HomeMy WebLinkAbout09-25-07 City of Lakeville
Economic Development Commission
Regular Meeting
Agenda
Tuesday, September 25, 2007, 5:00 p.m.
City Hall, 20195 Holyoke Avenue
Lakeville, MN
1. Call meeting to order.
2. Approve August 28, 2007 meeting minutes
3. Review and discussion of preliminary strategic work areas and goals for
the 2008-2010 Strategic Plan for Economic Development
4. Update on Strategic Plan 2007 Work Program
5. Director's Report
6. Adjourn
Attachments:
August Building Permit Report
Dakota-Scott Workforce Investment Board News and Notes, August 2008
Housing slump deepens in August, Minnesota Real Estate Journal, September
14, 2007
,dem No~
City of Lakeville
Economic Development Commission
Meeting Minutes
August 28, 2007
Marion Conference Room, City Hall
Members Present: Comms. Matasosky, Emond, Schw~ert;:; Gehrke, Vlasak,
Pogatchnik, Brantly, Ex-officio member Chamber of Commerce Executive Director Todd
Bornhauser, Ex-officio member Mayor Holly Dahl, Ex-officro'i•nember City Administrator
Steve Mielke.
Members Absent: Comms. Tushie, Smith, Erickson. '
Others. Present: David Olson, Community &'Economic~?flevelopment Director; Adam
Kienberger, Economic Development Specialist; Todd Rapp';
"t~mle Horner Jric.
1. Call Meeting to Order.
Chair Matasosky called the meeting to artier at 4:00 p rn ~'ihe Marion Conference
Room of City Hall, 20195 Holyoke Avenue;'ha~keville, Minnesota.
2. Approve June 26, 20t)7 Meeting Minutes "'f
Motion 07 09 ~ amms ""Pogatchnik/Sch~bert moved to approve the minutes of the
,
Jude 24, '2007 meetirr~~` as presented. Motion carried
unantmousty'''
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3. 2008-2010 Strategic Plan fcu Economic Development Work Session
Todd. FZ,app of Himle Horner facilitated the work session to help the EDC develop the
2008-2010 Strategic Plan for Economic Development.
Mr. Rapp a~Xr~~1he EDC reviewed the 2005-2007 Strategic Plan and marked the
progress of each."item'firom the previous plan. The group reviewed challenges and
discussed what 5~rategies could be adopted to facilitate completion of some of the
outstanding goals.
Mr. Rapp next had the EDC brainstorm ideas for what they would like to see happen
in Lakeville in the next three years. The EDC went around the table and individually
stated a series of ideas and goals.
Economic Development Commission
Meeting Minutes
August 28, 2007
Following the initial brainstorming session, the group then reviewed the current
Vision, Mission, and role of the EDC and staff. They made a few minor changes to
the Vision and Mission and discussed Lakeville's strengths and challenges when
promoting economic development.
The group next proceeded to outline seven Strategic Work Areas and seventeen
critical issues for the 2008-2010 Strategic Plan:
Transportation ~
1. Complete the County Road 70 Intercha~e
2. Facilitate the development of a transit. plan fur Lakeville East/V11est
Corridor
3. Promote continued planning and construction of~he East/UNest
Corridors
4. Provide assistance to the City,:. Counc~,; on the efforts' to secure
additional highway funding Urban:: k?artnership Agreement (UPA)
~.:;..f,
Grant/1-35 transit development
5. Coordinate with MAG°°c~n the Long Ran~fPlan for Airlake Airport
6. Utilize the Urban P~rtr~ership Agreemen~;~ UPA) Grant for I-35 and
Cedar Avenue transit facility ~Jevelopment
rr.
Affordable Housing
1. Assist in tkt~~reation of an affordable` housing approach that reflects
r:.
the;eeds offal businesses
2 Assist the City, an achieving reasonable and realistic affordable housing
goals
* ~ s.
Tecdl~ogy { : f
f~ 1 AdtYocate for'~Lakevlle to become a leader in telecommunications
serviced'
f;.
Growkh Managemer~
1:: Balanced,g;'owth
2. ~s~tinu~rto provide the information future businesses and developers
rieedrin order to decide to locate in Lakeville
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3. Proix+de input on the Comprehensive Land Use Plan
Communication
1. Create a single, effective messagelplatform about economic
development
2. Create a marketing plan
2
Ewnomic Development Commission
Meeting Minutes
August 28, 2007
Partnerships
1. Develop and enhance partnerships, whenever possible, to achieve
EDC goals
2. Explore opportunities to build relationships
Fiscal Management
1. Continue to encourage sound fiscal management by the City of
Lakeville
Upon concluding the outline of goals for the 2008-2Q.1tj Strategic Plan, Mr. Rapp had
the EDC assign timeframes to each of the goals to `correspond with the three years
the plan covers. '
frr
Mr. Olson concluded the planning session by outlining the next steps associated
with the process. The EDC will refine the g~ials and outcomes at the 'September
EDC meeting, have a joint work session with the?~ty Council in October, and submit
the document for final approval in November.
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4. Director's Report " ~
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4 kk. '
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Mr. Olson reviewed the Director's Report
1:~.
5. Adjourn.
k
The meeting was e~journed at 8:20 p m `41,~.
Respectfully su?bnai~{ed by^'~~ r, Attested to:
rn'x;., s
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Adam Kierrtger, R. T. Brantly, Secretary
Economic Development Specialist
3
:Rem Noa
City of Lakeville
' ~ Community and Economic Development
Memorandum
To: Economic Development Commission
From: Adam Kienberger, Economic Development Specialist
Copy: David L. Olson, Community and Economic Development Director
Steve Mielke, City Administrator
Date: September 21, 2007
Subject: 2008-2010 Strategic Plan for Economic Development
Attached are the notes from the August 23rd Work Session on the 2008-2010
Strategic Plan that was facilitated by Todd Rapp of Himle Horner. Included in this
information are the proposed Vision, Mission, Organizational Definition and
the Strategic Work Areas and Goals that were identified during the work
session. The intent was to have further discussion of these items and make any
necessary changes and/or refinements at the September 25th meeting and for the
EDC to approve this portion of the Strategic Plan at this meeting.
The next step in the process would be to come up with desired outcomes from the
approved Strategic Work Areas and Goals. This will require additional discussion by
the EDC and staff to determine desired outcomes based on the agreed upon goals
that were identified within the seven Strategic Work Areas.
A Joint Work Session with the City Council to discuss the portions of the Strategic
Plan that have been completed to date has been scheduled for Monday October 22nd
at 5:30 p.m. at City Hall. After the Joint Work Session, the EDC will adjourn to
another meeting room and conduct the rest of its monthly meeting.
2008-2010 Strategic Plan Vision
Lakeville is a unique and attractive community where people and families want to
live, learn, work and enjoy for their entire lives and where businesses choose to
locate due to an attractive business climate.
2008-2010 Strategic Plan Mission
The Economic Development Commission is committed to identifying and
supporting opportunities for innovative economic growth, which enhance the
quality of life and provide balance to the business and residential community.
2008-2010 Strategic Plan Organizational Definition
The EDC is an advisory group of business people that promotes and responds to
community and economic growth by:
• Serving as policy advisors to Council and staff about community and
economic development issues
• Anticipating internal and external changes in opportunities, challenges
and trends that may affect development
• Communicating with the Council, residents and stakeholders while
listening and reacting to the opinions of interested parties
• Building relationships and facilitating cooperation among stakeholders
Promoting Lakeville as a good place to live, work and do business
2008-2010 Strategic Plan for Economic Development Goals
Seven Strategic Work Areas and seventeen goals were identified for the 2008-2010
Strategic Plan. The work areas and goals are listed below.
*bolded items indicate the years these items will be emphasized
Transportation
1. Complete the County Road 70 Interchange (Timing: Year 1, Year 2)
a. Protect businesses during construction
b. Keep focus on getting it done right
c. Post-interchange work
d. Land use and support current and future development
2. Facilitate the development of a transit plan for Lakeville (Year 1, Year 2, Year 3)
a. How do we make the right investment for Lakeville?
b. How do we keep others from moving ahead with the wrong plan?
c. We must engage this process because decisions will be made with or
without us
d. Can we benefit from reverse commuting?
e. Assist the political stakeholders
3. Promote continued planning and construction of the East/West Corridors (Year 1,
Year 2, Year 3)
a. Getting future improvements on schedule
b. Addressing the planning for the doughnut hole
4. Provide assistance to the City Council on the efforts to secure additional highway
funding (Year 1, Year 2, Year 3)
5. Coordinate with MAC on the Long Range Plan for Airlake Airport (Year 1, Year
2, Year 3)
a. MAC procedure to adopt long range plan
6. Ufilize the Urban Partnership Agreement (UPA) Grant for I-35 and Cedar Avenue
transit facility development (Year 1, Year 2, Year 3)
Affordable Housing
1. Assist in the creation of an affordable housing approach that reflects the needs of
local businesses (Year 2)
2. Assist the City in achieving reasonable and realistic affordable housing goals
(Year 1, Year 2, Year 3)
a. Meets market needs
b. Provides quality
c. Addresses need for single-family entry-level housing
Technology
1. Advocate for Lakeville to become a leader in telecommunicafions services (Year
1, Year2, Year 3)
a. Include redundancy
b. Create partnerships (school district, private)
c. This would be a point of distinction for Lakeville
d. Make Lakeville a place telecommunications providers want to and have
the ability to service
Growth Management
1. Maintain balanced growth (Year 1, Year 2, Year 3)
a. Monitor, react, and if needed advocate for specific growth strategies
b. Regional analysis of scenarios that may affect fiscal stability of City
2. Continue to provide the information future businesses and developers need in
order to decide to locate in Lakeville (Year 1, Year 2, Year 3)
3. Provide input on the Comprehensive Land Use Plan (Year 1, Year 3)
a. Land use planning
b. Implementation
Communicafion
1. Create a single, effective message/platform about economic development (Year 1,
Year 2)
a. Why choose Lakeville?
b. Challenges faced in Lakeville
2. Create a marketing plan that: (Year 2)
a. Reflects Lakeville brand
b. Identifies the right businesses to attract
c. Analyzes the resources needed to be successful
d. Compliments other local efforts to promote this community
Partnerships
1. Develop and enhance partnerships, whenever possible, to achieve EDC goals
(Year 1, Year 2, Year 3)
a. Technology initiatives must utilize partnerships to be successful
2. Explore opportunities to build relationships (Year 1, Year 1, Year 3)
a. EDC representation on watershed board
2
Fiscal Management
1. Continue to encourage sound fiscal management by the City of Lakeville
(Year 1, Year 2, Year 3)
a. Public/private partnerships
b. Balanced and growing tax base
c. Communicating values of economic development services
d. Explaining why money needs to be spent for economic development
3
gem N®d
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: September 21, 2007
Subject: Update on Strategic Plan 2007 Work Program
The EDC and City Council approved the following 2007 Work Program for the 2005-
2007 Strategic Plan:
1. Completion of an Economic Impact Study.
2. Completion of the Senior and Work Force Housing Needs Study.
3. Completion of the Business Telecommunications Technology Task
Force Study.
4. Preparation and implementation of the 2007 Action Plan for the
Downtown Development Guide.
5. Completion of a corporate campus/office park market analysis.
6. Completion of the 2008-2010 Strategic Plan for Economic
Development.
The following are updates on the status of each of these work program items:
1. The Council approved retaining Springsted Inc. to complete this study at their
May 7th City Council meeting. City staff has met with and had several
conversations with representatives. of Springsted regarding the proposed
economic impact model and what type of analysis we would expect the model to
complete. Staff is currently reviewing a draft economic /fiscal impact model
spreadsheet that has been developed by Springsted and attempting to work with
Springsted to refine the model spreadsheet to make it a more user friendly tool.
2. The City Council authorized the submittal of a CDBG program amendment
request to fund the preparation of a senior and work force housing needs study
on April 16~', and the Dakota County CDA approved the amendment on June
12"'. City staff has met with Maxfield Research staff and provided them with 6-8
local employers to contact to obtain information on the ability of new employees
of these businesses to find affordable housing. Maxfield indicates that the City
will have a draft copy of the study to review shortly.
3. The Business Telecommunications Technology Task Force has been meeting on a
monthly basis since early February. At the September 18~' meeting, the Task
Force reviewed a draft copy of the preliminary findings of the Task Force. The
October meeting of the Task Force will be used to develop recommended actions
regarding improving business telecommunications that will be forwarded to the
City Council for consideration. Steve Gehrke is the EDC's representative on the
Task Force.
4. Staff made a presentation on the recommended Action Plan for the Downtown at
the June il"' City Council Work Session. The City Council authorized staff to
further refine the priority of these Work Program items and to also identify the
budget implications of the various items as well as possible funding sources and
bring this information back for further review. Staff is currently attempting to
identify these funding sources and is focusing on the action plan items that
involve the establishment of public parking in the Ben Franklin block and the
development of new public parking lot and plaza east of Holyoke at 208' Street.
5. Staff is working on coordinating aluncheon/panel discussion involving office park
developers to be hosted by the City that will be held in October or early
November. The details for this event are still being coordinated and more
information will be forwarded to the EDC when they become available.
6. Finally as the previous agenda item indicates, work is progressing on schedule
for the development of the 2008-2010 Strategic Plan for Economic Development.
'~~e~ o.
City of Lakeville
~ Community and Economic Development
Memorandum
To: Economic Development Commission ' J
From: David L Olson, Community and Economic Development Director
Copy: Steve Mielke, City Administrator
Adam Kienberger, Economic Development Specialist
Date: September 21, 2007
Subject: September Director's Report
The following is the Director's Report for September of 2007.
Manufacturers Week Events
The State of Minnesota has determined October 22"d - 26tH as Minnesota
Manufacturing Week. The City of Lakeville has scheduled its Manufacturers
Appreciation event for Wednesday, October 24tH. The event is being moved to the
new Holiday Inn and Suites this year and City Administrator Steve Mielke will be the
featured speaker. City staff is requesting volunteers from the EDC that would be
willing to make calls to a limited number of industrial park businesses to personally
extend an invitation to this City sponsored event. A couple representatives of the
EDC will also be asked to attend the October 15"' City Council meeting at which the
Council will be asked to adopt a proclamation declaring Manufacturing Week in the
City of Lakeville.
Building Permit Report
The City issued building permits through the end of August with a total valuation of
$117,115,728. This compares to a total of $109,914,404 during the same period in
2006. Included in this valuation were commercial and industrial permits with a total
valuation of $39,999,100. This compares to a total valuation of $9,923,500 during
the same period in 2006.
The City issued permits for 149 single family homes through August with a total
valuation of $39,397,000. This compares to 183 single family home permits during
the same period in 2006 with a total valuation of $54,580,955. The City issued
permits for 84 townhome and condo units through August which compares to 138
townhome and condo permits issued during the same period in 2006.
New Commercial Developments
A number of the commercial projects that have been under construction this past
summer are nearing completion. The opening of the. new Cub store in Heritage
Commons and the new Best Buy store in TimberCrest are both scheduled to open on
October 26th. Additional commercial projects that will be completed this fall include
the Hewitt Investment building in Downtown Lakeville, the Family Clinic -Lakeville
being developed near Lakeville South High School, and the New Market Bank and
Pratt Dental and the Porterhouse Steak and Seafood Restaurant.
Sootliaht on Business
Automated Assembly Inc. was the business spotlighted at the September Ott' City
Council meeting. EDC member Bob Brantly was the presenter at this meeting. A
copy of the memo on Automated Assembly that was provided to the City Council is
attached.
Attachments
September Building Permit Report
Spotlight on Business memo
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August 31, 2007 Item No.
Spotlight on Business
Automated Assembly Corporation
Overview
The Spotlight on Business Program is an outgrowth of the Economic Development Commission's
Economic Development Strategic Work Plan that includes efforts "to inform and educate residents
on benefits of commercial and industrial businesses in order to gain community support and
appreciation for business growth."
Automated Assembly Corporation will be featured at the September 4"', 2007 City Council meeting.
EDC Member, Bob Brantly will present the information on Automated Assembly and CEO Scott
Lindblad will be present to accept the award.
Automated Assembly Corporation, located at 20777 Kensington Boulevard, is a specialized
electronics manufacturing business that has been in Lakeville since 1992 and relocated to their new
space in the Fairfield Business Campus in January of 2007.
Automated Assembly assembles a variety of components onto flexible circuits. Automated
Assembly has been "the first" in a number of areas. They were the first corporation to do Reel-to-
Reel Flex Assembly, the first to solder on Polyester, PEN, Polyimide and Tyvac in Reel-to Reel
form. Automated Assembly has continued to lead by producing the first RFID tags, the first 3D
viewing glasses and the first wearable computer.
They have partnered with area businesses including Imperial Plastics and sell to many well known
businesses including 3M, Motorola, Ford, Honda, Transcorp and Technasport.
Because of the amount of customization available at Automated Assembly, they can service multiple
industries including the automotive, aviation, computer, electronics, RFID, medical and
telecommunications industries.
Having doubled in growth each year for the past three years, Automated Assembly currently
employs 25 area residents in Lakeville and is planning on expanding their facility due to additional
growth in their business.
In addition to employment,. Automated Assembly provides a tax benefit to the community. The
Dakota County Assessor has assigned an estimated market value of nearly $1.4 million to their
facility. Based on current tax capacity rates, this market value will result in an estimated contribution
of over $39,000 in local property taxes going to support the City, Dakota County, and Independent
School District 194 in 2007.
Adam Kienberger
Economic Development Specialist
Financial Impact: $ 0 Budgeted: Y/N Source:
Related Documents (CIP, ERP, etc.):
Notes:
Dakota-Scott
J
p;~fa_ge~~ Workforce Investment Board News and Notes
W'nrkFocce tnvn°M1nerd &oard At[~+USt 2~~7, VOI. J-3
(M%fw P(yN~. Yqk fm Wa
Providing comprehensive, professional; acrd timely services fnr johseekers and employers.
i~4elcome to the Dakota-Scon Workforce Invesnnent WIB Training Successes
Board :c (WIB) A'ews and Nores. Tl:is newslener's Bank Skills -Ten participants graduated from the second
purpose is to provide you with an update of workforce Bank Skills Training initiative. The Vaining consisted of
and economic development activities. banking techniques, 10-key operation, customer service
skills, and employability preparation. Participants had 15
Id'IB Updates hours of training each week plus nightly homework.
Next meeting -Sept 21 - Northern Service Center. Entrepreneurship - WomenVenture provided training to
Dakota and Scott County Dislocated Worker counselors in
July Unemplgymettt -Dakota 3.9%; Scott 3.8% entrepreneurship. The training consisted of learning how to
The July unemployment rate (unadjusted) was 4.3% for the identify clients who are interested in becoming self-
state and 4.9% nationally. employed and who have the skills to do so.
h_y[ ~//www.deedstate.mn.us/Imi/toolsllauc/GeosSelectasox Company Training -The WIB funded a project at St.
Gertmde's Health and Rehabilitation in Shakopee. Six
employees received literacy training to increase English
"Job Accomntodationsfoc language skills. The group also received workplace skill
Deaf and Hard-of-Hearing People" training in topics including: understanding job procedures
Diane Currie Richardson's presentation is available at and duties; interacting with residents and co-workers;
www.mnwfc.oreldakota'wib/news.htm. According to communicating with your supervisor; and safety training.
Richardson, the functional definition of deaf is "hearing is Computer Training -Scott County recently implemented a
so poor or garbled that the person relies mostly or new online computer training program. Training is
exclusively on visual communication (sign language, body available in computer basics and Microsoft Office software
language, writing notes, speech reading, etc.)" while the including Word, Excel, Access, PowerPoint, Outlook,
hard-of-hearing person "relies primarily on listening but Project, Windows XP, Vista, and Quick Books. Clients
uses visual cues (not usually sign language) to reinforce or mayaccess this training at the Shakopee WorkForee
double check meaning." Center and from off-site locations.
1Vew Site to Post and Look,for Jobs New to the Area?
The State has revamped the Minnesota Job Bank. Many of Dakota Future put together a web page of resources for
the enhancements will make it more useful for employers. those new to the area. It is a site for those looking to
www.minnesotaworks.net move here or who have relocated and their
family/significant others are looking to get acclimated.
~://www. dakotawelcome.com/
Help,from NASA
According to a recent issue of the Kiplinger Letter, "small
firms can call NASA to request up w 40 hours of Resource Room Numbers
expertise from a civil, aerospace, or industrial engineer." West St Paul +Shakopee+Burnsville
wwwsnacetechsolutions.com July - 5,634; June - 5,292; May - 5,708; April - 5,511
Univ. of Minnesota Concierge Service for Employers Wilder's Twin Cities Compass
The U has an Academic and Corporate Relations Center The WIB's August "Eye on the Future" was from Paul
(ACRC) whose mission is "to enhance the ability of the Mattesich, Ph.D., Executive Director, Wilder Research,
world-wide business community to connect and collaborate who provided an overview of the "Twin Cities Compass"
with the University of Minnesota's rich lodes of expertise, project which will "track issues such as education,
technology, and talent." httn: `/www.business.umn.edu/ economy/workforce, environment, civic life, health,
housivg and transportation." The WIB was asked for input
as to potential measures for the economy./workforce
Medical Manufacturer's Event -Sept IS component. www.tecomvass.ore
"Providing networking and support for manufacturers
serving the medical industry," is the Minnesota Valley Comments, questions or insights on items in this newsleuer7
Medical Manufacturers Network's mission. An upcoming Contact mark.iacobs(c~,co.dakota.mn.us or call 651 554-5622.
event is"Learn the Secrets of Working with Medical Device www.mnwfc.or¢/D¢kota
Manufacturers." httn://www.mnvallevmednet.otx/
REJournals.com -Housing slump deepens in August Page 1 of 2
i.Y...: CS.: q.
MINNESOT4
r w.r s. , ,s. Sep. 14,:
Friday September 14 2007 Welcome,
Housing slump deepens in August
Purchase agreements down by whopping 18 percent Signout
Staff Writer REJOUrnals.com
The housing slump deepened again in August, with newly signed residential
purchase agreements in the Twin Cities down by an alarming 18.1 percent from
the year-earlier figure, according to the Minneapolis Area Association of
Realtors (MAAR), which compiled its latest report using figures from the
Regional Multiple Listing Service of Minnesota.
Consumer confidence in the housing market is at historic lows, and sellers are
finding the going so tough that many more are giving up trying to find buyers,
reflected by continued significant pull-backs in the number of new listings.
MAAR blames the situation on "persistent instability in the mortgage market
and a related malaise in consumer confidence."
"With buyers concerned by the news they hear on housing, it's understandable ~
that some are waiting on the sidelines," says MAAR President Deb Greene. "Our F
concern is that while they wait, they're missing buying opportunities when the
time is right."
She says builders and sellers have taken notice that buyers are in retreat: The
number of new listings on the market in August was down 7.9 percent from LgO~i
August 2006, the seventh consecutive month of year-over-year declines in ~I1Sld(
listings. Year-to-date, there has been 3.2 percent less placed on the market
than this time in 2006.
But even more distressing than the decline in new listings, MAAR says, was the
drop in sales. As a result, homes are staying on the market longer and
inventory is at record highs. At the start of August, there were 34,808 homes ,
for sale in the Twin Cities region, an increase of 11.3 percent from this time last
year. It amounts to 10.39 active listings for every expected buyer in
September. -
"Sellers need to understand what they're up against," says Greene. "Homes
must be priced aggressively and kept in excellent condition to sell quickly."
With sales down and inventory up, home values also showed a slight decline. ~
The August median sales price of $230,000 is 2.1 percent down from the year- s„,,:~, ~
earlier figure.
.
httn://www.mrei.com/storv.efrn?Market=MN&StorvID=15182 09/14/2007
y
Sr ~ ~ ~ F ~ j
tron~ econom}o has helped
to boost industrial demand
BY SAM BIAGK haringsuccessleaslr~newbuildtngstltisy~ar.
SIAF"r lYAliBi The overall industrialr•acarKy rate 1s at I I.5
First Industrial ReaityTYust Inc. of Chit~go percent, Its lrnvest marl; since 2~iG, and is
has been steadily expandbrg its haldltrgs In dropping, according to the midyear Outlook
the Twin Cities this rear -whit the acqutsi- report published by Biaontingtan-based
non of a former Mao's disbibudan center UrdtedProperdes.
In die Midway area of T'henrarketisseeing
Mianeapolis,atxirretn tightening condhions
derelopmentprolecxs far users, rental rates
ht Maple Grove and that. ha~~ 9ncreased
~~;:fi
Brooklyn Park and ~ lOtolSpercenttnthe
Lakeville. ~ t~;:~. past year, and more
First Industrial. be- wnfidence atrrong
gan cortstructlon this y users who wire s1t-
summer on a n . ring on their hands s1x
I70,lld}U-square-foot x ~ u t months ago u~tto are
lttdustrlal building. at z''. novvwillfngtapaythe
7o35tNinnetkaAre. in ~ : cost of new construe-
Br~ld;~nPatl. Shardy n~ 4 t[on so they can bare
after constntcuon be- ss , ~ ~ ~ ' quality functional
gan,iksignedastorage . , f Space.
container franchise ri Across the metro,
called. PDL1S that w~lll Unwed Properties es-
take about half of the timates that '90U,OrM
building. A third-paz- squarefeetafindustri-
ty logistics company "From everything that I've aispaceisundercon-
is eyeing the budding suuction, led Irv tine
as wed and 1t could seen, the economy appears southwest submar-
ine ~mpleteiy fu[i by keys 34fi, square
thetirneaonstmdlan ttI tie Streng and feet Det~elopershave
is oornplete this fa4 pending plans to add
which. would male maintaining momentum:• another 3.82 midton
R a home run for the square feet and t~1[1
developee. mane foeward as they
Chris YYlson
From ~en•#ldtrg Senior regiorMai tlNrectar, First irulustrial Reath Trust gain furdter eonfi-
that. Pc~ seen, the dente 9n the market.
economy appears to "There's good de-
be strong and main- mand for industrial
taming momentum,° said Curls Wtd~tt, wfto space 1n the T?win Cities this year IYs going
is searior regional dlrectitr of First indusu9al's fare, but it's not going gangbusters," said Ion
office in its.. Yanta, a broker at United. Fmpert~s.
Flrsk is tlae only ~rtdlard In past pentads of es~ansk~n to rite local tn-
~M ~ :
Yom.
tltL5tY1aI market, itaRYe4'eP~ .
the industrial real estate But to ger~rat, business
market teoutd grow faster ow~ters are rxrtrfident that
and. them would be more dre nett several }ears w^fIl bring pmspee-
spc~ deveioprr~nt and sty and so they'ee tnnfident about expand?r~
more space abstrrbed, dteirbusinesses.
' h3ark Nordland, a developer with
Manta sa1d. Mumeapolis-based Ryan Cos Li.S. hrc., said
This time, thereix no the trradcet irks great to irten right now:
one sector that's pushing "tti'e're busier than wive ever bezn,°
Huempfner development l?ke the dot- Norelland said. `hiFe've got several large deals
corn or ritedlcal-teclrttol- wee working on atxt I'm opdmistic that
agy t~mpanies, he said, they'tlallgetdane."
The expansion ?s bred across a lot of llrdus- Nordland said the build-to-soft develop-
triesand it is stead}; he sad. srtents are getting done for companies that
bosh I3uempfner, a brttkerat ColtiersTurlep tease the space arwant to own it But he saki
I4fartttt Ttrcler In Minneapolis w~to speda!- the mutts-tenant tndusttial leasing market,
Ines 1n the nanhem suburbs, antlc?pates dre for tenants under SD, square feet, is slaw
industrial market w~llI have a strong fourth to moderate today:
quarter based upon demand he's seeing. Ryan is considering bsrtkiirrg s
"There"s Jtist not a lot of spec development space, but only to select plies, Nordlarnt
tnow.h's 1n tobecomeevenrntrreofa said. "Tian reallv need to pick and goose
g those locations and be patient; he said.
landlords' rrtarket ln'08:' Nordland said that heading into die rear;
Qne of the impacts of TC beitrg a latrdlards' he thought the nrvrket would be even more
rnadcet is companies are more t~~Iling to actiro for everybody: "W'ee'd hoped dsai ab-
mmritlt to long-term, five-, seven- ar ltl- satpdan would be higher, and rru~v develolr-
year teases tltart they have been in recent merit would be pmdamtnant;' lie sad. But
years, ~ccnrding to die 1'4elsh Ctrs. Twin Cafes are wm ever gofttg to really have that party
IndtestrYa7 Report, Setxrtt[I Qtturrer 2(107 The -that raIlV wod all been w'atting for? Clr is tt
trend is so common "that going to 6emom steady~?WNith not as much of
fa~v short-term deals are a high and not as much of a low?'lire whose
belrrg signed ~ ecorximy is tryurg to figure h out.°
Some deals lrac~e begirt ahdack~hb~oumals.t~m ~ {ir12128&2103
slow to close and sorrre
oampatriesarestlllhesttat-
ingwhiteiheylook atalt of
dtelr opfions before fo1- -
I on a trans-
action,W sregortsa~. Nordland
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