Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
03-25-08
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: March 21, 2008 Subject: March Director's Report PLEASE NOTE: The March 25t" meeting of the EDC has been cancelled. The next meeting is scheduled for April 22nd. The following is the Director's Report for March of 2008. Dakota County Commercial/Industrial Studv The Dakota County CDA has retained Ma~eld Research to conduct a market study for commercial/retail, office, and industrial space in the County from 2008 through 2030, as well as for the amount of land needed to accommodate this type of development. The study is currently in a draft format and will be shared with the EDC when it is completed. Building Permit Reoort The City issued building permits through the end of February with a total valuation of $7,929,135. This compares to a total of $14,261,833 during the same period in 2007. Included in this valuation were commercial and industrial permits with a total valuation of $188,000. This compares to a total valuation of $1,342,000 during the same period in 2007. The City issued permits for 19 single family homes through February with a total valuation of $5,039,000. This compares to 24 single family home permits during the same period in 2007 with a total valuation of $6,668,000. The City issued permits for 6 townhome and condo units through February which compares to 4 townhome and condo permits issued during the same period in 2007. Business Telecommunications Technology Task Force (BTTTF) RFP Lakeville is currently in the process of writing a request for proposals (RFP) to hire a consultant to conduct a feasibility study on constructing an open-access fiber network. This is the next step as outlined in the 2007 BTTTF report approved by the City Council in December of 2007. Lakeville has also been involved in discussions taking place at a County level to explore what can be done jointly with other Dakota County communities exploring this issue. The City of Eagan has recently hired a consultant out of Blacksburg, Virginia to proceed with their own feasibility study. Eagan along with the cities of Burnsville, Rosemount, Farmington, Hastings, Mendota Heights, West St. Paul, Apple Valley and Inver Grove Heights have all expressed an interest in exploring these issues on a possible county-wide basis. Counri Road 70 Interchange The County Road 70 Interchange project is moving ahead with the project bid opening on April 4th. Construction is expected to begin later this spring and be completed in the fall of 2009. Market Park/CDA Grant Award The CDA approved a grant in the amount of $200,000 for Lakeville's Market Park project in Downtown Lakeville at their last Board meeting. The project includes converting 208"' Street between Holyoke and Holt Avenue into a public parking/gathering space area in central Downtown, utilizing pedestrian friendly design elements, and incorporating low impact development (LID) infiltration concepts. Construction is planned to begin after Pan O' Prog in July or early August and be complete by the end of October. Dakota Electric Partners in Progress Event On March 13t" Dakota Electric hosted their annual Partners in Progress recognition event for member cities in Dakota County. Dakota Electric presented development summaries for each city and recognized the benefits of economic development. Commissioners Emond and Erickson attended on behalf _of the EDC. A copy of the program material is attached. Attachments ¦ February Building Permit Report • Partners in Progress 2008 - A Better Way for a Better Future • Lakeville Housing Market Update -March 2008 • "Hope to Be the Next Silicon Valley?" - Governing.com March 2008 ¦ News Release -Dept. of Employment & Econ. Development - "State manufactured exports hit record $4.3 billion in fourth quarter • News Release -Dept. of Employment & Econ. Development - "Minnesota employers drop 4,100 jobs in February" • Cedar Avenue Corridor Transit Newsletter -March 2008 c y N z x z a r~~ ^n m o c n m m a a y y= n n n y y a E c y y ° c i N °c °,y p. e o° m m y p o 0 o f~ cG ~ o~ F, a~°= a °o F a w = s< a y x x y 3 3 3 s w a ~ o, d 'pT .p °a = y a 7y 2 a A 09 0 ~ a w oy = ,2 3 3~= n om [ w ~ ° n z a a=a ~ a ~ m ° ~ ~ ° ~ ~ < g ~ a 9 a m 'A D " ~ E ~ w rn _ 'd Y 6 4 y y D ~ rr+ R ~ A y ~ y n G. f] G d rn y O N C O~ W A O J O Uo 0 0 0 0 0 O~ O O O W C O 0 0 0 J C O Q~ O O O O i w ~ A W N O~ ; ~n w A to A ~ A °A1 A w N ' O ~O C O ~D ca O U O O O O O O 0 0 0 ~D C O O O O N C O A 0 0 0 0 ~ j O O S O O Cn S O O S O O S 0 0 0 0 0 0 0 VJi S O S O O O U 0 0 0 0 0 0 0-~ n G ~ A z A A ',y J Oa ~ A b O W b y C ~ c o 0 0 o c o 0 o c c o 0 0 o c o 0 o c o 0 0 o c c o o c o 0 0 0 0 o y ° n b S S S S °o °o °o °o °o °c °o °o °o S °o `Zc °0 8 8 8 S$ B S S S S S oc °c o 0 o S °o z ~ `C i ~ C" ~ ` ~ ~ a ! v, z ~ a m 0 0 0 0 0 o c o 0 0 0 o c o 0 0 0 0 o c oN. c o~ c c o rn c o~ o c p o < 88S$SSSSSSSSSSSSSSSS'~SSSSOOw~S~SS88 ~ O O N to O O O O N O~ 0 0 N O O O~ O O O O A N A N O 0 0 0 CO ~ N W w U QNi ~ w A ~ J ~ ~ m to oo A ~l ~ .NJ-. U ~ .J.. K7 J ~D O O A W O O~ C J O W 0 0 0 0 0 0 )O ~O O O O C O oo N O O O O Ry ~ S$$~S$S$N$~$$SO$$o~S~SSSSOUOOSS$S ~ v< W ~ o w A ~D O~ i-~ A O co Q. m J J C N U O N C^ Oo O ~O W O O C O 0 0 0 0 ? ~ 9 N O O O O O O O O O O O ~ O O O O A O O C O O O C O O O O O O O O O O O O O O O C O O O O O C O ~ G z O O S O S S S S S S O S S S S O O S S S S S S S O O S O O O O O O S O z O~ b fib. 'y^. 2 a W O~ W J ~ N O O O O O O O O O O O O O C O O O O O O O O O O O O O A W~ W C O 0 0 y m O O O O O O O O C O O C C O O O O C C O 0 0 0 0 0 0 0 Oo ~ J C O C O ~ N O O O O C O O O C O O O O O O O O O O O O O O C O O C U ~D Q~ 0 0 0 0 0 OC r ~ Cn C ^n y ni O' H H y y y y~ y ti y y :e O O O 3 5 5 'S 5 C] 'sf Y7 ?1, f] (7 C] C] Y Y n ~ ~ C b e G, n C c E G b 5 vo A a y < c a s a m ~ c o a w G n C S C7 ~ c ~ c~= w c~~ ~ ~ y b E E C. '?7 ~ w o~ v B 3 c ~ m n~ a c. O N y 3 s n o ~ m r.. ~ R m rn d a m 'sl ti ~ o e c~~ rn n m io CJ ~ p n O o 5 m ac w C t^ E. a ~ B .~C o m '•R' 'n a - y 3, ~ ~ ~ c~ ~ ~ ~ 9' v x a w Y Cd 'w' , ~ ~ c~ ~ m 'a 5 5 a~ m°~ o m .RC. c a ~ y a 2 ~ g' B m ~D O C ~L` N - O O O O O O O O w O w O 0 0 0 0 0 0 0 C C 0 0 Oo w O O O O~ ~~pp O A w A w w w w v~ 'o O^..' O O O ~ O Oo 0 0 0 C 0 0 0 ac O~ O O O C O C O O O C O O~ A~~ O O O~ b W O 's O C u N to O C O O C O 0 0 0 cn O to O O O O O C O 0 0 0 0 C u~ J O O C~ J O :n O C R On O O O O O C C O O O C O C O O O C O O O O O C O S C O O Oo O O O C O ~ O A w ~ N 07 N _ A A ~D N w N ~pO O pO C O N O O C O O C C O O O O O O O O C O O C O O C O O O C C O N O 0 0 0 0 O O O C S O O O O S O O O S O S O S O S O O O O O O O S S O S O S O O O O S O 0 0 O S N W U O O C p O O O O O O O G O O O O O O O O O C O C O O O O O O O O O C O O O C O O N O S S S O O O O O O O O O O O O O O S O O S S S O O S S S S O S O O S O S O S O S O O\ O O T O O O O O O~ O w O A~ J O O O O O N O O C O O O N w C N A O C 0 0 O O A N w w O W W .r- can W J J J- l~ii A b c.n C Cn J O O O O ~D O ~O O GO O w ~p p~ O O O C O ~D O O O O O O A ~O O to N O C O O N O sSS°' oSSSSoS~SoS$o~SSSSS~SSSSBS~ooooSSOa 8 w tNi w ~ .N- N N A A U W O O O C O O O O O O O O O O O O O O O O O O O C O O O O O O O O O O O O C O O A ~ SSSS 8$BSSSSSBSSSSSSSO~S€SSSSBSSSSSSSSSS S8 U U W O O O C O O C O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 w O O O O O O O O O O O C O O O O O O C O O O O D 0 0 0 0 0 0 0 0 0 O C O C O O ao C O O O C O O O O O O O C O O O O O O O O O C O 0 0 0 0 0 0 0 0 0 0 0 S O O O O C O y ~ m ~~~,~,bgronA ~ ~~~z~r,rnna~ m <z~sxmc~c~~?naa~ e> p n ,o, C rn n o~ G T £ o o n G n m rt g y m C' c o v G c t~~ ry£ 3 R c ~ ~ ~ a ~ B C c c w' ~ 0 5. 5. 'v w a m m a n n o v~ o h ~ '9 rn SO O y° ~a oo b f0 ~ p b G p, ~ y h d~ ~ FG° ~ x e m C g' = ~ ~ ° n m c. n ~ .o". m y ~ c c b as C. a ~ a ~ 'S ° G ~ h y N ^ ~ c w.. ~ ~ n c cr. ~ 'm_o c. .a-.' S S MFo n ~ m~ O o o ro ~ c K1 x oa ~ 5 m ~ °a a q ~ R o n e a o. x c s n O O ~ f: oa ~ e ~ < va r+ ~ v r~ 'O n y ~ N. ~ O ^ 'J ban a N 3 b '.1. T' R T N A N O G O X 0 0 0 0 ~ ~O O J N O O~ O~ O O C O O O A A w w J U N A ~ w U w pi U O~ U N N C 0 0 N Do W J W W U U1 ti r J W J W O 0 0 A O O O A ~C O O C O w C O Q ~C 0 0 b N~ O Gc )D O O O w w oa w O\ O~ ~L' ~D O 0 0 O O O O D U O O C O O U O U O C O In cn O C ~O U 0 0 0 0 0 In to to A O N C O O O O O O O C O C O O O O O O C O O C O O C A O O O O O O O O O A C O w ~ N u w N A J ~O N U 000 000000000 ~'ooooo~S?~ ~ooooAOB~S~oo 0 0 o C o 0 0 o c o 0 0 0 0 0 0 0 0 0 o c o 0 0 0 0 0 0 0 0 o C o 0 0 C o o 0 0 0 0 o c c o 0 0. o c o o c o 0 0 0 o S c o 0 o c o 0 0 0 0 0 o S O C O C O O O O O O~ C O O O O O C O C C O O G C O O C C O O O O OQ O O O C 0 0 C C O C O C C C C C O C G O C O G O O C O O O O C O 0 0 a`r^ O S S S C G O O O C O O C O O C O O C O O O O O S O 0 0 C O O O C O O O O W A O C C O 0 0 0 0~ O P O U N O O C O~ C O N 0 0 0 O W W J J O O W N N ~ ~l W w O~ Oo w A W~~ N J J O O C O~ W J w A w w ~p r J O~ U U O O O O C O O O O O O N N O N ~L` O O C ADO O N ~L ~ O C A U J Oo O~ X 0 0 O S O O O S S O O O O O S U O O O S O S O U S S U O O O O O O O O O N S O N _ O O O W A N N aJO w O~ T C U U J OO G\ pO W O O O O 0 0 0 0 0 0 0 0 0 A A O O C C O O~ O O w N O O O~ O S C O O O O S O O S S S O O O O O O S O 0 0 0 0 0 0 0 0 0 0 S O O O. O O O S O O S O S O O O O O O O O O C O O O O 0 0 0 0 0 0 0 0 0 0 O O O C O O O O O O O O O O C O O C C O 0 0 0 0 0 0 O 0 0 0 0 0 0 0 0 0 O O O O O O C O 0 0 0 0 0 O C O O O C C O O O O C O O O O O S O O C O O C O O O O C O 0 0 0 0 0 0 0 y ~ a a o vi v, '_v ~ o C X 0 0 G $ w a o y ^y' S ? P - = o n as o ,"d m O `C ~ y ~ = m rn c ~ a E c c a E 5' m N W O O O O O N Wb C O pO p O O O O O N O O O O 0 0 0 N N F+ C O pO O O O 'O O O O O O O O 0 0 0 H N U N O 0 0 C C O ppO C O O O O 0 0 0 a O~ O O O O O O O C F~+ a O O O O O O O r J O O O O O O O VV a a r 0O O p O O O O O C O O O O O O O t+ U Vii O O O pO C O O O O 0 0 O 0 0 0 a ~ goo c~c~o mo ommaa-~ti inn-~~oo~a:, b _ _ ~ c ~ n m m p, p, go o O ~ y c _ C ~o ~ a~ c w' ^o ~ v ~ E °i m~~<~_ p, N x N r y 9~~'~ 9 m 4' 3 c O R 6 M y R p F a~ O % N n S C .'J a w 7y CC 7 ~ w ~ ~ ~ A °m° ° ~ ~ ~ ~ ~ n ~ ~ c ~ ~ C7 z b o < ~ ~ °g B c a c o 3 C7 'F tr1 » D E, E'. ? ~ > a m ~ m 9 m w ~ c, O ~ 5 c o ~ a o a ^ c e ~ m D ICr m w 3 ~ c a n A O W O C J J O J~ W O O C O O J O O O to N O O O C w C 0 Q~ ~O O O O O A G7 O~ N O N w Co N A W to ~O A ~O O iD r~j~ i O OAo ~ O tin W O~ C O~ N O O C O O J O O O N b 0 0 0 0 W Or O o7 X 0 0 0 0 ~ j S O VNi S O W O S O tNn vii S S 0 0 0 VOi O O S tNi~ U O O O O O S O O~ 0 0 0 0 f+] e z ~ m z N b O O ~ J O to w A ~ N a O~ C' ~ y n S v O w S O O S O S O C O~ yy pp V Ir• 0 0 0 0 0 0 ~D O C O O O O C O~ O C O O C O. O O O~ O O O O O O O O C H p S S S S S S O S O O S O O S O S O S S S S S S O C O O S O O S O S O O z ~Y ~r ' ~ l r , H IY ~ ~ ~ _ _ z ~ N App ~O Oo ~ ~ O O O O C O O C O O O C O C O O O C O O N O 0 0 0 0 0 O~ O Q AQ~~ p Np O O O C O O O O O O O O C O O S O O O O O O O O N S O O O S O w O A O S 0 0 0 ~r - O O W O~ A O O O A O- O In O O W C X 0 0 cn A A 0 0 0 0 ry( A N ~l AA oNo~~ W cn O~ tWi~ 9 w A ~ aAO N A ~ m s A A m oo A w u`oi J ~O C O O~ w 0 0 0 0 C w J O O N 0 0 ~D W O O~ C O J Qi ~O J O O O O r, VNi O S S O S O S O O N O U lNn S S vNi S O O l~ii S N O U O O~~ O C S S S O [~+~j ~ 'L F+ 'A O N o~ S O w AA w w o, a y ~ O b 0 N Ov A A W O ~ J ~D O m r N wry, ~ to N - O O O O O O O O C C ~ O`0 Y C O O O~ S O C O O O O O O C O O (n O O O O O O O O C O O C O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ~ C z 0 o c o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o c o o c o 0 o O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o S S c o 0 0 0 o c o 0 o z ~e r ~ a N u~ w oo y.i ~pD ~j N O O O O O N C O O O O~ O O O O C O O C O w O C 0 ;O C O N-~ O~ O O O O p"Ci O ~ O O O O O O O O O O O O O O O O O W O 0 0 0 0 ~O ao V N 0 0 0 0 [s1 ~ N C O O O O N O O O O- 0 0 0 0 0 0 0 0 0 O O O A C O N O+ Oo O O O O ~ S r m V1 C^ "n y cn C ^3 H w rn ti ~ ti ~ ~ w ti ~ O O 3, r' r' ,y 5 '.C 'S O '~7 "p ?f (7 (7 C] Y y m ~ C ro_ e rt C a r'+ F. c a b s w' f° < y~~~ m o .n ° k~ R~ o o~ c, F n n C C n o P m -Y-nn, B ~ ac a 2_ ~ n ~ by _ a E F w a s .0 3 3 e Rf ~ ~ o. o a ^3 9 0 ;h o o~ ~tl ~ t9 m a m a ~e n m M rt°~$ e ro o o v^ B 3 ar n x o~ o 0 ~ n' a oc~ ~ w~ 7^ d C w E' a a<~ 0 5 c o x D~~ n. o~ a n ~ ~ a Y 3 n o o m m w CC 'm 'v' ~ ~ a o h ~ ? as ~ ~ E' "~A a .~D. o m c y ~o' C' k FJ' n 'p~p d ° y o tx1 C' C C C R~ ~ R ~ .a.. (6 ~ G d R a Y ~ y a ~ c ~ ~ A `C ~ 3 a io _ J N O N A ~ C- O O O O O O O~ N N C 0 0 0 0 O O~~ N V~ A N w 0 0 r C p~ to O. N J A ~D W ~ ~O J ~O W W W W W J ~D V~ Q~ ~O W W ~ ao YO O ~O In ~L C co O O O O O O O J )D A O ~D ~O O O O O~ O O ~O `G A w Gc O~ ~D. O O ~D ~O A O' C C U u 0 0 0 0 0 0 0 0 0~ 0 0 0 cn in 0 0 0 0 to 0 0 In In O~ 0 0 0 0 'tn to O O cn O O to C O O O O O O O O O O O O O C O O C O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O T A W a N .N- U N 1 ~ ,O~i ~l ~'~S O O O O O O G O O O O O O O O O O O C O O C O O O C O O O C O O O O O O O O C ~O O SS$S SSgSSSSSSSSSSSSSSSSSOOOOSSSSSSSSSSS S~ J J O O C O C C O O O C O O O O O O O O O O O O O O O O O O O O O O O O O O O C O O~ ~ O C O O C O O O O O O O O O O O O O O C C C O O O O O g S 0 0 0 0 0 0 0 0 0 0 b S C C G O O O O O O O O O O O O O O O C C O C O 0 0 0 0 N 00 O J Oo O O O O W N A O ~O - O O O O N w O A 0 O N W w 0 0 0 0 C w O lA In to W m VAi ~W ~ N W W ~D N U VJi W A J J w J Vii N O v to w ~G O w )pO O O ~O O ~O O )D A ao O~ ~O N C C O O~~ O b O~ O )O N m C A O O O O O~ ~ ~ O O J A S S O O O O O S O S O O O S O O O O O O S O O O S O O O W~ C O 0 0 J O N J V o00 A O ~ ~ to A A O N ~l A C O W O~ ~ 0 0~ Oo O O C O O C O O O O O O O O O O O O O O O O O O O O O O J~ 0 0 0 0 ~D O S S O S O S S S S O S S S S S O S O S S S O O O S S O S O O S O S O 0 0 0 0 O' O O O J J C C O O O O C O O O O O O O O O O O C O O O O O O O O O O C O 0 0 0 0 0 0 0 0 O O O C O O O O O O O O O O O O O O O O C O O O O O O ~ O O C O 0 0 0 0 0 0 0 0 ~O O O O O O O O O O O O O O O O O O O O O O O O O O O O O C O C O 0 0 0 0 0 0 0 0 Cn C C rn ~ro~ ~ gg~,~ro3ron~ m ggga3rrnna~ v: <z~5xmc~c~?!naa~ P 3 `c F C w w w G o~ F ~ 'Q w o o n C ~ o ~ ~ ' F~ ~ F ~ m C h ~ F o; ~ B a B S C p a v w n~~°° g p^ ~ ~ R ~ w~~~ 2 C c a. ~ rw~o o~~ 'cf w 'O 3 c~ m ~ a ~ y n n ~ y w b a~ `D R= ~ M GC w ~ ro ~ ~ ~ ~ o' m ~ ' `L° S m ~ C, ° m~ n 8 ~ y ° e ~ c o ~ Y rn m h v, n `m h m °c x, g m o ~ n S x ~ v. n. a ~ ~ R ~ ~ w ~ 6 O N~ n ~ ^ y ~ 9 a S 6 a i m ~ o- w O O ~ ~ - y g •e ~ ~ ,e ~ b ~ F m v p a y B v 7. 0 F a 0o N~ A O O C~ N~ 0 0 0 N J~~ to O O O ~ O O O A c.n A A W w w pWp A N O N O ao J W A N b b w w A •O~ W ~D In Cn i0 N U G to O O O A ~D ~O C O O O~ U O J J ~O O~ G1 O O N ~ O O~ to w J oo w A oo A S S O O O O cn O to C C O to cn O to to (n O Vi C O O ~D to 0 O to O O s O O b~ O S O O O C O O O O C O O O C O O O O O O O O O O O O O O C O O O O O O J T O N J N N W N O NA N W IJ ~O~ 8 W O in C IJ O O O O 0 0 0 0 0 0 0 0 0 Oo W O O O O O O O O O ~ O O O O W G O O O O O S S O O S S S O O O O S S S S 0 0 0 0 0 0 0 0 0 0 O S O O O O O O O O O O O C O O O O O O O O O C O O O C O O C O O O O O O O O C O O O O O O O O C O O 0 0 O O O C O O O C O O O O C O O O ~O 0 0 0 O O O O O C C O O O O G C O O O 0 0 0 0 0 0 0 0 0 O O O O O O O C O O S O O O O O O O O O O O O S J J O to O O O O C N W oNa r~ N 0 0 ~ O ~ O O O w~ s .P ~n :a U w In N T N ~O J A to O ~l is In ao ~D w w ,ta U O ~ O O C A b~ O C~ P O~ O W~ C O b P~ O ~ ~ O O O W O~ w cUii W H O C C O O O C in in in O O in O O in O O C Q~ 's O in 0 O O in Cn O O Ln Co in O C O S O O O C O O O O C C to O O O O C O C H O O J O C O O O C O 0 0 J C C J J W N O N J ~ CO O O J W ~O N N N Oo w A C O ~O ~op ao ~1 In v ao O~ O ~O O 0 0 O 0 0 0 0 0 p 0 0 0 0 ~ :P 0 0 0 0 0 0 0 0 0 ~ N O O O~ C O O O w 0 0 S S O S S S O S O O O S O S O O O O O O O C O O S S S S S S S S S S S S S O O C O 0 0 0 0 0 0 0 0 0 O O O O O O O C O O O O O O O O C O O C O O O O O 0 0 O 0 0 0 0 0 0 0 0 0 O O O O O C O 0 0 0 0 O O O O O C O 0 0 0 0 0 0 O C C O 0 0 0 0 0 0 0 0 0 O 0 0 0 0 0 0 0 0 0 0 O O C O O C O 0 0 0 0 0 0 y v. ~xf a c v, w ;e ~ m c ~ ~ 6' ° o 'w' o ~ ~ c `m" n rn !A ~ a F y ~ o a E ~ ao N T O~ 0 0 0 W ~O N N A O C O ~ OQ O O O Uri O O S O O S S S V N W to C C O O O O O O O S S O O S S O O F+ a N A A W G O O J O O J O a O C O O O O O C ~O O O O O O C C O L tI~ ~ O N O r O .J N H ~ O O O ~l C J O O lw ~ O O O C O O O S L T r W W O O O O O O O O O S O O O O C O O A O J J r O O O O O C O O t~i~ S S S O O O O O Goveming.com/Innovative Mayors: entrepreneurship Page 1 of 4 News The Magazine Web Features Events Books Classified Ads Advertise i • • ' ~ r.nnsec iF N~~n AMERICA'S INNOVATIVE MAYORS Hope to Be the Next Silicon Valley? What Every Mayor Should Know By ED GLAESER and ROBERT LITAN Posted March 10, 2008 O ver the past 30 years, the gap between successful and unsuccessful cities has been growing, which suggests that economics, like politics, is increasingly local. The rising importance of local economies, and their importance to voters, should make economic growth and competitiveness ahigh priority for mayors. Yet even as the United States and world economies have changed dramatically over the past 25 years, mayors' strategies for bringing economic growth and jobs to their communities have remained largely unchanged. Too many local leaders still rely on "firm-chasin once called w 9" "smokestack-chasing"), in which ' established companies are lured R.' away from other cities with targeted tax incentives and subsidies. While this strategy can generate some short-term benefits, such as new jobs, it is a long-term loser: firm-chasing fails Ed Glaeser Robert Litan to lay a foundation for sustained Transforming cities into competitive hubs for growth. It is also difficult to economic growth is a top priority for our nation's ensure that once a firm or a plant mayors. Yet, the traditional "firm chasing" and is "bought," it will stay put. As incentivizing efforts frequently fall short. This week, I welcome guest authors Ed Glaeser of the ~ ~ many mayors know too well, Harvard Kennedy School of Government and firms and plants.can and do Robert Litan of the Kauffman Foundation to leave for other locations. address this issue. Their recent report, Enfrepreneurship and Urban Success: Toward a Meanwhile, from a broader Policy Consensus (available at perspective, firm-chasing is a www.kauffman.orglpolicy), argues that city httu://www.eovernine.com/artir•.1PC/mavnrs_vl htm ~n i i~nna Governing.com/Innovative Mayors: entrepreneurship Page 2 of 4 zero-sum game -when one city leaders must make their civic climates more wins, another loses- and thus hospdable tc entrepreneural mnovaho f( contributes nothing to national ~ rS P ° competitiveness. ~ ~ 1 ~ aam`a~. p ~ p- I`urge you to attend what promises to be`atbought-provoking conversation. Abetterstrategyforsustained (~d9lsteationforthiseventis~equirsdap~difs.~ economic growth in cities, b~ee`ofchar~~'}r -Stephen Goldsmith regions, and for the nation as a whole is to create an economic climate conducive to entrepreneurship. Entrepreneurship is the growth engine of the modern economy -the foundation for innovative work that not only generates profits and creates jobs, but also plants the seeds for future business development and job creation. Rather than simply maximizing current economic output, entrepreneurship and innovation enhance economic growth 6y introducing new products and services to the market or making existing ones more efficient. About These Articles Entrepreneurial growth often occurs in clusters, with similar firms locating This is the fourth in a series near one another and participating in a of periodic articles on American mayors who are virtuous cycle. Successful firms attract setting the standard for suppliers and service providers innovative governance. (lawyers, accountants, financiers and Stephen Goldsmith, the financial institutions) and, in tum, spin primary series author and a former mayor of off other successful startups. Indianapolis, is Daniel Paul Professor of Government and director of the Innovations We have witnessed this henomenon in American Government Program at the p Harvard Kennedy School. A recipient of a in every region of the country. Silicon Governing Public Official of the Year Award Valley in California remains the in 1995, Goldsmith also moderates ultimate exam le of an antra Management Insights, a weekly column p preneurial published on Goveming.com. He is the high-tech cluster, but there are similar coauthor, with William D. Eggers, of hotbeds of innovation in Austin, Texas; Governing by Network. northern Virginia; Boise, Idaho; and Series introduction the Route 128 Corridor of greater Boston. Each of these regions became an economic cluster, a focal point of America's high-tech surge, in the 1990s. These areas combine advanced technology, strong growth, job creation and a high quality of life. It's no wonder mayors throughout America have asked the same question: How do we become the next Silicon Valley? While no single formula exists for attracting and cultivating entrepreneurs, the best available research has found that mayors should focus on a few key basic strategies: streamlining regulations, keeping taxes low and improving transportation efficiency. At the same time, they should let go of fashionable but ineffective policies, including targeted tax credits and state- and local-level investments in research and development. In short, entrepreneurial growth depends on creating an overall economic climate that encourages business formation - a culture that rewards people for leaving behind the stability of large corporations to pursue the uncertain gains of a self-made future. http://www.~overnine.com/articles/mavnrs-vl htm , , Governing.com/Innovative Mayors: entrepreneurship Page 3 of 4 But that is not all. Smart, entrepreneurial people care about the quality of life for themselves and their families, as well as the general business environment. Unfortunately, for mayors, improving the quality of life means more than just trying to have a hip downtown. The typical entrepreneur is more likely to be a martied 40-year- old than a 27-year-old bohemian. This means that mayors need to make their cities friendly to well-educated families who want a strong school system and safe streets. Potential entrepreneurs also don't want to waste time in endless commutes. Local leaders need to consider novel ways to improve transportation efficiency. Congestion pricing is an attractive idea for reducing traffic congestion in dense, highly populated areas. In more sparsely populated areas, greater use of highway tolls -with higher charges in peak hours - is a promising alternative. Such policies can be a "twofer" - improving both the business climate and residents' quality of life. Removing state and local regulatory hurdles is one of the most effective ways to make a region more attractiveto entrepreneurs. Most entrepreneurial fans start small, with few resources for regulatory compliance. In contrast, large businesses, with more staffing and other resources, have an easier time coping with regulatory burdens. As a result, unnecessarily burdensome regulations act as a de facto advantage for larger businesses over smaller challengers. This can dampen economic dynamism by reducing competition. Of course, every jurisdiction needs some level of regulation to guarantee safety, health and other standards. But all regulations should pass two straightforward tests: They should deliver more benefits than costs and should be the least restrictive of the available options. Exempting smaller businesses from certain regulations could also serve as an incentive for entrepreneurs. But perhaps even more important for entrepreneurs is receiving prompt decisions from government officials on matters of crucial importance to their businesses. Cities can meet entrepreneurs' needs for speed by streamlining their approval processes for building permits and other licenses and conceivably by vesting decision-making over such matters in a single agency. Local institutions, such as universities wanting to expand their research facilities, also could benefit greatly from such measures. Taxes are another area of interest tc entrepreneurs. The relationship between business tax rates and individual tax rates factors into the decision to launch one's own firm. To encourage potential entrepreneurs to become business owners, local jurisdictions should aim to keep business tax rates as low as possible relative to income tax rates. Four of the five metropolitan areas with the nation's highest rates of self-employment (one proxy for entrepreneurship) are in Florida, which has a relatively low business tax rate. Implementing the right local policies tc spur entrepreneurial growth is especially crucial now because the competition for entrepreneurs is more open and stiffer than ever before. In today's global economy, entrepreneurs can locate virtually anywhere. It's hard tc predict where the next Silicon Vafley will be, but mayors who focus on low business tax rates, streamlined approvals and regulations, and providing a high quality of life far local residents stand the best chance of generating the economic growth that their http://www.Qovernin>;.com/articles/mayors-¢l.htm z n , i~nr,o Governing.com/Innovative Mayors: entrepreneurship Page 4 of 4 constituents demand. Ed G/aeser is a professor of economics at the Harvard Kennedy School of Government and Robert Litan is vice president of Research and Policy at the Kauffman Foundation. Glaeser and Litan, Together with other economists, have authored the report, Entrepreneurship and Urban Success: Toward a Policy Consensus, which provides a roadmap for how regional economies can grow by forming and growing new firms. !t is available at www.kauffman.org/policy. Series introduction: Lessons from Our Best City leaders Next: Boston's Thomas M. Menino F, : , ~ ~ z r ~r-.. z , ua . Home About Us Contact Us Privacy Policy Site Map Advertise Subscription Services hall://www.t?nvernino_rnm/articles/mavnrc_al htm zn t i~nno Page 1 of 2 Olson, David From: MN Department of Employment & Economic Development [StateOfM innesota@ngwmail.des.state.mn.us] Sent: Monday, March 17, 2008 12:48 PM To: Olson, David Subject: 3.17.08 Minnesota Exports If ou cannot read this mesa e, please click here # l r 1 Oamrr~rticatons Office • Web site: www.deed.sfafe.rn r~:us Phone: 651-297-1192 or 1-800-657-3858 • Fax: 651-215-3849 For Immediate Release Kirsten Morell, 651-259-7161 March 17, 2008 Kirsten.Morell(a~state.mn.us State manufactured exports hit record $4.3 billion in fourth quarter Minnesota exports grew at 6.5 percent pace in 2007, led by strong second half St. Paul Minnesota 's manufactured exports reached a record $4.3 billion in the fourth quarter of 2007 - 14.5 percent ahead of the same period a year earlier, according to data released today by the state Department of Employment and Economic Development (DEED). The state outpaced the U.S. export mazket, which expanded 12.1 percent in the quarter. Minnesota 's export growth was strong in the second half of 2007 and finished at an overall pace of 6.5 percent for the full yeaz. U.S. export growth averaged 10.4 percent in 2007. "Even with the slowdown in the nation's economy and the falling U.S. dollar, exports are a source of strength," said Dan McElroy ,DEED commissioner. "During the record-breaking fourth quarter, Minnesota exporters saw gains across a range of industry sectors to countries in different regions of the world." Transportation equipment, computers and electronics, and food products led the surge in the state's export growth in the final three months of 2007, with each sector jumping by more than $100 million. The biggest increase in demand for Minnesota products came from Canada, the Philippines and Mexico . Canada was Minnesota 's largest trade partner in the fourth quarter, buying $ L2 billion worth of the state's manufactured exports, nearly 33 percent more than in the fourth quarter of 2006. 03/17/2008 Page 2 of 2 China ($298 million), Ireland ($247 million), Japan ($191 million) and Germany ($190 million) rounded out the state's top five export customers during the period. Three South American countries posted strong growth, with state exports to Chile increasing 134 percent to $35 million; Argentina, 71 percent to $29 million; and Brazil , 37 percent to $67 million. "The strong fourth quarter results show the investments Minnesota businesses aze making in the global economy and the opportunifies that are available," said Tony Lorusso, Minnesota Trade Office executive director. Among other highlights of the quarter: . Computers and electronics were Minnesota 's largest export, accounting for $1.1 billion in fourth quarter sales. That was the first time exports in that category have exceeded $1 billion since the second quarter of 2006. . The state's other strong export categories were machinery ($653 million), transportation ($601 million), miscellaneous, including medical ($489 million), and food ($365 million). . In the transportation category, Minnesota businesses sold mostly trucks, as well as tractors, mass transportation vehicles and snowmobiles to Canada .Aircraft-related sales grew strongly to the United Kingdom and Brazil, but they were offset by comparable declines to Israel and France . A more detailed report about fourth-quarter manufactured exports is online at www. exportminnesota. com/itrade_ statshtm 30 This message was sent to Jolson@ci.lakeville.mn.us by: MN Department of Emolovment $c Economic Development (monte.hansonCalstate.mn,..us) 332 Minnesota Street Suite E200 St. Paul, MN 55101-1351 • 800-657-3858 Subscribe • Unsubscribe 03/17/2008 Page 1 of 3 Olson, David From: MN Department of Employment & Economic Development [StateOfM in nesota@ngwmail.des.state.m n.us] Sent: Thursday, March 20, 2008 11:07 AM To: Olson, David Subject: 3.20.08 February Employment If ou cannot read this mesa e, please click here ~ ~ s Oomrnunicatlorts Office • Web site: vwmnrr.tleed.state.mn.us Phone:851-297-9192 or 9-800.857-3858 • Fax 851-215-3841 For Immediate Release Kirsten Morell, 651-259-7161 March 20, 2008 Kirsten.Morell@state.mn.us Minnesota employers drop 4,100 jobs in February State unemployment rate of 4.6 percent remains below national rate ST. PAUL Minnesota employers dropped 4,100 jobs in February, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED). The state's unemployment rate was 4.6 percent, two-tenths under the U.S. rate of 4.8 percent. The state has added 12,500 jobs over the year, marking a 0.5 percent gain. The U.S. job growth rate for the same period is 0.6 percent. " Minnesota continues to feel the effects of a sluggish national economy, related to the downturn in housing and tight credit markets," said DEED Commissioner Dan McElroy . "However, there are bright spots in our economy, including businesses in a number of industries that continue to seek talented workers and make investments for the future." Employers added jobs in four major industrial sectors during the month. The gains occurred in Other Services (1,000 jobs), Education and Health Services (800 jobs), Financial Activities (600 jobs) and Manufacturing (200 jobs). Job losses occurred in Trade, Transportation and Utilities (2,700 jobs) and in Construction (2,000 jobs). Professional and Business Services and Government also lost jobs. Over the year, the state's strongest-performing sector was Education and Health Services, 03/20/2008 Page 2 of 3 which added 13,300 jobs and grew 3.2 percent, ahead of the national rate. Minnesota also outpaced the nation in Manufacturing, Information and Financial Activities. Earlier this week, DEED released the Minnesota Job Vacancy Survey, which pointed to job openings across a broad range of occupational groups, including computer and mathematical, transportation, health-care practitioners, production and others. According to the survey, the state had more than 50,000 job vacancies in the fourth quarter of 2007. Over the year, the Twin Cities metropolitan statistical area grew at the same 0.5 percent rate as the state as a whole. The Duluth, Rochester and St. Cloud areas continue to outpace the state in over-the-year job growth. These data are not seasonally adjusted. For addifional information on the February employment information, please visit www.positivelyminnesota. com Seasonall adjusted Notseasonall adjusted Unemployment February January Rate 2008 2008 Minnesota 4.6% 4.5% U.S. 4.8% 4.9% Employment February January Feb.'07-Feb. '08 Feb. '07-Feb. `OS 2008 2008 Level Chan a Percent Chan e Minnesota 2,779,800 2,783,900 12 500 0.5% U.S. 137 993 000 138 056 000 810,000 0.6% Over The Year Em to ment Growth b Indust Sector SA OTY Job OTY Growth US OTY Chan a Rate % Growth Rate Total Non- 12,500 0.5 0.6 Farm Em to went Natural Resource & Minin -80 -1.4 4.6 Construction -6,420 -6.2 -3.3 Manufacturin -2,160 -0.6 -2.2 Trade, Trans & Utilities 1,670 0.3 0.3 Information 550 0.9 -0.7 Financial Activities 460 0.3 -1.4 Prof & Business Services -90 0.0 1.3 Ed & Health Services 13,320 3.2 2.9 Leisure & Hos itali 2,360 1.0 2.5 Other Services -1,330 -1.2 0.8 Government 4,220 1.0 1.1 Minnesota and Re Tonal Current Em to ment Statistics Trends Februa 2008 Over the Year Over the Year Percent Employment Change Numeric Employment Change of Seasonall Ad usted of Seasonall Ad'usted Minneapolis- St. Paul MN- 03/20/2008 Page 3 of 3 WI MSA 0.5% 9,700 Duluth-Superior MN -WI MSA 0.9% 1 150 Rochester MSA 1.8% 1,870 St. Cloud MSA 1.4% 1 430 This message was sent to Jolson@ci.iakeville.mn,us by: MN Department of Employment & Economic Development (monte.hanson Ccnstate.mn.us) 332 Minnesota Street Suite E200 St. Paul, MN 55101-1351 • 800-657-3858 Subscribe • Unsubscribe 03/20/2008 ~E GORR1pGR J~~ TAN U - ~ ~ • ~ • . MARCH 2 O O 8 PLANS FOR IMPLEMENTING BRT ON CEDAR AVENUE ADOPTED PROTECT CONTACT INFORMATION In January 2008, the Dakota County Three transit and highway improvement r'"'°°~' 'r Regional Railroad Authority (DCRRA) alternatives were presented tc the Cedar Avenge Fro;ec: Ma~a~c• oakola county adopted a plan to implement a series of community for comment. After reviewing 14955 Galawe Avenue improvements, including Bus Rapid transit and highway improvement alterna- Apple Valley, MN 55124 Transit (BRT), on Cedar Avenue from tives, gathering public comment and 952-891-7104 bcnstne.elwoodia~cadako:a.mn.us 138th Street in Apple Valley to County assessing community needs, the following Highway 70 in Lakeville. transitway improvements were adopted; BRT was previously determined by the •Shoulder-running BRT; DCRRA to be the best transit option for • Several transit stops; Cedar Avenue. The recent challenge • Access and signal changes; and "Dakota County and its project partners have worked hard to was determining the best way to improve • A third lane between 153rd develop a plan that addresses the highway to accommodate BRT and and 160th streets. the projected traffic growth improve traffic operations while meeting and best meets the needs of the community. While there is the needs of the residents, businesses, no perfect solution, the planned and transit riders. improvemerds represent a balanced and reasonable approach." _ . - ~q:. , -Will Branning Y` ` ~w' _ Dakota County Commissioner, y~ - ~ _ ~ t _ ~ ~ District 7 x~~. Chair, Dakota County _ w " ~ - Reg oral Rail A~,~octy ~ , ~ _ + a 4: , ~ .4 a" ~ ~ - F > ~ ~ ~ ~ 1~ ABOVE IS AN El(AIMPLE OF ONE TYPE OF VEHICLE USED IN A BUS PJIPID TF.ANSR SYSTEM - GO~R'C~R ~r1V " r PJ Q l~ ~`y_ U J PUBLIC COMMENT HELPED SHAPE PLANS FOR TRANSITWAY IMPROVEMENTS Extensive comment from the public was The planned Cedar Avenue transitway sought during the analysis of the Cedar improvements call for a phased implementa- Avenue alternatives. Comments heard at tion plan with highway improvements in 2009 meetings with business representatives, the and BRT operations beginning in 2010. Local Advisory Group. the Cedar Group, the The phased implementation approach for Technical Advisory Committee, and three highway and transit improvements incorpo- open houses, as well as through email and rates many of the suggestions offered by the phone calls, helped shape the plans for the public, including additional park-and-ride Cedar Avenue transitway improvements. facilities and several BRT stops. The plan also: What We Heard Provides consistency with local and • Something needs to be done to address regional plans. congestion on Cedar Avenue. Doing nothing • Offers a phased, flexible approach to is rot in the best interest of the community. minimize impacts on the community. • Maintaining access to businesses is • Addresses the most vital safety and very important. operational issues affecting the corridor. • Transit and park-and-ride facilities are Implements changes to access and essential to the success of the project. intersections as the need arises and • Maintaining the vitality of tf~e community funding becomes available. should be a top priority. The public is encouraged to continue to , provide input through the project website or by contacting the project manager. TRANSITWAY IMPROVEMENTS TIMELINE 2008 - 2009 - 201 O Environmental assessment, geometric Implementation of highway improvements layout, and final design for the highway continues, and transit improvements, BRT service opens for users. Public hearing on transitway improvements. Work begins on transit stops, access changes, and the addition of a third lane. 138th Upper 139th CEDAR AVENUE CORRIDOR laoth Q ~ ~ 140th Street TRANSITWAY IMPROVEMENTS (2008-2010) 142nd 143rd Reduced Access Intersection O t~5:r Cross-street traffic cannot P Park-and-Ride cross or take a left turn onto 147th O Cedar Avenue O BRT Stop taecr • Right-In/Right-Out Only ~ ~ CH 42 ~ ~ ~I Intersection ~ Future Park-and-Ride Future BRT Sto 153rd Intersection Closed ' p 155th ©O Ceder Avenue- Minor Intersection Improvements Extend third lane Turn lanes added to intersections from 153rd Street t'7tn to 160th Street. 160th/CH4B ~ ~ t 6t st I 1Ei2 ra St y'4. ' 4~.. ~ ! Griffon Tr Joper t 64;r . - 167th st w ~~~,~T _~pixr ts7m ~z.. 6 ~ • - ~ ~ North •cm .w ~ r ~ t 6 ~ p. r, ~ ~ ~ ~ r Dodd Blvd `'I~_ 1 r ~~-s,- t OVER 155 PEOPLE ATTENDED THE NOVEMBER 2007 OPEN HDUSE MEETING 185th- © O Exact location to be determined t 9om 2011. _,.___==--=-~.~.~WW~:.=_.. 195th Monitoring of congestion and safety issues continues. Need far improvements is assessed. Access and intersection changes made as needed. 2oow 202 nd Transit stops added. 205tr GemirU Treil I 210t~ Shakespeare Blvtl I Lakevile BHc Tr; =A 21 Sth/CH70 ~ O CORR~O,~ /7 I J fir, Q~ w - U , A GROWING CORRIDOR ~ Forecasts indicate that traffic volumes at County Highway 42 and Cedar Avenue will almost double from the current level of VISIT OUR 70,000 vehicles per day to 130,000 vehicles per day by WEBSITE 2030. Additionally, twice as many transit riders are expected Consult the webs!te in 2025 as in 2003. for project information. www.dakotacountyusl WHAT IS BRT? environmentroadsltransit/ publictransportation/ gus rapid trans t (BRA combines the flexibility of buses with cedarave.htm the frequency, speed, and reliability of light rail transit. Buses operate on existing highways with traffic signal priority and have the advantage of bus-only lanes and enhanced stations to achieve a service similar to light rail transit. Dakota County Physical Development Division 14955 Galaxie Avenue Apple Valley, MN 55124 PROJECT WEBSITE: www.dakotacounty. us/ environmentroads/transit/ pubiict~an sportation/ cedarave.htm SOUTHERN TWIN CITIES ASSOCIATION OF REALTORS• 1 Lakeville Housing Market Update March 2008 *Note: Please inform us if any new council members or stah`shou/d be added to our dlstrlbution list. Thank you. Greetings, You are receiving 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. The substantial corrective price declines first seen in January were further fleshed out in February, as the median sales price for the month of $195,060 is a decrease of 12.5 percent from the same month last year. With builders, banks and traditional home sellers facing a challenging environment, they have priced their product to move. It feels like the pendulum is finally starting to make the big swing. The price corrections we need are working alongside great inventory selection. And the recent FHA loan limit increase is going to have a dramatic and positive effect on buyers searching for secure financing. Year to date, Lakeville has an average sales price in of$282,817, behind last year by 1.0 percent. The Twin Cities region as a whole has seen a decline of 9.7 percent in price for the same time period comparison. So far in 2008, there have been 38 closed home sales in Lakeville, ahead of last year by 5.0 percent. For the entire Twin Cities region there have been 3,978 closed sales, compared to 2,502 last year. At the end of February, Lakeville had 349 single-family detached units available on the market, with 130 townhouse or condominium units on the market as well. Twin Cities inventory levels remain at record highs, with 29,842 units on the market at month end for the entire region, up 11.3 percent from this time last year. We don't want to sugarcoat the news of declining prices, yet we have to keep perspective as to what these prices mean and recognize that they represent the kind of correction that we need. 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, p/ease respond to ibrown~7astcar.com and place the word 'REMOI/E"in the subject line. [more) The 14a. Market Updates for,oo Twin Cities Communitws ~ SOUTHERN TWIN CITIES A free research tod from the Soutftern Twin Cities Auociation of REALTORS© ~ ASSnC:IATIr;~N QF REALTORS• Brought to you by the unpue tlata-sharing tratli[ions of the REALTOR~,a; community Lakeville February Year to Date Dakota County, MN 2007 2008 Change 2007 2008 Change New Listings i 169 151 - 10.7% 358 308 - 14.0% Closed Sales 37 38 + 2.7% 80 84 + 5.0% Average Sales Price $269,996 5299,395 + 10.9% $285,614 $282,817 - 1.0% Percent of Original List Price Received at Sale• 95.8% 93.4% - 2.5% 95.0% 91.9°k - 3.3% Average Days on Market Until Sale•• 145 111 - 23.4% 168 148 - 11.9% Single-Family Detached Inventory 348 349 + 0.3% - - - Townhouse-Condo Inventory I 156 130 - 16.7% - - 'Does not account for list prices from any prevbus Iisfinq conUdlYS ''City market bme fgures were first avadade in August 2006, accounts for prevklus hsbng tontraQs '••Clry imrentory fgures were first [racked m December 2006 Activity-Most Recent Month Activity-Year to Date 169 151 358 ? New Listings ?New Listings pClosed Sales 306 ? Closed Sales 37 38 g0 84 2007 2008 2007 2008 Average Sales Price Ratio of Sales Price to Original List Price (299,395 (285.614 (282.817 95.8% 93.4 % 95.0% 5269.996 ? 2007 O 2007 91.9% ? 2008 ~ 2008 February Year to Date February Year to Date Average Days on Market Until Sale Inventory of Homes for Sale 168 348 319 145 148 ? 20D7 O 2007 - - D 2008 t t t ? 20D8 156 130 February 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 1000 is a trademark of the Minneapolis Area Association of REALTORS The Southern Twin Cities Association of REALTORS uses it under license. The lQ~. Mnrktt Update fo. too Twin Cities Communities ~ SOUTHERN TWIN CITIES A free research rod from the Southern Twin Cities Association of RFALTORSp ASSOC:IATIO N OF REALTORS" Brought [o you by the unique data-shanng [raditbns of the REALTOR ;community Twin Cities Region February Year to Date 13-County Region 2007 2008 Change 2007 2008 Change New Listings j 8,307 8,252 - 0.7% 17.238 16,574 - 3 9% Closed Sales ' 2,325 2,009 - 13.6% i 4,827 3,978 - 17.6% Average Sales Price ~ $266,646 $238,043 - 10.7% $272,069 5245,570 - 9.7% Percent of Original List Price Received at Sale" ~ 95.0% 91.1 % - 4.1 % 94.7% 91.0% - 3.9% Average Days on Market Until Sale## 147 165 + 12.2% 147 165 + 12.2% Single-Family Detached Inventory 18,014 20,777 + 15.3% - Townhouse-Condo Inventory 8,803 9,065 + 3.0% "Does not account for lirt prkes from any previous Ilrting contracts "'City market time figures were first available in August 2006, accounts for previous listrng contracts '""Gty inventory figures were first tracked rn December 2006 Activity-Most Recent Month Activity-Year to Date 8,307 8,252 t7,23s ~NewListin s 9 16,574 O New Listings D Closed Sales OClosed Sales 2,325 2,009 4.827 3,978 2007 2008 2007 2008 Average Sales Price Ratio of ~Jes Price to Original List Price $266,646 $272,069 9 ' ~ 91.1 % 94.7% 91.0 5238,043 Sa45.57u ? 2007 O 2007 ? 2008 _ 0 2008 February Year to Date February Year to Date Average Days on Market Until Sale Inventory of Homes for Sale 165 165 147 ,47 ~o a2oo7 ?2oG7 ,B.o,4 o2oos ? 20G8 8,803 9,065 February 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 100© is a trademark of the Minneapolis Area Association of REALTORS®. The Southern Twin Cities Association of REALTORS© uses it under license.