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HomeMy WebLinkAbout09-28-10City of Lakeville Economic Development Commission Regular Meeting Agenda Tuesday, September 28, 2010, 4:30 p.m. City Hall, 20195 Holyoke Avenue Lakeville, MN 1. Call meeting to order 2. Approve June 27, 2010 meeting minutes 3. Review of Draft 2011 -2013 Strategic Plan for Economic Development. 4. Review of Itasca Project Regional Economic Development Entity (REDE) 5. Director's Report 6. Adjourn Attachments: August 2010 Building Permit Report August 2010 Foreclosure Report from the Dakota County CDA "Packaging company growing despite tough times ", Dakota County Tribune / ThisWeek Newspapers, July 21, 2010 "Viper Motorcycle operations hit the road — to Alabama, StarTribune.com, August 11, 2010 "More workforce, affordable rental units finished near Airlake Industrial Park ", Dakota County Tribune / ThisWeek Newspapers, August 12, 2010 "Recession receding for Minnesota manufacturers, Dakota County Tribune / ThisWeek Newspapers, September 15, 2010 Item No. _LL City of Lakeville Economic Development Commission Meeting Minutes June 22, 2010 Marion Conference Room, City Hall Members Present: Comms. Matasosky, Longie, Tushie, Vlasak, Schubert, Emond, Starfield, Smith, Ex- officio member City Administrator Steve Mielke, Ex- officio member Chamber of Commerce Executive Director Todd Bornhauser. Members Absent: Comm. Brantly. Others Present: David Olson, Community & Economic Development Director; Adam Kienberger, Economic Development Specialist. 1. Call Meeting to Order Chair Matasosky called the meeting to order at 4:30 p.m. in the Marion Conference Room of City Hall, 20195 Holyoke Avenue, Lakeville, Minnesota. 2. Approve April 27, 2010 Meeting Minutes Motion 10.08 Comms. Emond/Starfield moved to approve the minutes of the April 27; 2010 meeting as presented. Motion carried unanimously. 3. Review process and schedule for completing the 2011 -2013 Strategic Plan for Economic Development Dave Olson 'reviewed the'EDC memo"outlining the process for completing the 2011- 2013: Strategic Plan for Economic Development. One thing that was suggested be added to the process was the inclusion of a SWOT analysis to help assess how economic conditions -have changed in the past couple of years. Comm. Starfield asked if the recently completed Community Survey results could be included with the questionnaire. Mr. Olson stated -that both the Community Survey results and the current Strategic Plan would be sent to EDC members before the upcoming work session. Chair Matasosky asked about getting the City Council's perspective on business retention and remaining competitive. Businesses are constantly being bombarded by other states to relocate. Steve Mielke suggested that maybe there becomes a legislative component to the new Strategic Plan as a lot of regulations and taxes are State driven. Staff is receiving an elevated amount Qf inquiries into the availability of incentives. Economic Development Commission Meeting Minutes June 22, 2010 Mr. Olson added that at the last EDC meeting Ms. Huot of Springsted reviewed several of the State incentive programs that are available or aren't available (JOBZ) to Lakeville. Mr. Olson concluded the discussion by mentioning that the City Council will be discussing the revised business assistance policy as recommended by the EDC at their July 26 work session. The EDC will be conducting their 2011 -2013 Strategic Plan Work Session on August 19 from 1:00 — 5:00 p.m. 4. Director's Report Mr. Olson reviewed the Director's Report. It was - - noted that housing numbers are up from the same period last year. Mr. Mielke added that the zoning ordinance revision to allow for smaller lot single - family homes has received positive reviews from the development community. The Planning Commission and City Council are discussing holding off on phasing in the next scheduled sections of land. into, the MUSA:. There is approximately a 15 -18 year inventory of townhome properties and it doesn t seem to make much sense to bring in more land to add to the available inventory. Chair Matasosky asked about the inventory of land available for high density housing such as apartments. The m .is trending towards increased demand for apartment buildings. Comm. Tushie staffed_ that developers can't afford to build apartments in Lakeville or other Metro suburbs: Even if we think we need apartments in Lakeville we would have to.figure out how td make them viable first. Comm. Smith added that that economics aren't there right now. 5. Adjourn Chair Matasosky adjourned the meeting at 5:20 p.m. Respectfully submitted by: Adam Kienberger, Economic Development Specialist Attested to: R. T. Brantly, Secretary 2 tem No. 3 ®r, 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 Todd Rapp, Himle Horner Date: September 23, 2010 Subject: Draft Summary of 2011 -13 Strategic Plan Work Session Attached is a draft Strategic Plan that incorporates the issues that were discussed by the EDC at the August 19 Strategic Planning Work Session. Staff has attempted to accurately reflect the consensus that was reached by the EDC on the various issues as they related to the current strategic plan and the accomplishments of the past 2 1 /2 years as well as re- evaluation of the vision, mission, and goals that will be incorporated into the next strategic plan. There was a considerable amount of discussion regarding the how the current recession has impacted how the City of Lakeville views development. While it was the consensus that there are and will be issues that impact economic development that are and will be outside the City's control, it was the consensus of the EDC that future plans should be flexible enough to adapt to changing economic conditions. It was also a conscious decision of the majority of the EDC members to keep the number of goals to a more reasonable number with this Strategic Plan. The current plan has 18 goals which was a number that was determined to be unrealistic. The attached draft plan from the August 19 Work Session has four main goals. The first two goals address the development of a marketing plan and a toolbox of incentives. The remaining two goals identify issues to advocate for and other issues to monitor and encourage. It should be pointed that budgetary implications, particularly for goals one and two, have not been determined at this point. Staff is requesting that the EDC confirm whether this draft plan accurately reflects the decisions and direction given by the EDC at the August 19 Work Session. Staff will incorporate any suggested changes or modifications that have the consensus of the EDC. The EDC is scheduled to have a joint meeting with City Council on this draft plan on Monday, October 25 at 5:30 p.m. in the Marion Conference Room. 2011 -2013 Strategic Plan for Economic Development History of the EDC's Strategic Planning Efforts The Economic Development Commission has a history of planning for the economic future of Lakeville dating back to the first Strategic Plan completed in 1995. The EDC continues to undertake a Strategic Planning process every three years. This process includes reviewing the City's progress on the previous plan's goals, examining the current issues facing the community, and drafting a new Strategic Work Plan. The 2011 -2013 Strategic Plan for Economic Development continues that tradition of thoughtful and organized planning for the economic future of Lakeville. Strategic Plans have enabled the City to focus its efforts and accomplish tangible results. Activities that are now considered a standard part of Lakeville's Economic Development program were conceived through earlier strategic planning processes. Participants in the Process The Strategic Plan for Economic Development is a three -year plan that guides the work of the Economic Development Commission and Economic Development staff in achieving the economic development objectives of the City cif Lakeville. In order to develop a living /working plan it is imperative to have open communication between the Mayor and City Council and the EDC to establish agreed -upon priorities. The process of developing a newplan for.2011 -2013 began in August 2010. The following elected and appointed officials and staff committed their time and energy to creating the proposed strategic plan: Holly Dahl, Mayor Mark Bellows, City Council Member Laurie Rieb, City Council Member Kerrin Swecker, City Codricil Member Kevin Miller, City Council Member Jack Matasosky, Economic Development Commission Chair Gary Tushie, Economic Development Commission Vice -Chair Bob Brantly, Economic Development Commission Secretary Jim Emond, Economic Development Commissioner Sheila Longie, Economic Development Commissioner Jeannie Schubert, Economic Development Commissioner Tom Smith, Economic Development Commissioner Glenn Starfield, Economic Development Commissioner Dan Vlasak, Economic Development Commissioner Jerry Erickson, Economic Development Commission Alternate* Todd Bornhauser, Ex- Officio Economic Development Commissioner; Executive Director — Lakeville Area Chamber of Commerce Steve Mielke, Ex- Officio Economic Development Commissioner; City Administrator David Olson, Community & Economic Development Director Adam Kienberger, Economic Development Specialist *Longtime EDC member Jerry Erickson passed away in July of 2010 Looking Back Lessons learned: • We need to be prepared for whatever may happen • We can be too hard on ourselves • What can we really control? o Limited influence on outside forces • Don't get complacent • Economic factors: o Too prepared for "business as usual' o Need to change expectations o Forced us to reprioritize o More was "out of our control" Looking Ahead What should the next Strategic Plan do /be? • It should provide a map to achievable goals • Prioritize goals and objectives • Be flexible enough to adapt to economic changes • .. Measurable and :demonstrable • wide EDC and staff • Include activiti+es'and actions targeted to the "decision- makers" perspective Vision "Lakeville is recognized as a unique and attractive community where people of all ages want to live, learn, work and enjoy and where businesses choose to locate due to an attractive business climate." Mission "The EDC develops strategies and communicates benefits that will make Lakeville the best choice for decision - makers considering business location and expansion." 2 Internal Analysis Opportunities (next 3 -5 years): • I -35 commercial corridor • East /west corridors • Expanded telecommunication options • Retention /expansion efforts • Communication and marketing • Better positioned for industrial development • Higher education Challenges: • Retention /expansion of existing businesses • Lack of a compelling /distinguishing feature " o "what sets us apart" • Location (southern edge of Twin Cities) • Regulations o Not necessarily City • Do we understand our audiences? o Business decision makers • Dollars Weaknesses: • Aggressiveness • Lack of a "story" • Lack of incentives amidst increasing,competition • Lack of State economic programs Housing (variety /affordability) • Telecommunication service issues (real or perceived) • Communication with businesses Strengths: • Location /transportation o Twin Cities suburb /proximity o Transportation infrastructure • Quality of life /sense of place • Infrastructure • Trained and educated workforce • Land availability • Sound fiscal management /low City taxes • City government • Schools M • Track record • Existing critical mass of businesses 2011 -2013 EDC Goals 1. Create a marketing plan that has a clear message, is flexible, adequately funded, creative, aggressive, and targeted that communicates Lakeville's values, is broad and sector specific based on good information. a. Year 1 - broad plan b. Year 2 - sector - specific plan 2. Create a toolbox of incentives that includes /are: • Objectives that are based on public benefit • Can demonstrate return on investment for the City • Innovative and creative in their approach and can be tailored to the specific needs of a business • Fiscally responsible to the public • Targeted at specific business groups/sectors • Proactive • Create partnerships • Fair /equitable to everyone seeking assistance • Low -risk financially for the City 3. Advocate for: • Better access to I -35 o Third lane southbound to County Road 50 East -west corridor connections • Airlake Airport runway extension • Sufficient transit funding but not at the expense of other transportation goals 4. Monitor and encourage: • Expanded telecommunication services • Better regulatory environment • Remain in the lower 1/3 tax rates for City property taxes in Dakota County • More State funding for the development of workforce housing 4 item No. L City of Lakeville o 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: September 28, 2010 Subject: Itasca Project Regional Economic Development Entity Attached is a recent article from the Minneapolis St. Paul Business Journal that describes the planned creation of a new regional economic development entity by the Itasca Project. The Itasca Project is a group primarily made up of CEOs from local companies such as General Mills, Ecolab Inc, Wells Fargo & Co, United Health Group, Medtronic along with a number of others. It is the Itasca Project's position that the region's existing economic development efforts and messages are too fragmented. Itasca members have determined that a regional economic development partnership will improve job growth providing a unified voice for the metro area. Similar organizations exist in the metro areas in Austin, TX, Pittsburgh, Seattle, Raleigh, Milwaukee, and Chicago. Staff will provide an overview of the presentation that has been prepared by the Itasca Project at the meeting. Itasca is seeking private and public funding sources in the amount of $2.7 million the first year and $4 million by the third year. Approximately 70% of the funding is proposed to come from private sources and 30% from public agencies. Based on the proposed current population formula for cities, Lakeville's membership cost would be $25,000 per year. Staff is not providing a recommendation on this initiative but rather providing the EDC with information. The City will likely be contacted in the near future regarding possible membership. I Friday, September 17, 2010 Itasca Project planning regional biz - recruitment organization Minneapolis / St. Paul Business Journal - by Sam Black Staff writer The Itasca Project is seeking an executive to launch and lead a startup regional economic- development organization to recruit national and international businesses to the Twin Cities. The new entity would launch in January with the goal of growing to a $4 million annual budget and a staff of 20 by the end of its third year. Itasca, a local group comprising dozens of high -level CEOs and other executives, wants to hire a "rainmaker" CEO and president who will develop and implement a regional economic - development strategy, create a regional brand, and aggressively recruit and retain major employers, according to an online advertisement posted by executive recruiter John McLean at Chicago -based DHR International Inc. Itasca is creating the entity because the region's existing economic - development efforts and messages are too fragmented, said Kathy Schmidlkofer, a vice president of finance at Golden Valley -based General Mills Inc. who the company has loaned to the Itasca Project. Schmidlkofer has been spearheading the economic - development project for several months along with Ken Powell, the chairman and CEO of General Mills, and Marilyn Carlson Nelson, the chairwoman of Minnetonka -based Carlson Cos. Inc. Itasca, which involves CEOs from firms such as General Mills, Ecolab Inc., Wells Fargo & Co., UnitedHealth Group Inc. and Medtronic Inc., is pursuing the project along with a range of regional causes, such as improving early- childhood education and creating a better transportation system. About a year ago, Itasca members started talking about improving job growth in the Twin Cities and began planning for a regional economic development partnership, Schmidlkofer said. Carlson Nelson and Powell are co- chairs of the Itasca committee that's pushing for the new group. Many local government units in the Twin Cities have their own economic - development staffs, as do counties and the state, but each of them are focused on their own constituents and not the combined region. Several local chambers also have economic - development groups. The new Twin Cities - focused regional entity would provide a unified voice for the metro area, supporters said. Site - selection consultants from around the country have commented that the Twin Cities is "the largest metro area without a regional one -stop shop," Schmidlkofer said. That puts the region at a disadvantage when companies seek areas to expand. "We have such a great story to sell about our regional assets, and we're not out telling it." St. Paul Mayor Chris Coleman, who is a member of the Itasca Project, put $125,000 into his 2011 city budget to help fund the new regional economic development entity. "We're getting our hats handed to us by regions around the country, largely just because we're not competing," Coleman said. The new regional group might allow for a reduction in some of the cross -metro recruiting that happens now because it will focus on growing the region's entire economic pie. Getting this organization launched "may be among some of the most important work that we've ever done," Coleman said. Branding, budget in the works Itasca's proposed entity hasn't picked a brand name yet, but it hopes to select a catchy one in the next month or so. Economic - development partnerships around the country use various branding techniques to promote their regions, such as "OpportunityAustin: The Human Capital," in Austin, Texas, and "Research Triangle Regional Partnership: The shape of things to come," in Raleigh, N.C. For now, Itasca is using the generic legal name Minneapolis -St. Paul Regional Economic Development Partnership, or MSPREDP, which Schmidlkofer described as cumbersome and temporary. The new group will be independent of Itasca and have its own governing board. It will be a 501(c)(3) nonprofit organization that represents the Twin Cities' 11 counties in Minnesota and two in Western Wisconsin. The group is on track to launch Jan. 1, but that depends on hiring a CEO, Schmidlkofer said. A committee created by Itasca will make the final selection and appoint the executive. Itasca expects the organization will employ about 12 people and have a $2.7 million budget by the end of its second year. It would grow to a 20- person staff and a budget of $4 million by the third year. Its business plan estimates 70 percent of the group's funding will come from private - sector contributions and the rest from public funds. Schmidlkofer said the group's finance model is still in "conceptual design," but the seed money will be coming from Itasca group members. The preliminary budget and staff size was based upon benchmarks collected from other organization around the country with similar missions. The good news is the effort has a lot of support already, and some organizations, both public and private, have set aside funds in their 2011 budgets to help fund the new group, Schmidlkofer said. Talked about for years Twin Cities executives have bemoaned the lack of such a group for more than a decade, going back to a study done by the University of Minnesota in 2000. Itasca's job -growth task force examined what the Twin Cities is doing well and isn't doing to boost employment. The task force determined something needs to be done to catch up to the rest of the United States. Since 2002, the region has lagged the national average for employment growth, according to Itasca's May 2010 report on job creation. The report said the Twin Cities needs to address its image of being hostile to businesses, with high tax rates and burdensome government regulations. The new nonpartisan economic- development group won't fight those issues head on. Instead it will try to balance the message that reaches corporate executives looking for somewhere to expand or relocate. "I want to talk about the assets of our region," Schmidlkofer said. "This entity isn't going to be about policies, it's going to be about bringing jobs." Minneapolis -St. Paul Regional Economic Development Partnership What: A new nonprofit, nonpartisian group that will try to attract jobs to the Twin Cities Launch: Jan. 1, 2011 President: Ongoing search Funding: Private and public sources, about $2.7 million in first year Created by: Itasca Project Goal: Provide a unified economic - development message for the region and work with existing economic development agencies /groups Itasca Project Who: About 50 business and community leaders, mostly private- sector CEOs and a handful of local mayors and leaders of educational institutions and nonprofits Founded: 2004 Select priorities: Increase understanding of socio- economic disparities, support a strategic re- direction of Minneapolis Public Schools, improve early childhood education, advance a regional transportation plan, build stronger ties between businesses and the University of Minnesota, and retain and grow large and small employers Sample of regional /metro economic development partnerships in the United States • Opportunity Austin (Texas) • Allegheny Conference on Community Development (Pittsburgh) • enterpriseSeattle • Research Triangle Regional Partnership (Raleigh, N.C.) • Milwaukee 7 Regional Economic Development Partnership • World Business Chicago Other economic development groups in and around the Twin Cities: • Positively Minnesota, Minnesota Department of Employment and Economic Development • Grow Minnesota!, Minnesota Chamber of Commerce • St. Paul Area Chamber of Commerce • Capital City Partnership (St. Paul) • Minneapolis Regional Chamber of Commerce • St. Croix Economic Development Corp. (Hudson, Wis.) • Various city and county economic development departments and port authorities ❑ sblack @bizjournals.com 1 (612) 288 -2103 tem No® 5 �© City of Lakeville Community and Economic Development Memorandum To: Economic Development Commission From: David L. Olson, Community and Economic Development Directo Copy: Steve Mielke, City Administrator Adam Kienberger, Economic Development Specialist Date: September 23, 2010 Subject: September Director's Report The following is the Director's Report for September 2010. 2010 Manufacturers Week Event The State of Minnesota has designated October 25 — 29 Minnesota Manufacturers Week. The Mayor and City Council will be proclaiming this as Manufacturers Week in Lakeville at their Octoberl8th meeting. The City has scheduled our Manufacturers Appreciation event for Tuesday, October 26 from 4:30 p.m. to 6:30 p.m. at the Holiday Inn and Suites. This year the City has received sponsorships for the event from the electric, natural gas, and telecommunication utility companies that serve the businesses in the industrial parks and business campus in Lakeville. Staff would welcome suggestions and /or assistance from EDC members to increase attendance at this year's event. Building Permit Report The City issued building permits with a total valuation of $36,486,831 through the end of August. This compares to a total valuation of $46,843,546 during the same period last year. The City total valuation of commercial and industrial permits through August was $1,402,000 which compares to $5,856,500 through August of last year. The City also issued permits for 93 single family homes through August with a total valuation of $25,236,000. This compares to permits for 77 single family homes with a total valuation of $21,089,000 through June of last year. Development Updates The City issued a building permit this week to Malt -O -Meal to remodel a portion of the warehouse of their building in the Fairfield Business Campus. This remodeling will convert this warehouse space to 29,000 square feet of additional office space. This office space will provide space for approximately 100 additional employees which would be hired or relocated to Lakeville over the next several years. Malt-0- Meal currently has 200 employees at their building in Lakeville. Foreclosure Update Attached is the monthly foreclosure summary for Dakota County as provided by the Dakota County CDA. There were a total of 28 Sheriff Sales in Lakeville in August. Foreclosure rates are up compared to the same period last year. There have been a total of 222 Sheriff's Sales in Lakeville through August of this year compared to 256 during all of last year. City Inspection staff are currently monitoring approximately 80 vacant and /or damaged homes in Lakeville. City Business Survey The firm of Decision Resources completed a survey of Lakeville residents and a separate survey of Lakeville businesses this past summer. Preliminary results from both surveys were presented to the City Council at their June 28 Work Session. The final report for both surveys was presented to the City Council at their August 16 meeting. Attached is a copy of the presentation that was made to the City Council on business survey. If anyone would like a color copy of this printed out, please let us know and we will have copies available at the meeting. Staff can answer any additional questions on the results of this survey. City of Lakeville 2010 Business Study Decision Resources, Ltd. Selection of Community 2010 Lakeville Business Study Home-Based 12 Location 46 Customer Base Space Availability 7 Close to Home IMPercentagel Bought Existing .9 Corporate Decision Good Schools 2 Scattered I 0 10 20 30 40 50 60 Decision Resources, Ltd. 1 2 Like Least about the City 2010 Lakeville Business Study Nothing 51 Lack of Customers 4 Not Enough Space 2 High Taxes 24 Traffic Congestion I Poor Economy 2 Location 5 City Signage Rules 5 Poor Internet I Unsure 5 0 10 20 30 40 50 60 FM Series7l Decision Resources, Ltd. Plans to Move Next Five Years 2010 Lakeville Business Study No 90% Decision Resources, Ltd. h Taxes, 35% k of Space, 15% k of Customers, 15% Yes 3% depends 7% City Service Ratings 2010 Lakeville Business Study Police Protection Traffic Enforcement Fire Protection Storm Drainage /Flood Control Upkeep /Maintenance Parks Outdoor Ice Rinks 56 4 Upkeep /Maintenance Beaches 58 8 Park/Recreational Programs 61 3 Senior Center Programs Arts Center Programs Park Ranger Program 39 4 Forestry Program Condition Trails 67 3 N Positive Snow Removal Trails Animal Control I■Negative Fire /Police Education Community Celebrations Street Lighting 89 9 Trail Lighting Building /Inspection Services Property Maintenance 78 9 Economic Development Drinking Water Quality 80 Snow Plowing Streets 95 15 5 Street Sweeping Street Maintenance /Repair Mowing of Boulevards 0 20 40 60 80 100 120 Decision Resources, Ltd. Importance of City Services 2010 Lakeville Business Study Police Protection Traffic Enforcement Fire Protection Storm Drainage /Flood Control Upkeep /Maintenance Parks Outdoor Ice Rinks Upkeep /Maintenance Beaches Park/Recreational Programs Senior Center Programs Arts Center Programs Park Ranger Program Forestry Program Condition Trails Snow Removal Trails Animal Control Fire /Police Education Community Celebrations Street Lighting Trail Lighting Building /Inspection Services Property Maintenance Economic Development Drinking Water Quality Snow Plowing Streets Street Sweeping Street Maintenance /Repair Mowing of Boulevards 0 Decision Resources, Ltd. ® Essential MVery Important rd 20 40 60 80 100 120 67 Percentage to City Government 2010 Lakeville Business Study 30 27 Median Estimate = 26.5%. 25 ----------- - ---------------------------- --------------- -------------- --------------- - -------------- 21 21 21 20 -------------- - - -- ----- - - - - -- 15 --------------------- 2 ------ ------ 21 ------------------------------------ --------------- --------------- 10 --------------- ------------------------------- 5 5 ------- a ------- ---------------- 2 0 Under 10% 11%-20% 21%-30% 31%-40% 41 ° /a-50% Over 50% Unsure I m Percentage] Decision Resources, Ltd. Disposition of City Services 2010 Lakeville Business Study Police Protection Traffic Enforcement Fire Protection Storm Drainage/Flood Control Upkeep /Maintenance Parks Outdoor Ice Rinks Upkeep /Maintenance eaches Park/Recreational Programs Senior Center Programs Arts Center Programs Park Ranger Program Forestry Program Mincrease Condition Trails Snow Removal Trails IIIIIIIISame Animal Control Fire/Police Education MiCut/Eliminate Community Celebrations Street Lighting Trail Lighting Building/inspection Services Property Maintenance Economic Development Drinking Water Quality Snow Plowing Streets Street Sweeping Street Maintenance/Repair Mowing of Boulevards 0 20 40 60 80 100 120 Decision Resources, Ltd. 7 Communications Preference 2010 Lakeville Business Study "Messages" /Newsletter 72 City's Website 57 Local Newspaper 71 Cable Television 10 City Meetings 4 First Chamber of Commerce 17 MSecond City Staff /Council 1 MThird Friends & Neighbors 11 E -Mail 11 Mailings 6 Auto Telephone Calls 5 0 20 40 60 80 100 Decision Resources, Ltd. 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Q. � U .� •- + .Q G ' v N y + L U o b o o It 4 2 w C7 C7 x x S x> �n a . v U a a. x 3 3 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 000 Itt 00 M 00 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 � N � n a M O O � a v 'O '3 � as O y !. O U r y R O ¢ d w v F t o CDA Dakota County Community Development Agency 00******************** To: Dakota County Cities From: Dan Rogness, Director of Community Revitalization Date: September 14, 2010 Re: Foreclosure Update Semi - Annual Foreclosure Report HOME QWN ERS c'hn+iml The 2010 Semi - Annual Foreclosures in Minnesota: A Report Based on County Sheriffs Sale Data was released in August. The report showed that 13,093 sheriff sales took place during the first two quarters of 2010 compared to 11,089 in the same period last year. If the pace continues, Minnesota could see a 13 percent increase in the number of foreclosures compared to 2009, and may even rival the number of foreclosures that took place in 2008, which was a record - breaking year with 26,251 foreclosures statewide. The Minnesota Home Ownership Center, Greater Minnesota Housing Fund, Minnesota Housing and Family Housing Fund published the report. It was produced in partnership with HousingLink. For more information or to review the report in full, please visit http: / /www.hocmn.org /en /reports - fp.cfm Foreclosure Rescue Scams The Dakota County CDA recently became a partner on the statewide public education campaign Look Before You Leap! Since foreclosures have been on the rise, so have foreclosure rescue scam companies. These companies might charge desperate homeowners a fee for services that are otherwise provided for free, or they may go so far as to request that the homeowner make- mortgage payments to them rather than the mortgage company, or even ask for the home title. In almost all cases, the homeowners end up in a worse situation. Warning signs of a foreclosure rescue scam may include: ✓ Charging fees for services ✓ Asking the homeowner to sign over title to the home or power of attorney ✓ Telling the homeowner to stop paying the mortgage ✓ Telling the homeowner to pay them rather than the mortgage company ✓ Promising a guaranteed outcome For more information or if someone you know thinks they're a victim of a foreclosure rescue scam, please visit http : / /www.lookbeforeyouleap.org or call the CDA's at 651- 675 -4555. :0" H� �O M� E�''� CDA Dakota County OWNERS H I P 1 Community Development Agency co 0060000000000000000*90 Dakota County Stats — August 2010 • # of Sheriff Sales in August — 189 (compared to 160 in August 2009) • Total Sheriff Sales for 2010 — 1,469 (compared to 1,192 in Jan.- August, 2009) • # of Notices of Pendency Filed in July — 362 • Total Notices of Pendency Filed for 2010 — 2,593 A Notice of Pendency is filed by a mortgage company's attorney as official notification that the foreclosure process has begun. Not all of these result in Sheriff Sales. Pages 3 and 4 of this PDF file have Sheriff Sale and Notice of Pendency statistics for each city. Mapping Using Dakota County GIS http: / /gis.co.dakota .mn.us /website /dakotanetgis/ The Dakota County Office of GIS is updating the 2010 Foreclosures and Notice of Pendency layers on a monthly basis. If you need assistance using this Web page, please call Randy Knippel or Mary Hagerman with the Office of GIS at (952) 891 -7081. In The News Provided in this PDF file are a few notable foreclosure articles that were published in the last month. Among the points of interest: • Households across a majority of large U.S. cities received more foreclosure warnings in the first half of 2010 than in the same timeframe of 2009. • More than 13,000 foreclosures took place in Minnesota after the second quarter of 2010, up from 11,000 foreclosures during the same period last year. The article focuses on Brooklyn Park household that has been struggling to make mortgage payments. • Nearly 17 percent of Minnesotans and a quarter of all Americans with mortgages owe the bank more than their homes are worth. The article illustrates two different approaches to how homeowners are dealing with being underwater on their mortgage. • The number of Minnesota foreclosures in the first half of 2010 was up 17 percent from 2009, with many counties seeing an even larger year over year percent increase in sheriff sales. • The three month trial modification that many homeowners are being offered by their mortgage company is negatively affecting borrowers' credit scores — sometimes unbeknownst to the homeowners. If you have any concerns, please call me at (651) 675 -4464 or send me an e-mail at drogness(&- dakotacda.state.m n.us �_ .G p9 o a U • %0 Ocr. N N 00 N M %0 N h N— Q1� M O Ln M Ln Q • o �p Co O N • C � cu G • _o • • — N > w • M h T • a �'• O a %D U c • , i U C � 0 C • E N fC O • Q V 3 N � � O N u a� N � 0 � d � U. (H # 0` %0 Ocr. N N 00 N M %0 N h N— M M O Ln M Ln N h o �p Co O N N — N M h 00 O a %D CIN Ln co N N N u a� D 0 Z 41 u O #.L C. d H Q N M N h 0� �O co O M %D _ h co N V O h h M N M %o co ft N C N coo d' N O Op c, O O Lr1 �D — H r M M N N h M M M O� Q N N N — M O %0 h h rl� tv N N M' N N N O C d O LL — tM N h N — �h N M 00 �D r9 M N 00 h N N_ N M O Ln 41 _ � 3 3 0 41 0 ++ >'> — bA _ h ooh= L. d t 41 oNaU 4 i Q Qm 94 W L. U. 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M rn v N N et -- — M � V N N N Lnn — N N 00 — M M Ln V 'a' N N V C-4 !: N O N M L M — N L �' N M M it L M T M ^ % N N Ul V M .vim N t_1 — N N LL M d . _ N M N— NLCn:' — co N of CLS V N b4 in 2 � � O 1 > = C a a d ao ° C7 0 — � � o 4 4 LJ V � i ti 0 Vf c Q H a Q m W LL = a� O Y .J ='n= z C' 1A in H _ 3 N L N H -C O o .a Z v blo c v c .n o �� t N U U O L CA L � � L d d L � 7 O o U Z� L'' L O U C � O u N U o. u O O d C c u O o cz O N -1 c t° L O L L 41 f� N N ho C a E O W d v ed� C ao N i EL O E O ca v u O o Z a� c.= o � O U a C y CL v N N � N �Z N o Z E H N W w o d 3 Z 0 L d N _ O u C 0 U� a^ t � N N C Ln O 0) — E u O I O N tw Q O U v 41 o a+ cy C O cd _ O L c � H C 3 O c a� 0 E 0 U- Foreclosure activity rising in most metro areas - Business - Real estate - msnbc.com Pagel of 3 , n msnbc.COM Foreclosure activity rising in most metro areas However data suggests it may be peaking in the hardest hit communities increase in foreclosure activity between January and June, foreclosure listing finn RealtyTrac Inc. said Thursday. By ALEX VEIGA Associated Press updated 7/29/2010 11:42:02 AM ET LOS ANGELES — Households across a majority of large U.S. cities received more foreclosure warnings in the first six months of this year than in the first half of 2009, new data shows. The trend is the latest sign that the nation's foreclosure crisis is worsening as homeowners battling high unemployment, slow job growth and an uneven rebound in home prices continue to fall behind on their mortgage payments. In all, 154 out of 206 metropolitan areas with at least 200,000 residents posted an annual The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure. The latest figures show the threat of foreclosures is spreading well beyond the top tier of metropolitan areas located in California, Florida, Nevada and Arizona, which have borne the brunt of the fallout from the housing crisis. Those states saw housing values surge during the housing boom years. When the boom ended, values collapsed and foreclosures Print Powered By i l � F - c9r n - -Dynamic s ` httD: / /www.msnbc.msn.com/id/38457609 /ns/business -real estate/ 8/3/2010 Fau' Sakuma , AP Demonstrators, whose homes are under foreclosure or lost their homes to foreclosure, holds signs during a foreclosure rally in front of JP Morgan Chase Bank in Oakland, Celd, Wednesday Foreclosure activity rising in most metro areas - Business - Real estate - msnbc.com Page 2 of 3 �k msnbc.com soared. "The face of foreclosure is driven much more now by unemployment than in the past, and it's moving out from the places where we've been focusing on in the last few years," said Rick Sharga, a senior vice president at RealtyTrac. "The combination of a weak job market and a weak housing market is making it difficult in some of these areas." The Miami -Fort Lauderdale - Pompano Beach metropolitan area in Florida received more foreclosure - related warnings in the first half of this year than any other, the firm said. Florida accounted for nine of the top 20 metro areas with the highest foreclosure rates. The latest data echo broader, national foreclosure trends. The number of households facing foreclosure in the first half of the year climbed 8 percent versus the same period last year, but dropped 5 percent from the last six months of 2009, RealtyTrac said in a report issued earlier this month. The latest data included one bright spot: Nine of the top 10, hardest -hit metropolitan areas saw their foreclosure rates drop from a year ago. That could suggest foreclosure trends in those cities, including Las Vegas, Cape Coral, Fla., and Modesto, Calif., may have peaked. "We probably won't know that for sure for another six months," Sharga said. Still, those areas continue to see foreclosure rates that are as much as five times higher than the national average. The top 10 metropolitan areas with the highest foreclosure rates has remained fairly unchanged over the past 12 months. The Las Vegas- Paradise, Nev., metropolitan area topped the list with one in every 15 homes receiving a foreclosure warning in the first half of the year — five times the national average. But foreclosure filings declined nearly In all, about 1.7 million homeowners received a foreclosure- related warning between January and June. That translates to one in 78 U.S. homes. More than 1 million American households are likely to lose their homes to foreclosure this year, the firm said. httD:// www. msnbc. msn.com/id/38457609 /nsibusiness -real estate/ 8/3/2010 Foreclosure activity rising in most metro areas - Business - Real estate - msnbc.com Page 3 of 3 % msnb►c.com 9 percent versus the first six months of 2009. Rounding out the rest of the top 10 metros with the highest foreclosure rate in the first half of 2010 were Cape Coral -Fort Myers; Modesto; Merced, Calif.; Riverside -San Bernardino - Ontario, Calif.; Stockton, Calif.; Phoenix - Mesa - Scottsdale, Ariz.; Orlando - Kissimmee, Fla.; Vallejo - Fairfield, Calif.; and Miami -Fort Lauderdale - Pompano Beach, Fla. The Miami -area metro was the only one among the top 10 to register an annual increase in its foreclosure rate. ?) 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. I UuYC {CU lJy 'i"� V: , s 1G .-L✓Y I {C3{ i #34r htti):// www. msnbc. msn.com/id/38457609 /ns/business -real estate/ 8/3/2010 Foreclosures on the rise again I Minnesota Public Radio NewsQ Page 1 of 2 0 SPONSOR mpRnews ww Minnesota's Online News Source Foreclosures on the rise again AUDIO by Jessica Mador, Minnesota Public Radio "lad Foreclosures on the rise again (feature audio) August 13, 2010 St. Paul, Minn. — Housing data released this week showed an uptick in foreclosures for the Twin Cities. That's what housing experts have been predicting, and they say the situation is not likely to improve without more federal help. Like thousands of other Minnesotans, homeowner Jesse Adams and his wife have had their share of trouble. Over the past few years, the Brooklyn Center family dealt with expensive health problems and unemployment after Adams' wife lost her job. They soon fell behind on their house payments. "I'd fall a month behind, and then sometimes I'd catch up, or sometimes I'd end up having to pay at the middle of the second month or whatever it was, and I was chronically in that state," he said. Adams says their mortgage company turned them down for a permanent loan modification. He and his wife almost lost their house to foreclosure -- they managed to rescue it just days before the sheriffs sale by borrowing from their retirement savings. Adams' wife is back at work and things are more stable. But Adams says after another setback, they're struggling again. "I was doing really, really, really good at it until our dryer basically burned up and we had to replace that," Adams said. "So I'm one month behind right now, but I've got the payment as of Friday." This story is familiar to the thousands of Minnesotans at risk of losing their homes. The number of people behind on their mortgages rose 17 percent between the first half of 2oog and "What's the first half of this year. happening is really bad, but Minnesota is faring better than some states. Still, numbers released this week by the Minnesota it's not really Home Ownership Center, based on sheriffs sale data from all Minnesota counties, show there were news." more than 13,000 foreclosures at the end of the second quarter this year. That's up from just over -Prentiss Cox, U 11,000 during the same period last year. of M If foreclosures continue at this rate, the Minnesota Home Ownership Center predicts the state could approach the levels of 2008 -- the year with the highest number of foreclosures on record. That year, more than 26,000 Minnesota homeowners lost their homes. "What's happening is really bad, but it's not really news," said University of Minnesota Law professor Prentiss Cox. The housing market is stuck in a downward cycle that is driving up foreclosure numbers and driving down housing prices, Cox says. "So many people are underwater and can't refinance or sell their homes," said Cox, "and that in turn leads to more foreclosures, which leads to lower housing prices as these properties swamp the market." About one -fourth of Minnesota homeowners are underwater -- meaning they owe more on their homes than their homes are worth. That's below the national average of about 30 percent, and much less than the hardest -hit states, where about half of homeowners are underwater. What's pushing up foreclosures now is complicated -- people who took out risky adjustable rate mortgages a few years ago are facing higher payments as those rates go up. httD:// minnesota .Dublieradio.org /disnlavl web / 2010 /08/l3 /foreclosure - folo / ?refid =0 8/17/2010 Foreclosures on the rise again I Minnesota Public Radio NewsQ Page 2 of 2 Even those with fixed -rate loans are at risk. With jobs scarce, people who've lost their jobs are staying unemployed longer, and housing prices remain depressed. To stop the bleeding, Prentiss Cox says it's going to take strong federal action. "The human cost here is extraordinary," he said. "We need to do bold, mandatory, transparent loan modifications in order to stabilize housing prices, in order to make sure we get back on track in the economy." Cox and other housing experts say recent federal programs designed to help struggling homeowners avoid foreclosure lack teeth. Lenders and servicers are free to use their own formulas to decide who qualifies for permanent modifications, and there is little enforcement. As a result, millions of homeowners who may qualify for loan modifications under programs such as Making Home Affordable are still waiting. Cox says more transparency and mandatory rules, tougher enforcement and penalties for lenders would go a long way toward bringing down the foreclosure rate and stabilizing the economy. Homeowner Jesse Adams agrees, saying "if we could just get the rest of the economy back to something more normal, so that my wife was making a normal income and I was making a normal income, then I wouldn't have issues that way." Adams is skeptical about his prospects for a permanent mortgage modification, but is considering giving it another try in hopes of lowering his monthly payments. "If I could get it modified down, I wouldn't have to worry about coming up with it, because $goo is a lot easier to scrape up than almost $1,3oo," Adams said. In the meantime, his family keeps expenses down by eating at home and not going out much. They also just cancelled their cable, telephone and Internet package. Broadcast Dates Morning Edition, 08/13/2010, 7:25 a.m. SPONSORS htto: // minnesota.Dublicradio.or2/disnlav/ web / 2010 /08/13 /foreclosure - folo / ?refid =0 8/17/2010 http://www.startribune.com/lifestyle/homegarden/l 00692639.htm1 ?page =4 &c =y AVI r Page 1 of 4 Underwater options? Stay or go Glen Stubbe, Star Tribune Wlien it came to buying their first home, the Comos did just about everything right. After medical school, Dr. Jason Como and his wife, Lisa, paid $165,000 for a modest two - bedroom starter home -- just big enough for the couple and their two young boys. It was May 2005. Three years, a new job and another child later, they needed to move. But by then, the national real estate bubble had burst. Their house was quickly devalued by a flood of bargain -priced foreclosures that swept through their north Minneapolis neighborhood. Even after dropping the price to $99,000, their Realtor finally told them they'd be lucky to offload the house for $50,000 -- $100,000 less than they owe. "We had acted as responsibly as we could have," said Lisa Como. But for them, the American dream of homeownership became a nightmare given the name "negative equity." The Comos and thousands of Minnesota homeowners in the same situation were not flippers, speculators or victims of a mortgage scam. They just bought at the wrong time. How wrong? When the Twin Cities housing market peaked in June 2006, the median sales price of a single - family home was $236,850. Last month, the median price was $175,000, a drop of 26 percent and about where home values sat in March 2002, according to area Realtor groups. Nearly 17 percent of Minnesotans and a quarter of all Americans with mortgages owe the bank more than their house is currently worth, according to data from housing research firm CoreLogic. Many more homeowners aren't underwater, but have little or no equity for Realtor fees or a down payment on another property. Negative ripple effects Economists say the consequences of negative equity can be felt far beyond these doorsteps. Upside -down home values are hampering the housing market recovery, said Chris Galler, chief operating officer for the Minnesota Association of Realtors. There are plenty of families like the Comos who want to move but can't trade up, downsize or build a home for lack of equity. With so many homeowners held hostage by underwater mortgages, demand for new Print Powered By j �u" C3 �rrt�rt�i�s htt-o://www.startribune.com/tem-olates/fdcD?1282158814882 8/18/2010 http://www.startribune.com/lifestyle/homegarden/I 00692639.htm.1?page=4&c=y �1 No A M -17 Page 2 of 4 construction has fallen so you can't put plumbers, framers and other tradespeople back on the job. Workers saddled with an unsellable house are reluctant to move to take a new job. Homeowners with evaporating equity lack the confidence to buy cars or spend the day shopping. And underwater homeowners tend to behave like renters. "With little to gain, negative equity homeowners will be much less likely to pursue improvements in their homes or communities," New York Federal Reserve economists Andrew Haughwout, Richard Peach and Joseph Tracy wrote in a recent paper. Negative equity is a common subject at Twin Cities Habitat for Humanity these days. Cheryl Peterson, who manages the nonprofit's foreclosure counseling program, said they are getting more calls from current homeowners who want to know if there are other options besides waiting for values to rise. The counselors inform them about the government loan modification, short sale and refinancing programs. Then they suggest calling their lender. But if the loan is affordable and their payment is current, the options narrow. Peterson said mortgage servicers give troubled homeowners priority over those with on -time payments. "I hope this isn't true, but we hear it so much. The homeowners are saying the mortgage company will tell them to fall behind," she said. Walking away Take the Comos. Before the housing meltdown, they had planned to sell their home and buy a bigger house in an area closer to Jason's permanent job at a community clinic in east St. Paul. Instead they found themselves shopping around for a bank that would lend them money to make up the shortfall between the amount they owed and their home's sale price. They eventually scrapped that plan. "It didn't make sense to take on $100,000 in debt to sell the house and have no house," said Lisa Como, an adjunct professor at Bethel University. They tried to stay put, but "it was so wearing on us as a family," she said. A two -hour commute to Jason's work, their young daughter sleeping in a closet- turned- bedroom and the need for quality schools Print Powered By l: cd � : ,atDyn amics . htti): / /www.startribune.com /templates /fdCD ?1282158814882 8/18/2010 http://www.startribune.com/lifestyle/homegardenJI 00692639.htrn1?page=4&c=y Page 3 of 4 pushed the family to rent a St. Paul duplex that better met their needs. With $200,000 in student loans and a $150,000 mortgage, they couldn't qualify to buy again. And there was still the problem of the house. For a while, they rented to an unemployed friend, who paid what she could. But now she's moving out and the Comos don't want to be landlords. "We can barely change the light bulb in our own house that we are living in, let alone being caretakers of a property," Lisa said. Discouraged by the lack of options presented by their lender, Wells Fargo & Co., and angry that irresponsible lending helped cause the foreclosure crisis that put them in this boat, the Comos have stopped paying their mortgage and are walking away from a situation they never imagined they'd be in. "We can't bear this burden anymore. We have to move on as a family. We don't live on credit so we don't care if our credit score is bad," she said. "It's a small price to pay." Jason had just returned from Haiti, where he was working in a makeshift hospital helping victims of January's devastating earthquake. Wells Fargo wouldn't comment on the Comos' situation but provided a statement. "While the loss of equity is a difficult situation, loan workout options including modifications and short sales are in place to assist struggling homeowners facing true financial hardships, such as loss of income or employment." Hanging in there Steve and Robin Marty paid $205,000 for their two- bedroom bungalow in 2005. Tax records suggest their 1928 Minneapolis fixer -upper is worth $168,500 today. "Is it even worth putting money into your house to try to fix it up when you know that at best it's going to get you maybe to where you started ?" Robin asked. If they decide to make improvements, they can't tap home equity to pay for them, once a common source of funds when homes were appreciating. The Martys would love to benefit from today's low interest rates and refinance, or move and lock in a 4.5 percent interest rate on their forever home. But they plan to stay put for as long as it takes for prices to recover, and they consider themselves luckier than many in this economy, with jobs and the rest of their finances in good shape. Print Powered By t Fc =a £ [) vriarnics I httn:// www .startribune.com/temDlates /fdcn? 1282158814882 8/18/2010 http: / /www.startribune.com/ lifestyle /homegarden/I00692639.html ?page =4 &c =y Page 4 of 4 � =Tln 'i Despite their home's shrunken value, they intend to keep paying on what they owe. "Walking away is for people who lost jobs, who are really hurting.... We're just unlucky," she said. While he agrees with his wife, Steve has mixed feelings: "We're suckers. If we were a business ..." Robin finished his thought: "We'd cut and run." Kara McGuire • 612- 673 -7293 Print Powered By i . : a �rrist ric" httD://www.startribune.com/temDlates/fdCD?1282158814882 8/18/2010 http: / /www.startribune.com/ business /100587569.html ?page =2 &c=y Page 1 of 2 Foreclosures continue to mount in Minnesota Despite a raft of attempts to stem the tide of foreclosures that have displaced families and battered the housing market, the crisis continues to get worse in Minnesota. There were 13,093 foreclosure sales in the state during the first six months of the year, up 17 percent from the same period last year, according to data released this week by several housing - related groups. Julie Guy *in, executive director of the Minnesota Home Ownership Center, said that because requests for foreclosure counseling over the past six months were on par with last year, she had expected the foreclosure rate to stay the same. Instead, the number of foreclosures has risen, and even skyrocketed in some c ounties. In Goodhue County, for example, there was a 138 percent increase. Kandiyohi saw a 128 percent increase. And within the metro area, Sherburne County saw a 34 percent increase. With 1.64 percent of its houses in foreclosure Sherburne also had the highest foreclosure rate in the state. Statewide the foreclosure rate was 0.73 percent. The numbers come from the Minnesota Hoene Ownership Center, Greater Minnesota Housing Fund, Minnesota Housing and the F amity Housing Fund, in partnership with HousingLink, which does the research. Gugin said the St. Paul -based Home Ownership Center is able to help prevent foreclosure for about half the homeowners who receive counseling, but job losses have made it difficult for people to keep current on their mort gages. "There are just more people entering the foreclosure process," she said. That's particularly true in rural counties, where the population is falling and there are fewer jobs. Beyond the Twin Cities metro area, the number of foreclosure sales during the first six months of the year increased 24 percent over the same period last year; in the metro area there was a 13 percent increase. Gugin said the foreclosures damage communities in innumerable ways beyond the real estate market, and that tracking them helps determine where critical resources need to be targeted. Boarded and vacant houses become a blight on neighborhoods, Print Powered By C * For,—, ;at 1 n amic s httn:// www .startribune.com/temDlates /fdcD ?1282160201784 8/18/2010 http: / /www.startribune.com/ business /100587569.html ?page =2 &c=y Page 2 of 2 ndi *P77 A the local tax base declines and cities and counties bear the brunt of maintaining many of those properties. The data were collected primarily by contacting individual counties and by using sheriff's sale records posted in community newspapers and other publications. The data do not include properties that are still in the foreclosure process. Jim Buchta • 612- 673 -7376 tent towered try : cm = c• r, ,- .aiLjy y ; httr)://www.startribune.com/templates/fdcv?1282160201784 8/18/2010 http: / /www.startribune.com/local/north/ 100692744.html ?page =3 &c =y 61 a Pagel of 3 Mortgage modification hammers credit Unlike thousands of homeowners who have jumped through hoops to lower their mortgage payments, Jamie and Nick Jasper were signed up for the federal mortgage modification program easily over the phone this past January. The only problem: They didn't want it. Even though the Mounds View couple continued making their full mortgage payment, they found out this spring that their credit score dropped 150 points because Bank of America signed them up after the Jaspers had a single telephone conversation with a bank representative about the program. The bank quickly told credit bureaus that the Jaspers were making partial mortgage payments, even though they weren't. "We never signed anything," Jamie Jasper said. "You can't just assume people want it." Bank of America spokeswoman Jumana Bauwens said the company apparently made a mistake on the Jaspers' account. "We are working on trying to resolve the issue and we will correct their credit report and contact the customer when we have it resolved," she wrote in an e-mail. While the Jaspers' situation is hardly typical, it shows how mortgage modifications are linked to a complicated credit reporting system and can cause long -term financial harm for unsuspecting homeowners. The code that is widely used when someone signs up for a three -month trial modification signifies a partial payment, even if the person was not delinquent when they started the process. That code, called AC, could cause credit scores to tumble more than 100 points, making it more expensive to borrow money or refinance an existing mortgage, according to industry experts. "Generally, that's not a good thing to have reported," said Norm Magnuson, spokesman for the trade group Consumer Data Industry Association. "It will take a while for their score to come back up." The debate over how mortgage modifications will affect credit scores is heating up. California Democratic Congresswoman Jackie Speier introduced the Protecting Homeowners' Credit History Act last month, which would prevent lenders from reporting modified loan payments as late if paid on time. Her bill also would prohibit credit •. - • x: 01=1 WA h":// www .startribune.com/temnlates /fdcn? 1282230900194 9/19/2010 http: / /www.startribune.com/local /north/ 100692744.html ?page =3 &c =y kl%T • 8 Page 2 of 3 bureaus from listing that information on a credit report. The U.S. Treasury Department, which oversees the Home Affordable Modification Program (HAMP), has been working with the credit reporting industry to develop new codes that more accurately reflect the status of an individual mortgage, according to a department spokeswoman. A new code, called CN, was created last year to indicate a mortgage permanently modified under a government plan. That code does not currently impact a credit score, but that's only because the credit reporting industry doesn't have enough data to determine how much of an impact it should have, said Fair Isaac Corp. spokesman Craig Watts. The Minneapolis -based company, creator of the FICO credit score, won't make any adjustments to its formula for at least a year, Watts said. 'Should not be a secret' Jamie Jasper was trying to avert future problems when she called Bank of America in J anuary to report that her husband, Nick, had been laid off. They weren't struggling to pay their mortgage, but they wanted to give their lender a warning in case their financial situation worsened. That's when the bank representative on the phone told her the couple were prequalified for a mortgage modification. All they had to do was fill out an application packet and send it back. After reading the packet, the Jaspers decided they didn't want to deal with the hassle of applying. They were also concerned that their credit score might take a hit, not knowing that the damage had already been done. Magnuson said consumers should at least be told their credit score could suffer if they sign up for a mortgage modification. "It should not be a secret," Magnuson said. "The lenders and brokers should be telling that upfront." The Treasury Department issues sample notices that lenders can give to homeowners. Those notices state that "your credit score may be affected by accepting a trial period offer or modification," but lenders are not required to use those notices. The packet that the Jaspers received from Bank of America does not make a similar mention and Jamie said she was never warned by the representative on the phone. http://www.startribune.com/templates/fdcp?1282230900194 8/19/2010 Print Powered By ti 3 °: r,- na- .Dynami http: // www. startribune .com /local /north/100692744.html ?page =3 &c =y Page 3 of 3 s Jamie Jasper has spent hours on the phone with Bank of America representatives trying to get the lender to correct her record. She's been told multiple times that the codes on the account have been changed, but the couple's most recent mortgage statement still says they are enrolled in a morto modification trial plan. The Jaspers want to refinance their mortgage, but they won't do it until their credit score is corrected. They said they're glad they don't need to apply for credit immediately, but they know other people might not be as fortunate. "For people who are trying to get a mortgage modification, why would you go screw up their credit ?" Nick Jasper said. "That's all they have left." Print Powered By �; =r'<<rEyrtt t sits httD: / /www.startiibune.com /templates /fdcn? 1282230900194 8/19/2010 a Thisweek Newspapers Page 1 of 3 <! - -[if X- UA- Compatible]> <![endif] - -> Home > News > South Metro Business News > Packaging company growing despite tough times Packaging company growing despite tough times Posted under South Metro Business News on Wednesday 21 July 2010 at 12:19 pm Ryt -Way Industries in Lakeville has been hiring and recently acquired another company by Jessica Harper Dakota County Tribune When purchasing goods at the grocery R The company has been packaging dry foods such as ready -to -eat cereal, side dishes and sweeteners for the nation's largest consumer packaged good companies for the past 45 years. It was founded in 1965 by Glen Hasse with money borrowed from his father. in Des Plaines, III., and has increased its number of employees by about 11 percent since last year. - Photo by Jessica Harper The company's first product was powdered milk. Hasse retired in 2008 and sold the company to Wind Point Partners in Chicago. That is when CEO David Finch began overseeing Ryt -Way. Finch has been in the food and consumer packing industry for 20 years. He started his career at Hormel Foods in 1990. Finch said he sees the industry as exciting and fast - paced. The industry has changed quite a bit, he said, in that it began as a small external solution for a large group of companies and has grown into a sophisticated multi - billion - dollar industry. http: / /www.thisweeklive.com /2010/07/21 /packaging - company- growing- despite- tough -ti... 09/20/2010 Thisweek Newspapers Since being sold to Wind Point Partners, Ryt -Way has grown extensively. Page 2 of 3 In June, Ryt -Way acquired Cloud Packaging Solutions, a food and beverage contract packaging company based in Des Plaines, III., making Ryt -Way one of the largest packaging companies in the nation. Cloud Packaging Solutions consists of three companies: Cloud Packaging Services, Cloud Equipment Company and Toll Packaging Services. "I think we will be very sought after as a result," Ryt -Way Human Resources Director Skip Bolton said. Ryt -Way became interested in acquiring Cloud Solutions because it has high -speed packaging equipment and uses specialized packaging, Bolton said. "We felt it was a good fit for us," he said. The acquisition is expected to bring in $200 million in combined revenue annually, he said. Prior to the acquisition, Ryt -Way made between $100 million and $120 million in revenue annually. Through the deal, Ryt -Way also acquired 230 former Cloud Solutions employees. Although the company is doing well now, times were not always so rosy. The company was hit hard by the recession in 2007 and 2008. In 2007 alone, Ryt -Way lost about a third of its business and saw revenues drop between 15 and 20 percent, Bolton said. But the company remained resilient and was able to avoid layoffs, he said. By 2009, the company was able to climb back out on top. "We came out stronger and reached out to customers we haven't seen in a while," he said. "We seem to be headed toward a recovery." Bolton said the company was able to survive the recession due to its diversification into different types of packaging products. As the company started to rebound last year, it began hiring more employees. The Lakeville facility currently has 750 full -time and part -time employees, and between 50 http: / /www.thisweeklive.com /2010/07/21 /packaging- company - growing- despite- tough -ti... 09/20/2010 Thisweek Newspapers Page 3 of 3 to 150 temporary employees, which is about 11 percent more than last year, Bolton said. In Brief Ryt -Way Industries is a contract packager of dry foods and is located at 21850 Grenada Ave. in Lakeville. Phone: (952) 469 -1417 Website: www.rytway.com Jessica Harper is at jessica.harper@ecm-inc.com. No comments yet. RSS feed for comments on this post. Sorry, the comment form is closed at this time. http: / /www.thisweeklive.com /2010/07/21 /packaging- company - growing- despite- tough -ti... 09/20/2010 http : / /www.startribune.comlbusiness/ 100482019. html ?elr= KArksUUUoDEy3LGDiO7aiU Page 1 of 1 .r IT � I! I I LW-FIKIJ I Viper Motorcycle operations hit the road -- to Alabama SUSAN FEYDER Last update: August 11, 2010 - 6:40 PM Viper Motorcycle Co. plans to move from Hopkins to Auburn, Ala., this year. The company, which began limited production of motorcycles in 2009, said it expects to begin manufacturing in Auburn in 2011. Viper will occupy a new 63,000- square -foot facility that it will lease from the city, according to Phillip Dunlap, Auburn economic development director. The city also is providing the company with a $500,000 financial package that includes loans and grants for training workers, Dunlap said. The company has 10 employees but expects its workforce to grow to about 100 in the next two years. Viper Motorcycle is a subsidiary of Viper Powersports Inc., whose operations also will move to Auburn, according to Andrew Broadley, technical director. In its most recent financial report, the company posted revenue of $128,979 and an operating loss of about $1.1 million for the first quarter ended March 31. Advertisement P Powered By r D ynamics' http://www.startribune.com/templates/fdcp?1281715721501 08/13/2010 Thisweek Newspapers <! - -[if X- UA- Compatible]> <![endif] - -> Home > News > Lakeville > More workfo affordable housing comes to Lakeville Page 1 of 3 E`�'IIFUVT 71111 11 !!1 93E= Posted under Lakeville, News on Thursday 12 August 2010 at 9:54 am Forty county- subsidized rental units finished near Airlake Industrial Park by Derrick Williams Thisweek Newspapers Lakeville generally isn't synonymous with workforce housing. The median home value in Lakeville is estimated by the city at $233,700. But Lakeville is also home to the metro's largest industrial complex south of the river, and Airlake Industrial Park has more than 4,000 blue collar workers, many of whom call Lakeville home. That's why the Dakota County Community Development Agency has put a large focus on Lakeville. The CDA specializes in providing housing services for low- and moderate - income Meadowlark, a 40 -unit affordable housing development along 210th Street in Lakeville, is almost finished. The Dakota County Community Development Agency project will offer one -, two- and three - bedroom rental townhouses to families in need of affordable housing. The development is the fourth such CDA neighborhood in Lakeville. Photo by Derrick Williams households, according to Sara Swenson, assistant director of administration for the CDA. And Swenson said that this month the CDA is putting the finishing touches on 40 rental townhouse units in a development called Meadowlark. Swenson said the families moving into the rental units, located along 210th Street, right across the road from Airlake, will pay less because their rent is partially subsidized through tax credits, grants and other money the CDA receives. Swenson said a two- bedroom unit in Meadowlark goes for $625 a month. Similar sized two- bedroom apartments go for $968 around the area, Swenson said. "It's quite a difference in price and allows families affordable rent so they can save for http: / /www.thisweeklive.com /2010/08/ 12/ more - workforce - affordable- housing- comes- to -1... 08/16/2010 Thisweek Newspapers Page 2 of 3 other things, like reliable transportation or a down payment on their own house," Swenson said. But families who apply for CDA housing can have a combined income of $45,360 or less to qualify, Swenson said. "We've seen people come in who have lost jobs and unfortunately have foreclosed on their homes," Swenson said. "They come to us for help. And we're seeing more people come through our doors than ever before." Lakeville is now home to four CDA developments that offer affordable rental housing — the most in the county, Swenson said. Cedar Valley, Country Lane and Prairie Crossing, along with Meadowlark, give the CDA 139 rental units in Lakeville. There are only 552 CDA -run units across the county, Swenson said. "It's important to have that kind of housing available in Lakeville," she said. "It's growing and will be home to a lot of people in the coming years." Meadowlark has been years in the making, according to Lakeville's economic development director, David Olson. The site was a former dump, and before the CDA could build, the site needed to be cleaned up, he said. "It's a great project," Olson said. "For one, it cleaned up and redeveloped an old dump site, which wasn't likely to be done privately. And two, it's the type of housing that workers from the industrial park can benefit from." Olson said the purchase and clean -up of the site was almost totally funded by grants from the state and Metropolitan Council. "The city worked with the CDA and assisted in finding the site," Olson said. But other than some block grant dollars, the city didn't spend anything to help the CDA clean up the site. Swenson said the CDA manages and leases the 18 developments they have across Dakota County, but they're actually owned by private investors. "Investors purchase tax credits and provide around 60 percent of the equity to build," Swenson said. "The other money comes from grants, philanthropic sources and other programs." Swenson said US Bank is the primary investor for Meadowlark. http: / /www.thisweeklive.com /2010/08/ 12/ more - workforce - affordable- housing- comes- to -l... 08/16/2010 Thisweek Newspapers For more information about the CDA, visit www.dakotacda.org. E -mail Derrick Williams at: lakeville.thisweek @ecm- inc.com No comments yet. RSS feed for comments on this post. Page 3 of 3 http: / /www.thisweeklive. com /2010/08/ 12/ more - workforce - affordable- housing- comes- to -l... 08/16/2010 Thisweek Newspapers Page 1 of 3 <! - -[if X- UA- Compatible]> <![endif] - -> Home > News > South Metro Business News > Recession receding for Minnesota manufacturers Reces receding for Minn esota manufacturers Posted under South Metro Business News on Wednesday 15 September 2010 at 12:53 pm More local companies are exporting goods across the globe by Jessica Harper Dakota County Tribune Manufacturers received a devastating blow by the recession over the last few years, but the hard times may be nearing an end. Minnesota exports are on the rise — an indication that the global economy is recovering, said Kirstin Morell, a spokesperson for the Minnesota Department of Employment and Economic Development. "We are seeing signs across the economy that things are improving, but we still have a ways to go," she said. Minnesota exports increased 17 percent in the first quarter of 2010, compared to the same period a year ago, according to a recent report by DEED. The jump is the first year- over -year quarter increase since the third quarter of 2008. The state's exports totaled U $3.9 billion in the first quarter T of 2010 — the same figure it it exported in 2007, according L to the report. rE h The state's increase in s exports is slightly less than a the nation's, which had a 20 http: / /www.thisweeklive.com/ 2010 /09/15/ recession - receding- for - minnesota- manufacturers/ 09/20/2010 in 2004 to 90 percent in 2010. Much of this has gone to Asia. More than 95 percent of the solar equipment manufactured at Despatch's Lakeville plant is exported to Asia. - Photo by submitted Thisweek Newspapers percent gain. The weakened value of the U.S. dollar is one reason why other nations are seeking American -made goods, Morell said. Page 2 of 3 increase in exports across the globe, namely Canada, Mexico, Europe and Australia. The company is following a statewide increase in exports in the first quarter of 2010. - Photo by Jessica Harper "The value of the dollar is one of many factors affecting exports," Morell said. "Other important factors include price, quality, contracts and relationships." Minnesota is seeing the largest demand coming from Asia, according to the report. Exports to Asia jumped 75 percent ( up $577 million) to $1.3 billion, exceeding U.S. growth to this region of 41 percent. Morell credits a strong demand for computer and electronic components as well as Minnesota's recent efforts to strengthen its ties with nations like China. "Our state has a strong high -tech presence and it makes sense that Minnesota -based companies are exporting to these countries," she said. Lakeville -based Despatch Industries is one local technology manufacturer taking advantage of this rising market. The company's exports increased from 10 percent of its revenue in 2004 to 90 percent in 2010. More than 95 percent of the solar equipment manufactured at Despatch's Lakeville plant is exported to Asia. The company also manufactures thermal technology equipment such as semiconductor ovens and furnaces. "We have been in the solar market for five or six years," said Amber Schramm, Despatch' public relations and trade show specialist. "Since then, there has been a shift from Europe to Asia." As a result, the company has grown exponentially. Schramm would not disclose the company's revenue, but would say that the company "made a modest goal for the first half of this year and exceeded it." Despite the recession, she said, 2008 was a record for the company in terms of revenue. In 2009, things slowed down, she said, but are now rebounding. As a result, the company has been able to hire 100 new employees — about 80 to 85 of which are jobs within the factory. http: / /www.thisweeklive.com/ 2010 /09/15/ recession - receding- for - minnesota- manufacturers/ 09/20/2010 Thisweek Newspapers Page 3 of 3 "Our growth is largely due to our diversity," Schramm said. "We put ourselves in markets when we see growth in them." Udder Tech is another Lakeville company that is exporting more goods overseas. Udder Tech's exports grew from 2 percent of the company's revenue in 1997 to 11 percent in 2010, Udder Tech founder and president Cheryl Mohn said. "Our business is growing at a fairly rapid rate," she said. The company's largest market is not China, though. Instead, Udder Tech, which manufactures fabric products for dairy producers, exports primarily to Canada, Europe, Australia and Mexico. Canada and Mexico are two other growing markets. Exports to these countries have increased 20 percent to $1.2 billion. Jessica Harper is at jessica.harper @ecm- inc.com. No comments yet. RSS feed for comments on this post. http: / /www.thisweeklive.com/ 2010 /09/15/ recession - receding- for - minnesota- manufacturers/ 09/20/2010