HomeMy WebLinkAbout04.17.23 EDA AgendaCITY OF -
FARMINGTON
MINNESOTA
Meeting Location:
Farmington City Hall
430 Third Street
Farmington, MN 55024
ECONO C DEVELOPMENT AUTHORITY REGULAR MEETING AGENDA
Monday, April 17, 2023
5:30PM
1. CALL TO ORDER
2. PLEDGE OF ALLEGIANCE
3. ROLL CALL
4. APPROVE AGENDA
5. CITIZEN COMMENTS
6. CONSENT AGENDA
6.1. Meeting Minutes (March 20, 2023 - Regular Meeting)
Approval of minutes.
Agenda Item: Meeting Minutes (March 20, 2023 - Regular Meeting) - Pdf
6.2. Monthly Financial Statement
Accept the monthly Financial Statement for the EDA.
Agenda Item: Monthly Financial Statement - Pdf
7. PUBLIC HEARINGS
8. DISCUSSION ITEMS
8.1. Introduction - Economic Development Coordinator
Not applicable
8.2. EDA Levy Discussion
Staff is requesting that the EDA discuss the concept of a dedicated EDA
levy and provide direction. If the EDA agrees/approved - Staff will work
with the Finance Department and the City Attorney as part of the 2024
Page
3-7
•
10 - 15
Page 1 of 24
budget process to properly request that the City establish a levy, certify
the proposed levy on or before September 30th, and adopt a final levy
as required by statutes.
Aaenda Item: EDA Levv Discussion - Pdf
8.3. Marketing Proposal - Minnesota Vikings Official 2023-24 Yearbook 16 - 22
Staff is seeking approval to purchase advertisement space in the
Minnesota Vikings 2023-24 Yearbook.
Agenda Item: Marketing Proposal - Minnesota Vikings Official 2023-24
Yearbook - Pdf
9. DIRECTOR'S REPORT
9.1. Director's Report 23 - 24
No action requested. This report is for informational purposes. Staff is
available to provide additional details and answer any questions.
Agenda Item: Director's Report - Pdf
10. ADJOURN
Page 2 of 24
CITY OF
FARMINGTON
43o Third St., Farmington. MN 55024
651-280-6800
0 Farmington MN.gov
To: Economic Development Authority
From: Deanna Kuennen, Community Dev Director
Department: Community Development
Subject: Meeting Minutes (March 20, 2023 - Regular Meeting)
Meeting: Economic Development Authority - Apr 17 2023
INTRODUCTION:
Attached are minutes from the March 20, 2023 Economic Development Authority Meeting for
review and approval.
DISCUSSION:
Not applicable
BUDGET IMPACT:
Not applicable
ACTION REQUESTED:
Approval of minutes.
ATTACHMENTS:
EDA Regular Minutes 03-20-23
Page 3 of 24
CITY OF FARMINGTON
ECONOMIC DEVELOPMENT AUTHORITY MINUTES
REGULAR MEETING
March 20, 2023
1. CALL TO ORDER
The meeting was called to order by EDA Chair Wilson at 5:13 p.m.
2. PLEDGE OFALLEGIANCE
3. ROLL CALL
Members Present: Bernatz, Hoyt, Lien, Porter, Wilson
Members Absent: None
Also Present: Deanna Kuennen, Community Development Director, John Powell,
Public Works Director, Kellee Omlid, Park and Recreation Director,
Justin Elvestad, Fire Chief
4. APPROVEAGENDA
MOTION by Hoyt, second by Porter to approve the Agenda. APIF, MOTION CARRIED.
CITIZENS COMMENTS
None.
6. CONSENT AGENDA
a) Meeting Minutes (February 21, 2023 - Regular Meeting)
b) Approve and Execute License Agreement with Arvig Enterprises, Inc.
c) Monthly Financial Statement
MOTION by Hoyt, second by Bernatz to approve the consent agenda. APIF, MOTION
CARRIED.
7. PUBLIC HEARINGS
None.
8. DISCUSSION ITEMS
a) Approve Contract for Private Development - Tax Increment Financing District No.
15 - Ebert Downtown Housing
The Chair prefaced the discussion by stating that this item has been reviewed and analyzed
at multiple meetings and most questions should have been addressed by this point. He also
stated that the meeting will conclude no later than 6:45 p.m., at which time if there is still
discussion, he will ask for a motion.
D. Kuennen introduced the item. She explained that Jason Aarsvold from Ehlers was in
attendance to provide information about what the TIF contract is (formally titled Contract
for Private Development) to ensure that EDA Board fully understands why they are being
asked to approve it, what it is, what step this is within the overall TIF process, and how it
relates to the TIF plan previously approved. J. Aarsvold then addressed the EDA. He
identified that the TIF district has already been approved, a Term Sheet was approved in
Economic Development Authority Minutes
Regular Meeting
March 20, 2023
Pagel of 4
Page 2 of 5 Page 4 of 24
January which provides the outline of what is in the agreement, and the TIF Contract
formalizes and reflects the approved terms and conditions in the Term Sheet (amount of
assistance, length of time, project specifics). This is last action that the EDA takes to finalize
the TIF deal. After this there are administrative steps to certify the district to the county and
before the TIF Note is issued, the Developer is responsible to prove out cost incurred, and
then payments on the TIF Note start.
Conversation ensued. The EDA clarified that the base taxes paid at the time that the TIF
district is enacted, still get paid to all taxing jurisdictions, and only the new increment from
the improvements/development are directed to the TIF payments. The EDA also clarified
that the risk is borne by the developer. There is no obligation to make up for any TIF
shortfall if it were to happen. Finally, the EDA clarified how the amount of the TIF was
determined.
The TIF Contract (Contract for Private Development) was drafted by the attorney, reviewed
by Staff, and reviewed by the Developer. Staff explained that this action finalizes the
financing portion of the project. The project has already received Planning & Zoning
approvals, and the final steps for the project involve approval of the Development
Agreement, approval of the lease agreement for the portion of the public parking lot
identified in the project, and the purchase agreement of the 2nd Street ROW - all which are
actions for the City Council. The project will start later in 2023 and with an anticipated 14-
month build.
Additional conversation ensued, and the EDA thanked the Developers for making this
investment in Farmington. The Chair called for a motion to approve resolution.
MOTION by Lien, second by Hoyt to adopt Resolution R03-23 approving the contract for
private development with Ten Nineteen Development LLC. APIF, MOTION CARRIED.
(b) Micro Grant Program Discussion - CONTINUATION
At the February EDA meeting, Staff was directed to review previous grant scoring criteria
(redevelopment and facade grant programs), to incorporate into the scoring criteria for the
newly proposed micro grant program. Staff explained that the previous scoring criteria
doesn't translate into a traditional micro grant program. Therefore, Staff was seeking
additional clarification on what the EDA priorities are and what the EDA wants to
accomplish with this kind of incentive program for small businesses to ensure that the
program meets the expectations of the EDA.
Staff included several questions in the staff report to guide the discussion with the goal of
clarifying the intent of a micro grant program. Staff explained that the outcomes from the
discussion would be used to finalize the micro grant program guidelines, application, and
scoring documents. Discussion ensued. The EDA formalized that their preferences for the
2023 Micro Grant program are as follows:
$25,000 for the program.
Maximum grant amount of $2,500 with a 50-percent match requirement.
Applications will be accepted on a first -come first -served basis.
Economic Development Authority Minutes
Regular Meeting
March 20, 2023
Page 2 of 4
Page 3 of 5 Page 5 of 24
• An online, fillable applications will be developed and available on the website. All
applicants will submit application and supporting documentation through the
website.
• All small businesses are eligible to apply that are located within the municipal
boundaries of Farmington - staff will work with the GIS coordinator to export
addresses and create a map.
• Program will be flexible to meet businesses where they are at, meaning eligible uses
could include development of websites, point of sale systems, signage, relocation
expenses, building improvements, etc. Previous grant programs were focused on the
buildings and building appearance only (redevelopment and facade grant).
• EDA will be the approve authority for all grants. Staff will vet applications prior to
being brought to EDA for approval to ensure that applicants meet the program
guidelines.
• Staff will be responsible for marketing and promoting the program.
• The EDA will be kept updated and informed on applications, questions, success of
program.
(c) 2023 EDA Work Plan
Staff presented the work plan and talked about the purpose of each focus area and examples
of tasks and initiatives associated with each: Business Growth, Available Land, Marketing,
Partnerships, Ongoing Operations. Many of these action items can be accomplished with
people resources, and Staff explained they will be looking for ways to leverage the limited
EDA funding.
The EDA then discussed the importance of shifting the role of the EDA towards setting
policy and direction, and empowering Staff to do the work and ask for what is needed to
accomplish the economic development goals and work for the City. The EDA emphasized
that the ultimate goal is to increase the tax base/tax capacity and find ways to get more
development. The EDA further expressed that Staff is responsible for determining priorities
within the work plan and allocating resources appropriately to make a difference, be
effective, do big things, and change the trajectory of the city.
Staff explained that 2023 is a rebuilding year, and the Work Plan focuses on establishing a
foundation to work from. It is important to understand what the EDA/City has to work with
(land, resources, assets, etc.) so to understand what is needed and where to go. Staff further
explained that future budget requests will be tied to the work plan, with the goal of
identifying what needs to happen, what can the EDA influence, and what will have the
greatest impact.
The overall direction from the EDA was general approval of the work plan. The EDA stated
their desire is to empower Staff to take the lead and identify priorities within the work plan
based on resources and tell the EDA what is needed.
9. DIRECTOR'S REPORT
The EDA stated that they need to be kept informed and up to date on activities, so that they
can answer questions from the public. Staff explained that the Director's Report is a work in
progress, but a way to highlight some of the day -today activity. Staff also expressed that
Economic Development Authority Minutes Page 3 of 4
Regular Meeting
March 20, 2023
Page 4 of 5 Page 6 of 24
there is a need to be mindful of the confidential nature of projects/prospects. Staff then
provided an overview of the recent activity and answered questions.
10. ADJOURN
MOTION by Hoyt, second by Lien to adjourn at 6:39 p.m. APIF, MOTION CARRIED.
Respectfully submitted,
Deanna Kuennen
Community Development Director
Economic Development Authority Minutes
Regular Meeting
March 20, 2023
Page 4 of 4
Page 5 of 5 Page 7 of 24
CITY OF
FARMINGTON
43o Third St., Farmington. MN 55024
651-280-6800
0 Farmington MN.gov
To: Mayor, Councilmembers and City Administrator
From: Deanna Kuennen, Community Dev Director
Department: Community Development
Subject: Monthly Financial Statement
Meeting: Economic Development Authority - Apr 17 2023
INTRODUCTION:
Attached is the Monthly Financial Statement for the month of March 2023. The notable expenses
incurred in the month of March include:
• Developer Payment - 2022 Redevelopment Grant - Triton Properties, LLC
DISCUSSION:
Not applicable
BUDGET IMPACT:
Not applicable
ACTION REQUESTED:
Accept the monthly Financial Statement for the EDA.
ATTACHMENTS:
03-2023 EDA Monthly Financial Report
Page 8 of 24
ECONOMIC DEVELOPMENT AGENCY
COMPARATIVE STATEMENT
OF REVENUES AND EXPENSES
CITY OF FARMINGTON
MONTHLY FINANCIAL REPORT
March 31, 2023
BUDGET THIS YEAR TO YEAR TO PERCENT 2022
2023 MONTH DATE 2023 DATE 2022 COLL/EXP ACTUAL
REVENUES
Interest
1,600
916
681
57.25%
(6,627)
Total Revenues
1,600
-
916
681
57.25%
(6,627)
EXPENDITURES
Other Services & Charges
81,510
8,866
31,113
10,770
38.17%
40,598
TOTAL EXPENDITURES
81,510
8,866
31,113
10,770
38.17%
40,598
TRANSFERS
50,000
4,167
12,500
56,867
94,367
EXCESS (DEFICIENCY)
$ (29,910)
$ (4,699)
$ (17,697) $
46,778
$
47,142
Cash Balance as of March 31, 2023 $196,291.
Page 2 of 2 Page 9 of 24
To:
From:
CITY OF
43o Third St., Farmington. MN 55024
FARMINGTON (S� 651-280-6800
0 Farmington MN.gov
Mayor, Councilmembers and City Administrator
Department:
Subject:
Meeting:
Deanna Kuennen, Community Dev Director
Community Development
EDA Levy Discussion
Economic Development Authority - Apr 17 2023
INTRODUCTION:
Currently the Economic Development Authority (EDA) does not have a dedicated funding stream.
Minnesota Statutes gives authority to the EDA to request a dedicated tax to support broad
economic development goals. Minnesota Statutes regulate the process to request a levy as well as
the maximum levy amount for an EDA.
DISCUSSION:
The EDA's budget is funded by a direct appropriation from the City. Since 2019, the allocation to
the EDA to support economic development efforts has been between $40,000-$50,000 annually.
This funding is used to support the operations - including memberships, equipment, developer
payments (grant programs), and program expenses. The EDA also has a small fund balance that
has been built up over time. In 2022, $30,000 of the fund balance has been allocated to balance the
budget.
Limited funding impacts the city's ability to pursue certain economic development activities, and the
ability to offer certain programming. Staff is recommending that the EDA request an EDA levy as
part of the 2024 budget process. State statutes provide the authority to request a levy. The EDA
itself does not have the ability to implement a levy, but the EDA may ask the City Council to institute
a tax for the benefit of the EDA.
Staff has worked with Chris Regis, Finance Director, to calculate what the EDA could have
requested for a levy in 2023, based on the City's taxable market value - and how that would have
impacted the overall city levy. The following table illustrates the current scenario of zero EDA Levy,
through a full EDA levy as allowed by statutes (0.01813% of the City's taxable market value) - and
the increase it would have on the overall levy:
Page 10 of 24
2023 Tax Levy with EDA Levy
Local
Levy
EDA Levy
Total
Local Levy
Increase
Zero EDA Levy
$ 12,749,859.00
$ -
$ 12,749,859.00
5.96%
-
$100,000 EDA Levy
$ 12,749,859.00
$100,000.00
$ 12,849,859.00
6.79%
0.83%
$200,000 EDA Levy
$ 12,749,589.00
$200,000.00
$ 12,949,589.00
7.62%
1.66%
$300,000 EDA Levy
$ 12,749,589.00
$300,000.00
$ 13,049,589.00
8.45%
2.49%
$400,000 EDA Levy
$ 12,749,589.00
$400,000.00
$ 13,149,589.00
9.29%
3.33%
Full EDA Levy
$ 12,749,589.00
$524,615.00
$ 13,274,204.00
10.32
4,369/o
Staff is recommending that as part of the 2024 budget, the EDA requests a levy along with the
standard direct appropriation that the EDA is currently receiving. Additional funding will allow the
EDA to create different/additional programs, enhance marketing and outreach efforts, and pursue a
more comprehensive economic development strategy based on outcomes from the community
vision initiative. Specific uses of the funding have not been identified yet - which is why Staff would
recommend starting with a $100,000 levy in year 1.
BUDGET IMPACT:
No impact in 2023.
ACTION REQUESTED:
Staff is requesting that the EDA discuss the concept of a dedicated EDA levy and provide direction.
If the EDA agrees/approved - Staff will work with the Finance Department and the City Attorney as
part of the 2024 budget process to properly request that the City establish a levy, certify the
proposed levy on or before September 30th, and adopt a final levy as required by statutes.
ATTACHMENTS:
Establishing an EDA Levy - Memo
Page 2 of 6 Page 11 of 24
MEMORANDUM
FROM: CITY ATTORNEY ('V CAMPBELL KNUTSON
To: FARMINGTON
DATE: APRIL 14, 2023
RE: EDA LEVY PROCESS
INTRODUCTION
City staff requested additional information about the legal process behind developing an
Economic Development Authority levy. Below is a summary overview of the steps required for
instituting such a levy.
BACKGROUND
The EDA Act Minn. Stat. §§469.090 to 469.1082 gives certain powers to economic development
authorities within a city. The EDA itself has no power to implement an EDA levy. Such a levy is
part of the City's budgeting process and any levy would count towards the City's overall levy
limits. The EDA, on its own powers, does not have the ability to independently set a levy.
However, in some situations, EDAs may concoct a different levy if the EDA also has the powers
of a Housing and Redevelopment Authority.
To institute an EDA levy without HRA powers, the EDA may ask the City Council to institute a
tax for the benefit of the EDA. This is done with an EDA resolution. The City Council then
considers this request and determines whether such a levy will have a place in the City's overall
budget and levy limit. Minn. Stat. §469.107. The maximum amount for such a levy is 0.01813%
of the City's taxable market value.
If such a levy is authorized by the Council and certified by the county auditor, the EDA then
benefits from a tax on all taxable property within the City. The EDA can use funds from this levy
to pursue broad goals of economic development in the community within the purposes provided
in the EDA Act.
An EDA levy does not preclude the city from continuing to fund EDA activity through direct
appropriations from the city's general fund. There is no limit to the amount of funding that can
be provided to an EDA through direct appropriation.
STEPS TO ENACT EDA LEVYI
To begin this process, the EDA must first request such a levy from the City Council.
1. EDA passes resolution requesting an EDA levy, levy can be no more than 0.01813% of
the City's taxable market value.
' Cities should review enabling resolutions and EDA by-laws (if any exist) for special rules regarding
EDA operations.
224859v1
Page 3 of 6 Page 12 of 24
a. Such a resolution can include the EDA's overall budget as well.
2. Council considers the request as a feature of the City's budget process.
a. The City Council passes a resolution stating the proposed amount of the EDA
levy.
b. The City publishes the resolution together with a notice of public hearing on the
resolution for two successive weeks in its official newspaper or if none exists in a
newspaper of general circulation in the City.
c. The City holds the meeting two to four weeks after the first publication.
d. The City Council decides whether to take no action or adopt a resolution
authorizing the proposed levy or a lower levy.
e. City includes any EDA levy in all budgeting deadlines and truth in taxation
notices, hearings, and processes.
3. City adopts and certifies a proposed levy on or before Sept. 30.
4. City adopts and certifies a final levy on or before five working days after December 20 in
each year.
5. County Auditor certifies taxes.
6. City "pays" the EDA the appropriate amount of funds, to be spent by the EDA.
RESOURCES
MN DEED Economic Development Authority Handbook, October 2011, Pages 13-14.
League of Minnesota Cities, Community Development and Redevelopment, Page 10.
League of Minnesota Cities, Property Tax Levy, Pages 14-21.
Minnesota Statutes Minn. Stat. ch. 469.
224859v1
Page 4 of 6 Page 13 of 24
FARMINGTON ECONOMIC DEVELOPMENT AUTHORITY
DAKOTA COUNTY, MINNESOTA
EDA RESOLUTION NO.
RESOLUTION REQUESTING 2024
ECONOMIC DEVELOPMENT AUTHORITY LEVY
WHEREAS, Minn. Stat. §469.107, Subdivision 1 provides that a City may, at the
request of its Economic Development Authority ("EDA"), levy a tax each year upon all taxable
property within the taxing district for the benefit of the EDA; and
WHEREAS, Minn. Stat. §469.107, subd. 1 also limits this levy to no more than 0.01813
percent of the estimated market value of the taxing district; and
WHEREAS, the EDA desires the City to implement a levy in the proposed 2024 Budget.
NOW THEREFORE BE IT RESOLVED by the Economic Development Authority of
the City of Farmington that it approves and recommends a 2024 tax levy of $ for EDA
purposes.
PASSED AND DULY ADOPTED by the Economic Development Authority of the City
of Farmington, Minnesota, this day of 12023.
ATTEST:
Deanna Kuennen, Executive Director
224859v1
FARMINGTON EDA
Joshua Hoyt,
Page 5 of 6 Page 14 of 24
CITY OF FARMINGTON
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO.
RESOLUTION CERTIFYING THE 2024 PROPERTY TAX LEVY RECOMMENDED
BY THE FARMINGTON ECONOMIC DEVELOPMENT AUTHORITY (EDA)
WHEREAS, Minn. Stat. §469.107, Subdivision 1 provides that a City may, at the
request of its Economic Development Authority ("EDA"), levy a tax each year upon all taxable
property within the taxing district for the benefit of the EDA; and
WHEREAS, Minn. Stat. §469.107, subd. 1 also limits this levy to no more than 0.01813
percent of the estimated market value of the taxing district; and
WHEREAS, on , 2023 the EDA approved and recommend a 2024 tax levy of
$ in EDA Resolution to financially support the EDA's Budget;
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Farmington
that it approves and certifies a 2024 EDA special tax levy of $
PASSED AND DULY ADOPTED by the City Council of the City of Farmington,
Minnesota, this day of , 2023.
ATTEST:
Lynn Gorski, City Administrator
224859v1
CITY OF FARMINGTON
Joshua Hoyt, Mayor
4
Page 6 of 6 Page 15 of 24
CITY OF
43o Third St., Farmington. MN 55024
FARMINGTON (S� 651-280-6800
0 Farmington MN.gov
To: Economic Development Authority
From: Deanna Kuennen, Community Dev Director
Department: Community Development
Subject: Marketing Proposal - Minnesota Vikings Official 2023-24 Yearbook
Meeting: Economic Development Authority - Apr 17 2023
INTRODUCTION:
In January the EDA agreed to reallocate a portion of the budget for marketing ($30,000). Staff has
been seeking opportunities to leverage these marketing dollars to have a significant impact. Staff is
recommending using a portion of the marketing budget for print and online ad space as part of the
Minnesota Vikings Official 2023-24 Yearbook.
DISCUSSION:
The Minnesota Vikings Yearbook is a souvenir publication that is available inside US Bank Stadium
for home games and is featured on the Vikings website. A limited number of EDA's and Convention
and Visitor Bureaus have an opportunity to acquire ad space within the publication. The publication
helps promote Minnesota cities - with the potential to reach millions of fans and members of the
corporate world. Attached is a link to the 2022 Yearbook: 2022 Minnesota Vikings Yearbook
(publogix.com)
Staff is recommending participation in the 2023-24 Yearbook - building a half page ad around
Farmington's desire to be bold and boldly pursue Farmington's vision. The timing aligns nicely with
the community vision/comprehensive plan update - and fits within the dedicated marketing budget.
Attached is information about the Minnesota Vikings Official Yearbook, its potential reach, and the
ad specifications. The cost would be $8000 for a half page, full color ad.
BUDGET IMPACT:
$8,000 from the 2023 marketing budget.
ACTION REQUESTED:
Staff is seeking approval to purchase advertisement space in the Minnesota Vikings 2023-24
Yearbook.
ATTACHMENTS:
Minnesota Vikinas YB PSP
Page 16 of 24
THE OFFICIAL MINNESOTA VIKINGS
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This annual program, anticipated by fans each season, contains great photography, along
with player profiles, statistics, and history. As a coffee table -quality collectible, Yearbooks are
available in -stadium for home games and are typically sent to season ticket holders, available
at team stores and events and used as a reference throughout the season.
Digital Component - A complete digital version of each team's souvenir yearbook is typically
available on their official website.
Official Team Brand Association - Officially align your brand with the most popular sport in
America. Use the power of the most recognizable teams in sports to help deliver your advertising
message.
Repeat Exposure - Souvenir publications are collectibles that are taken home and used as a
reference piece throughout the season, providing repeat exposure for your advertising message.
High -Quality, Pre -Qualified Audience - Your advertising message is delivered to a pre -qualified
audience of avid home team fans in a positive, receptive environment.
Great Editorial - These high -quality magazines are packed with insider information only an
official publication can deliver.
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available for free viewing on the official Vikings website, which receives millions of unique,
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GENERAL DEMOGRAPHICS % Comp Index AUTOITRAVEL % Comp Index
Men 57 118 Intend to Purchase/Lease Automobile 32 106
Managers/Professionals 39 157 Own/Lease New Vehicle 54 120
Attended/Graduated College 75 126 3+ Domestic Trips 25 190
Median HHI $119,300 Member of Frequent Flyer Program 36 208
Median Respondent Age 41 5+ Nights in Hotel/Motel 54 206
SPORTS ACTIVITIES (in the last 12 months) APPAREL/SPORTING GOODS
Baseball 10 254 Purchased $1,000+ in Clothing 16 188
Basketball 20 262 Purchased $100+ in Sports Clothing 44 242
Football 18 369
Golf 29 388 CONSUMER ELECTRONICS
Jogging/Running 33 256 Has Access to the Internet 96 108
Swimming 36 236 Owns Cellular/Mobile Phone/Smartphone 99 104
Tennis 6 178 Owns a Digital Camera 32 162
HH Owns MP3 Player 29 170
LEISURE ACTIVITIES HH Owns LCD/Plasma/LED/DLP/OLED TV 79 121
Goes to Bars/Nightclubs 38 226 HH Owns DVD or Blu-ray Player 64 120
Dines Out 71 139 HH Owns Video Game System 63 130
Entertains Friends or Relatives at Home 47 151 HH Owns a Personal Computer 84 111
Attend Music Performances 43 189
Source: 2018 Spring GfK MRI
FINANCIAL Base: Adults, Attend NFL Games
Intend to Invest in Stocks, Bonds or Mutual Funds 25 117
Has an IRA and/or 401 K 39 151
Owns Stocks 18 170
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CITY OF
FARMINGTON
43o Third St., Farmington. MN 55024
651-280-6800
0 Farmington MN.gov
To: Economic Development Authority
From: Deanna Kuennen, Community Dev Director
Department: Community Development
Subject: Director's Report
Meeting: Economic Development Authority - Apr 17 2023
INTRODUCTION:
The following highlights recent economic development activity:
DISCUSSION:
March 2023:
Page 23 of 24
Projects
0 Ebert Apartments
o All approvals complete
o Closing on property in May
o Staff working on RIG grant application ($250.000)
Community Vision/Comprehensive Plan Update - HKGi
Internal kick-off meeting
Review/finalizing community engagement plan
Southeast Metro Development Summit (sponsored by CDA)
Content development/speakers
• Business View Magazine
- Farmington one of four communities to be featured.
Prospects
. Project LOOP - 25 acres. FDI - no update
Project Wendy - 15-3o acres, biotechnology manufacturing - no
update
Project Tulip - 60-100 acres, biopharma - additional information
submitted on 4-13-23
Other - 60 acres - worhing on "mock permit" for proposed project
Business
. Valmont - to explore training partnerships with DCTC
Visits
Meetings
0 Dale Severson. KV Properties/Broker
Hamilton Real Estate. MF housing developer
Paul Otten, property owner/investor/developer
• Mark Loftus, Dakota County Chamber Foundation
• Natalie Mouilso. Open to Business
• President Michael Berndt. DCTC
• Dakota -Scott Workforce Development Board
• Greystone Construction
Cult
. Presenter, MREJ Land Development Conference (2 events)
BUDGET IMPACT:
Not applicable
ACTION REQUESTED:
No action requested. This report is for informational purposes. Staff is available to provide
additional details and answer any questions.
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