasted for Lakeville.
Comm. Tushie noted that there is a demand for life-cycle housing in Lakeville as
people who grew up here are unable to afford housing in Lakeville as they move
back and move through different stages in life.
Mr. Mielke inquired as to why in the workforce houstng analysis, areas south of
Lakeville were not considered and included in the study.
Mr. Thompson responded that because of;#fie lack of density and:slow rate of job
growth south of Lakeville, the area wasn't dfetermined to be a primary focus of the
study.
Motion 07.14 Comms. Tushie/Erickson mowed to accept the Maxfield Research
Senior and U1~tiirkforce Housing ..Market Analysis and Demand
Estimates forfJLakeville,, MN repoi#: and forward. it to the City
Council. Motion carried ~u~i~animously,
4. Presentation of Business Telecommumcatioras Technology Task Force
(BTTTF) Recommentlations;.;
Adam Kienbe~ger along with Ben Coons and Comm. Gehrke presented the findings
of the BTTTF Report to the EDC
Two i<ey points from the report include:
• ~ That Lakeville. views its business community as a whole including home-
based businesses, work-at-home employees and traditional work places
• Ttie City should `actively explore, conduct feasibility, negotiate and pursue the
use :of. Current .public/private assets for the creation of a municipal commons
' n competitive provider participation - an Open Network
with ope
Mr. Mielke mentioned his discussions with the High Performance Partners (HiPP)
group in Dakota County and suggested that a possible solution could .involve a
County-wide effort to leverage both resources and general population mass. He
also noted that different communities are pursuing similar initiatives for their own
needs and motives.
2
Economic fkvefopment Commission
Meeting Minutes
November 27, 2007
Mr. Coons described his experience when he attended a presentation of the Utopia
open network constructed in Utah.
Mr. Mielke also added that the current .telecommunications providers aren't making
the necessary investments in fiber infrastructure because of a longer return on
investment. The City needs to have along-term view and approach to this issue.
Mr. Bornhauser noted that Lakeville is in a unique situation ias a community that is
only approximately two-thirds developed. This allows for a lower capital cost to
construct a network.
Chair Matasosky added that there is no apparerst downside to moving ahead with
the feasibility study outlined in the report.
Comm. Gehrke concluded that there is on]y,downside in not moving ahead.
Motion 07.15 Comms. EmondlTushie moved to accept the report of the BTTTF
and forward it t~i°the City Councils Motion carried unanimously..
5. Review CDA Redevelopment Grant Application
Mr. Olson reviewed fhe,,p{oposal to: submit an application for a Redevelopment
Incentive Grant ,~to; the 'Dakota County 'CDA in the amount of $200,000 for
improvements tti be constructed in Downtown Lakeville as part of the "Market Park"
project.
Comm. Erickson noted: that this was;a. wonderful opportunity to move forward with
the effarli's ou#t±ned in the,Downtown Development Guide without leveraging private
property tax revenues "
Motion 07.16 Coma's. Tushe/Erickson moved to recommend submittal of the
Dakotar'•,County CDA Redevelopment Incentive Grant application
and forn+ard this recommendation to the City Council. Motion
ca rried`u na n i m o us ly.
6. Review Recommended 2008 CDBG Application Activities
Mr. Olson reviewed the proposed 2008 CDBG application activities.
The City is required to submit its 2008 Community Development Block Grant
.(CDBG) application to the Dakota County CDA by December 31, 2007. It is
anticipated that the City will receive $103,500 in 2008 which is the same amount that
was received in 2007. The CDA is continuing its requirement that 50% of a City's
3
Economic Development Commission -
Meeting Minutes
November 27, 2007
activities to be funded with CDBG funds involve activities that benefit Low-Moderate
Income (LMI) households.
Mr. Olson concluded that staff is recommending a funding level of $51,750 for the
Home Rehabilitation Loan Program and $51,750 for the Downtown Code
Improvement Program.
Motion 07.17 Comms. Smith/Emond moved to accept the 2008 CDBG
application and forward it on to the City'Council. Motion carried
unanimously.
7. Review final strategic work areas and goals for the 2008 2010 Strategic Plan
for Economic Development
Mr. Kienberger reviewed the proposed •~fision, Mission, Organizational= Definition,
Strategic Work Areas and Goals, and Outcomes identified by the EDC over the past
several meetings as well as the City Council at the October 22"d Joint Work Session.
Motion 07.18 Comms. Schubert/Brantly moved to recommend submittal of the
2008-2010 Strategic Plan for, Economic. Development and forward
the .recommendation to 'the.;, City Council. Motion carried
unan~tn9usly.
8. Director's Repor#l"
Mr. Olson reviewed the Director's Report.
The .Ei3C azpressed .their complements on the success of the October 24tH
Manufacturers Luncheon held at the Holiday Inn & Suites.
9. Adjourn
The meeting was adjourned at 7:00 p.m.
Respectfully submitted by: Attested to:
Adam Kienberger, R. T. Brantly, Secretary
Economic Development Specialist.
4
~~em No. 3
City of Lakeville
' Community and Economic Development
Memorandum
To: Economic Development Commission
From: Adam Kienberger, Economic Development Specialist
Copys Steven Mielke, City Administrator
David L. Olson, Community & Economic Development Director
Date: February 22, 2008
Subject: Election of Officers
The February 22, 1994 Resolution Confirming and Defining thePurpose,
Responsibilities and Terms of Office for the Economic Development Commission
state that "at the first meeting of the year, the Commission shall elect a
Chairperson, Vice Chairperson and Secretary from amongst its appointed members
to serve for a term of one year."
EDC members re-elected Jack Matasosky as Chair, Barry Pogatchnik as Vice Chair
and Bob Brantly as Secretary for 2007.
Commissioners are asked to elect officers to serve the 2008 year.
:gem No. `f
City of Lakeville
' ~ Community and Economic Development
Memorandum
To: Economic Development Commission
From: David L. Olson, Community and Economic Development Director
Copy: Steve Mielke, City Administrator
Adam Kienberger, Economic Development Specialist
Date: February 21~t, 2008 .
Subject: Presentation of 2007 Economic Development Annual Report
Staff will be presenting the 2007 Annual Report at the February 26th meeting. This
report was presented to the City Council at their February 19th meeting. Copies of
the presentation are attached.
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irem No.
City of Lakeville
' ~ Community and 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: February 22, 2008
Subject: Summary of 2007 Development Project Feedback Surveys
As a result of the 1995 Strategic Plan for Economic Development, the City each year
conducts a "survey of business after the development process for feedback." The
surveys are sent to developers and owners of commercial and industrial projects after
they have received a certificate of occupancy for their project. The plan also called for
an annual report on survey results during the first quarter of the following year.
Four measures of satisfaction are addressed in the survey. These include:
1. Were questions answered to the respondent's satisfaction?
2. Whether the respondent felt informed and up-to-date on City procedures.
3. Whether staff responded in a reasonable amount of time.
4. Rating the overall service received during the development process.
In addition, respondents were asked to provide comments to the City to continually
address the needs of businesses during the development process.
In 2007, the City sent out 50 survey letters for which 18 responses were received. In
89% of the surveys that were returned respondents indicated that their questions were
answered to their satisfaction and in most instances rated the services they received as
good or excellent.
In comparison to the results from the 2006 survey, the level of favorable responses for
questions numbers 2, 3 and 4 increased while there was a slight decrease in satisfaction
for question number 1. It should be noted that the number of surveys returned was
only 18 compared to 26 in 2006. Because of such a low response rate and fewer total
surveys mailed out this year, a small number of responses can have a greater impact on
the overall outcome of the survey.
While the responses to the surveys returned were favorable overall in 2007, staff will
continue these efforts including the mailing of surveys for projects completed in 2008.
A copy of the survey and a detailed breakdown of responses dating back to 2000 are
included.
Development Project Feedback Survey
Please fill in the highlighted areas for our records
BUSINESS NAME: DATE:
CONTACT PERSON: PHONE
PROJECT NAME:
DESCRIPTION OF PROJECT:
1. Were questions regarding the development process answered to your satisfaction (understanding)?
Yes No If no, please explain:
2. Were you or the person in charge of the development project kept up-to-date with City procedures
(i.e., staff development review, public hearing before Planning Commission, City Council review, etc.)?
Excellent Good Satisfactorily Poorly Not at all
Additional Comments:
3. If you had questions or concerns regarding your development project, did you feel City staff responded
within a reasonable time frame? Yes No If no, please explain:
4. Perhaps your contact with. the City regarding your development project was with one or more staff. Did
you feel that the overall degree of service was`.
Excellent Good Satisfactorily Poor
Additional Comments:
5. The City would like to know how the development process could be handled better. Your suggestions are
appreciated and will be considered in order to increase responsiveness to business needs.
6. Would you like us to contact you to discuss your concerns? Yes No
Please mail your response using the enclosed stamped, addressed envelope. Thank you.
2007 Development Survey Comments
1. Were questions regarding the development process answered to your satisfaction
(understanding)?
a. "No. The bathroom requirements were confusing. The inspector should
know the background on why specific requirements."
b. "No. The design review process caused a delay and complete redesign of
the building. This process caused a lot of people to lose valuable time and
money."
2. Were you or the person in chazge of the development project kept up-to-date with
City procedures (i.e. staff development review, public hearing before Planning
Commission, City Council review, etc.)?
a. No Comments
3. If you had questions or concerns regarding your development project, did you feel
City staff responded within a reasonable time frame?
a. "Time frame was slow but answers and responses were able to be
modified or adjusted to allow project to move smoothly."
4. Perhaps your contact with the City regarding your development project was with
one or more staff. Did you feel that the overall degree of service was: Excellent,
Good, Satisfactorily or Poor?
a. "Excellent. Dale, and the rest of the staff were. very helpful. Thank you!"
b. "Poor. The city Engineer (Staff engineer) was condescending and rude.
Unwilling to work with design team unless we just did it his way. Very
unacceptable."
c. "Good. Bldg. Dept. was excellent to work with. Eng. Dept, and Utilities
were a little difficult to please. Only because it seemed we worked with
one person and were given different info from another."
5. The City would like to know how the development process could be handled
better. Your suggestions aze appreciated and will be considered in order to
increase responsiveness to business needs.
a. "I thought it was great. Everybody involved didn't waste ay time help me
(Thanks)."
b. "The City was very good to deal with. I was pleased with the prompt
reviews and inspections."
a "All city staff should introduce themselves when visiting a particulaz site.
We've had several occasions where a building official has come on site
without indicating who he was or the nature of his visit "
d. "Process went well, can't think of what could be improved."
e. "From my perspective, everything went fine. The people I talked with all
did a great job of customer service."
f. "Overall a very pleasurable experience. Great Job Lakeville."
g. "Thanks. I considered this project a huge success! Thanks to the City for
your assistance."
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City of Lakeville
' ~ Community and Economic Development
Memorandum
To: Economic Development Commission
From: David L. Olson, Community & Economic Development Director
Copy: Steven Mielke, City Administrator
Adam Kienberger, Economic Development Specialist
Date: February 22, 2008
Subject: Discussion of 2008 Work Program for 2008-2010 Strategic Plan for Economic
Development
Attached is a copy of the 2008-2010 Strategic Plan for Economic Development that
was approved by the City Council on December 17, 2007. Starting on page 17 of the
plan are the approved goals and outcomes for this new three year plan. Also
included in this plan are suggested years that specific goals in the plan would be
pursued during the three-year plan.
The following are specific goals that staff recommend be pursued as part of the work
plan for 2008 (Year 1):
Transportation
? Complete the County Road 70 Interchange
? Participate in the development of transit in Lakeville
Life-cycle Housing
? Help the City achieve reasonable and realistic housing goals that balance the need
for different housing types for residents.
Technology
? Advocate for Lakeville to become a leader in telecommunications services.
Growth Management
? Continue to define and provide the information future businesses and developers
need in order to decide to locate in Lakeville.
? Provide input on the Comprehensive Land Use Plan
O Analyze the viability of additional office park locations in Lakeville
Communication
? Create a single effective message/platform about economic development
Partnerships
? Develop and enhance partnerships whenever possible to achieve EDC goals.
Staff is seeking comments and/or feedback from EDC members on these recommended
goals to be pursued in 2008. Once consensus is reached as to the specific goals to be
pursued in 2008 (Year 1), staff will develop a more specific work plan for each of these
goals over the next 1-Z months.
gem Igo. ~
City of Lakeville
' ~ Community and Economic DevekJpment
Memorandum
To: Economic Development Commission i ,
From: Adam Kienberger, Economic Development Specialist
Copy: Steven Mielke, City Administrator ~~~~~'TTT
David L. Olson, Community & Economic Development Director
Date: February 22,.2008
Subject: Twin Cities Regional Economic Development Website
On February 8t" Dakota County cities met with the Dakota County Community
Development Agency (CDA) to discuss support for ametro-area regional economic
development website currently under development. A description of the project is
attached.
The CDA is willing to fund Dakota County's portion of the website cost if enough
support is displayed from Dakota County cities. Under the CDA's recently adopted
economic development strategy, two topics justifying their involvement in this
project include "create prospect response capacity" and "enhance image, marketing
and branding".
At the EDC meeting there will be a brief presentation ofsimilar websites done for
other regional economic development organizations around the country.
Action Requested:
Recommend support for the Dakota County CDA's funding of this initiative at the
level of $13,600 per year for the next two years for Dakota County.
Twin Cities 12egional Economic Development Website
Proposal to Dakota County
February 8, 2008
Situation: As a region, Minneapolis/Saint Paul lags behind other metropolitan areas in
offering accurate, detailed and easily obtained economic development information. Site
locators today turn first to the Web and often "first cut" relocation/expansion decisions are
based on information available on-line. A business interested in the Twin Cities would have
to search numerous sites to find information on labor force, available buildings,
transportation, utilities, related businesses, community information, quality of life, and other
key factors.
Objective: Create a collaborative website for the 1 I-county metro area that incorporates
Geographic Information Systems (GIS) technology in order to competitively meets the
information needs of decision makers for expanding and relocating businesses including
information on the economy, workforce, and development assets throughout the metro area.
Strategy: Bring together public and private resources to establish and maintain a high quality
website.
Website Features: The website will provide real estate, labor force, business information
and other critical site location information (e.g. transportation features, foreign trade zones)
on a Geographic Information Systems (GIS) platform. Similar systems in use in other
metropolitan areas across the country enable a site locator to identify appropriate land and
buildings relative to transportation features, as well as workforce characteristics and business
locations within a specific time or distance from a prospective building or site. The site has
features that support office, industrial and commercial site location decisions.
Information about the great Twin Cities region as a business location will also be featured;
including topics such as the regional economy, regional workforce, development assets, and
quality of life.
The Minnesota Commercial Association of Realtors (MnCAR) has agreed to partner with us,
ensuring that the regional website has credible, complete, and up-to-date property
information. Cities, counties and HRAs will also be able to upload information on properties
targeted for redevelopment, transit oriented development, etc.
Website Benefits: The website will allow site location decision-makers -for existing
companies in the metro area or prospects from outside the area - to access critical
information 24 hours a day, 7 days a week in the format expected by today's decision-
makers.
The website is a neutral medium for directing prospects to community contacts based on the
site selector's criteria. For each property, the GiS platform will generate contact information
for the appropriate Realtor, city/county economic development contacts, and chambers of
commerce.
The regional website will enable economic development organizations (city, county or non-
profit) to generate high quality proposals quickly. Information about potential buildings,
workforce characteristics within a specific time or distance of a properly can be downloaded
and redirected to print, e-mail, Excel, Adobe Acrobat, or Word formats. Building, site and
aerial photos can enhance presentations to prospects.
Oversight and Management: The Twin Cities Regional Website Steering Committee is
responsible for strategy and governance. The group is supported by the Minneapolis
Regional Chamber and Janna King with Economic Development Services. The steering
committee is meeting monthly during project start-up and 4-6 meetings per year when the
system is operational.
Timeline & Funding: Construction of the website began in the fall of 2007, with launch in
March 2008. The goal is to secure $500,000 in funding commitments fora 2-year period,
raising $125,000 from the public sector annually, to be matched by $125,000 annually by the
Chamber and its private sector contributors.
Funding at the $250,000 per year level (public and private) provides funding for the
following.
• GIS based web platform, licensing of business & centerline data
• Project management (consultant, administrative support)
• Web design and content (non-GIS based content re: the region)
• Website marketing
• Search engine optimization
• Training for staff in all funding organizations
• Evaluation
• Contingency
Contributions will be made to tke Minneapolis Regional Chamber ojCommerce
Foundation -the Chamber's SOIc3 foundation, which will administer the program,
,gem No.
City of Lakeville
Community and Economic Development
Memorandum
To: Economic Development Commission
From: David L. Olson, Community and Economic Development Director
Copy: Steve Mielke, City Administrator
Adam Kienberger, Economic Development Specialist
Date: February 22, 2008
Subject: February Director's Report
The following is the Director's Report for February of 2008.
First Industrial Proiect
The City Council on February 19"' authorized the publication and distribution of the
Alternative Urban Areawide Review (AUAR) for proposed industrial park
development at the southeast corner of Dodd and County Road 70. First Industrial
has purchased a 140 acres parcel from the Ruddle family at this location and is
proposing up to 1.4 million square feet of industrial development on this site. A
copy of the proposed master plan for this development is included. A preliminary
and final plat of the property still need to be processed by the City. First Industrial
plans to commence construction this summer on two buildings that will total over
500,000 square feet.
Welsh Co. -Walker Methodist Housing Proiect
The 155 unit senior assisted and independent living housing project proposed by
Welsh Companies and Walker-Methodist adjacent to the new St. Johns Lutheran
church on 202"d Street was the subject of a public hearing at the Planning
Commission on February 21~. The Planning Commission unanimously
recommended approval of the proposed project preliminary plat and it is scheduled
to be considered by the City Council on March 3`d
Dakota Electric Partners in Progress Event
Dakota Electric has scheduled their annual Partners in Progress event for
Thursday, March 13th starting at 4:30 p.m. at the Royal Cliff in Eagan. This
event recognizes the development achievements for the past year in cities served by
Dakota Electric and is always an enjoyable and well-attended event. Several EDC
members have already indicated that they plan to attend this event. If any other
members are interested, please contact ]udi Hawkins at 952-985-4403 by
February 25th if you would like to attend.
SDOtliaht on Business
Finney Company was the featured business for the Spotlight on Business at the
February 19th City Council meeting. EDC member Dan Vlasak made the presentation
on this business at the Council meeting. A copy of the Council memo is attached.
Dakota Future Annual Resort
A copy of the 2007 Annual Report for Dakota Future is attached.. This report covers
the primary activities that Dakota Future was involved with in 2007 as well as the
priorities for this organization in 2008. While the City of Lakeville is not a dues
paying member of Dakota Future, staff does attempt to keep apprised of and
involved with a number of the activities of the organization.
Lakeville Housing Market Uodate
Attached is a report from the Southern Twin Cities Association of Realtors that
summarizes home sales for December 2007 as well as the entire year. This report
provides a good overview of the current residential real estate market both in
Lakeville and the Twin Cities Region.
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SOUTHERN TWIN CITIES
ASSOCIATION OF REALTORS
1
Lakeville Housing Market Update
January 2008
*Note: Please inform us if any new rnuncii members or staff should be added to our distribution list. Thank you.
Greetings,
You've been chosen to receive this monthly newsletter because of your important role in local government in
Lakeville. Our intent is to advance our region's understanding of the Twin Cities housing market and provide useful
research tools for the policy arena. This month's edition is a particularly interesting one, as we now have one year's
worth of inventory data. You can now see how the number of houses on the market has grown or declined in the last
year for Lakeville-including a breakdown of single-family detached homes and townhouse-condominiums.
On the heels of several uninterrupted years of frenzied growth, the Twin Cities housing market finished its second full
year of corrective declines in 2007. Given the run-up in home values we saw in the early part of this decade, iYs not
surprising that some of that value would be taken back by market corrections. While this year-over-year decline is
rare, the drawn-out price increases we saw previously are even more uncommon.
Lakeville had an average year-to-date sales price of $307,003 at year end, behind last year by 4.2 percent. The Twin
Cities region as a whole saw a decline of 1.3 percent for the year, comparing 2007 to 2006.
At year end, there were 705 dosed home sales in Lakeville, behind 2006 by 20.2 percent. For the entire Twin Cities
region, dosed sales finished the year down 16.4 percent.
New listings in Lakeville finished behind last year by 8.2 percent, posting 1,921 units listed. New listings in the entire
region were down 2.8 percent as sellers and builders restricted their output.
At year end, Lakeville had 310 single-family detached units available on the market, with 110 townhouse or
condominium units on the market as well. Twin Cities inventory levels remain at record highs due to slowed
absorption from sales, with 26,675 units on the market at month end for the entire region.
The eventual return of home buyers will be gradual and take time. But it's important to recognize that positive
changes are taking place in the local market and they are setting the stage for a healthy future.
More detailed information follows on the Lakeville real estate market within this document.
Thank you,
Jacob Brown
Director of Governmental Affairs
Southern Twin Cities Association of REALTORS®
651.452.6611
To unsubscribe to this newsletter, please respond to ibrownnastcar.com and place the word 'REMOVE"in the subject
line.
[more)
The 100.
Market Updates for +oo Twin Cities Comrnuni[ies ~ SOUTHERN TWIN CITIES
A free research tod from the Southern Twin Cities Association of REALTORS® ~ ASSC)C:IATI(~N nF REALTQRS~
Brought to you by the unique data-shanng tradroons of the i2EAtTORiJ community
La kepi I I e December Yea r to Date
Dakota County, MN 2006 2007 Change 2006 2007 Change
New Listings 84 69 - 17.9% ~ 2,093 1,921 - 8.2%
Closed Sales ~ 75 25 - 66.7% ~ 883 705 - 20.2%
Average Sales Price 5326,753 $275,493 - 15.7°/° ; 8320,504 $307,003 - 4.2% I
Percent of Original List Price Received at Sale* 94.3% 90.2% - 4.3% I 96.7% 95.2% - 1.fi%
Average Days on Market Until Sale** 193 179 - 7.3% NA 134 NA
Single-Family Detached Inventory ~ 251 310 + 23.5% I
Townhouse-Condo Inventory i 188 110 - 41.5%
'Does not account for list prKes from any prevous listing contracts ••Gty market ume figures were Rrst available in August 2006, accounts for previous lisbng contracts
'-*Ctty inventory hgures were hrst tracked In December 2006
Activity-Most Recent Month Activity-Year to Date
sa
75 z,o93 ? New Listings
ew Listings 69 ? Closed Sales 1,921
iosed Sales
883
2s 7as
2006 2007 2006 2007
Avera~e Sales Price Ratio of Sales Price to Original List Price
326,753 $320,504
5307,003
$275,493 ? 2006 ~'3% 90.2 % 02006 ~''7% 95.Z%
? 2007 D 2007
December Year to Date December Year to Date
Average Days on Market Until Sale Inventory of Homes for Sale
310
~ 2006
193 ? 2006 251 D 2007
179
D 2007
134 188
110
0
December Year to Date Single-Family Detached Townhouse-Condo
Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme
due to the small sample size involved. For broader historical market information, please feel free to contact us.
The 100E is a trademark of the Minneapolis Area Association of REALTORSC~. The Southem Twin Cities Association of REALTORS® uses it under license.
The 1 OO• c TH RN TWIN ITI c
Markel Updates for 100 Twin C~tieS C°mmunities ~ SOU E C EJ
A free res~rch tod from the Southern Twin Cities Association o} REALTORSp ~ ASSn C:IATInN QF REALTORS•
Brought to you by the unique data-sharing traditions of the REALTOR, community
TWIr1 ~ItIeS Reg1011 December Year to Date
13-County Region ~ 2006 2007 Change ~ 2006 2007 Change
New Listings ~ 4,361 4,348 - 0.3% ~ 108,022 105,044 - 2.8%
Closed Sales I 2,950 2,376 - 19.5% 47,901 40,055 - 16.4%
Average Sales Price ~ $285,930 5266,121 - 6.9°I° $278,432 $274,767 - 1.3%
Percent of Original List Price Received at Sale' ~ 94.8% 91.2% - 3.8% 96.8% 94.7% - 2.2% i
Average Days on Market Until Sale" ~ 132 154 + 16.7% NA 148 NA
Single-Family Detached Inventory I 15,493 18,793 + 21.3%
Townhouse-Condo Inventory 7,408 7,882 + 6.4% _ _ __-___J
'Does na account for hst prices from any previous listing conUads "City market 6me fgures were first avadaWe In August 2006, aawnts fw prevous listing contracts
"'City inventory fgures were first tracked m December 1006
Acfivity-Most Recent Month Activity-Year to Date
4,361 4.348 108,022 ONewLiStings 105,044
~ New Listings O Closed Sales
Closed Sales
2,950
2,376
47,901
40,055
2006 2007 2006 2007
Average Sales Price Ratio of Sales Price to Original List Price
5285,930 5266,121 5278,432 6274,767 ~•8°~° 91.2°/ 02006 ~'8~O 94.7°~,
? 2006 _
~ 2007 O 2007
December Year to Date December Year to Date
Average Days on Market Until Sale Inventory of Homes for Sale
18,793
154
132 02006 148 15,496 - ~ 02006
D 2007
O 2007
7,408 7,882
0
December Year to Date Single-Family Detached Townhouse-Condo
Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme
due to the small sample size involved. For broader historical market information, please feel free to contact us.
The t000~ is a Vademark of the Minneapolis Area Association of REALTORS. The Southem Twin Cities Association of REALTORS uses it under license.
.
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February 14, 2008 Item No.
Spotlight on Business
Finney Company
Overview
The Spotlight on Business program is designed to recognize new and existing commercial and
industrial businesses in the Lakeville community. The program is also designed to emphasize,
for residents, the important tax and employment benefits that business and industry provide to
the community.
Finney Company will be featured at the February 19'", 2008 City Council meeting. EDC
Member, Dan Vlasak will present the information on Finney Company and President Alan
Krysan will be present to accept the award.
Finney Company, located at 8075 215th Street West, is a growing publisher, distributor and
manufacturer of educational materials. Making their mark in chalkboard and whiteboard
erasers, Finney Company has been in business-for over 60 years. They relocated to Lakeville
in April of 2006 from St. Louis Park and currently lease space in the Airlake Industrial Park.
Finney Company focuses on niche publishing markets in the education industry including
everything from technical trade manuals to regional interest titles to educational children's
books. Their products end up being used by career and technical education teachers, career
centers, art educators, school counselors, individuals, and many outdoor enthusiasts. Some of
Finney Company's well known distribution partners include Amazon.com, Bames & Noble, the
Minnesota History Center, and the Lakeville School District.
Recent accomplishments and notable recognitions of Finney Company include having 6 of their
books nominated for MN Book Awards, publishing well known authors such as Steven Keillor
and Barry Casselman, and publishing the 2008 Republican National Convention Visitor Guide.
Finney Company currently employs 8 area residents in Lakeville and continues to grow their
business locally while expanding their distribution products and partners worldwide.
In addition to employment, Finney Company provides a tax benefit to the community. The
Dakota County Assessor has assigned an estimated market value of over $1.8 million to the
building they currently lease space in. Based on current tax capacity rates, this market value
will result in an estimated contribution of over $52,000 in local property taxes going to support
the City, Dakota County, and Independent School District 194 in 2008.
Adam Kienberger
Economic Develop Specialist
Financial Impact: $ 0 Budgeted: Y/N _ Source:
Related Documents (CIP, ERP, etc.):
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