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HomeMy WebLinkAbout03/22/2018 EDA Meeting••• •••• ••••• •••• ••• Apple ��ey Meeting Location: Municipal Center 7100 147th Street West Apple Valley, Minnesota 55124 March 22, 2018 ECONOMIC DEVELOPMENT AUTHORITY REGULAR MEETING TENTATIVE AGENDA 6:00 PM 1. Call to Order 2. Approve Agenda 3. Approve Consent Agenda Items Consent Agenda Items are considered routine and will be enacted with a single motion, without discussion, unless a commissioner or citizen requests to have any item separately considered. It will then be moved to the regular agenda for consideration. A. Approve Minutes of January 25, 2018, Regular Meeting 4. Regular Agenda Items A. Presentation on Open To Business and the 2017 Annual Report B. 2040 Comprehensive Plan Update -Economic Development 5. Staff Updates 6. Adjourn Regular meetings are broadcast, live, on Charter Communications Cable Channel 180 and on the City's website at www.cityofapplevalley.org AppVa��ey ITEM: EDA MEETING DATE: SECTION: 3.A. March 22, 2018 Consent Agenda Description: Approve Minutes of January 25, 2018, Regular Meeting Staff Contact: Joan Murphy, Department Assistant Department / Division: Community Development Department ACTION REQUESTED: Approve minutes of regular meeting of January 25, 2018. SUMMARY: The minutes of the regular Economic Development Authority meeting are attached for your review and approval. BACKGROUND: State statute requires the creation and preservation of meeting minutes which document the official actions and proceedings of public governing bodies. BUDGET IMPACT: N/A ATTACHMENTS: Minutes ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota January 25, 2018 Minutes of the regular meeting of the Economic Development Authority of Apple Valley, Dakota County, Minnesota, held January 25, 2018, at 6:00 p.m., at Apple Valley Municipal Center. PRESENT: Commissioners Bergman, Goodwin, Hamann -Roland, Hooppaw, Johnson and Melander ABSENT: Commissioner Grendahl City staff members present were: Executive Director Tom Lawell, City Attorney Michael Dougherty, Community Development Director Bruce Nordquist, Finance Director Ron Hedberg, Planner Kathy Bodmer, Planner/Economic Development Specialist Alex Sharpe and Department and Assistant Joan Murphy. Meeting was called to order at 6:00 p.m. by President Goodwin. President Goodwin introduced Ken Johnson, the newest member appointed by the Apple Valley City Council. APPROVAL OF AGENDA MOTION: of Hamann -Roland, seconded by Melander, approving the agenda. Ayes - 6 - Nays - 0. CONSENT AGENDA MOTION: of Hamann -Roland, seconded by Bergman, approving the minutes of the meeting of August 10, 2017, as written. Ayes - 5 - Nays — 0. Abstain — 1 (Johnson) MOTION: of Hamann -Roland, seconded by Bergman, approving Business Subsidy Agreement with Village Pointe Plaza LLC for Village Pointe Plaza development. Ayes - 6 - Nays - 0. 2018 BOARD OFFICERS MOTION: of Goodwin, seconded by Johnson, adopting Resolution No. EDA 2018-01 appointing 2018 officers of the Economic Development Authority as: President — Hooppaw, Vice -President — Melander, Secretary — Gackstetter, Treasurer — Bergman, and Assistant Treasurer — Gackstetter. Ayes - 6 - Nays - 0. Commission made the decision to have President Goodwin finish serving as President for the remainder of the meeting. Economic Development Authority City of Apple Valley Dakota County, Minnesota January 25, 2018 Page 2 2018 MEETING CALENDAR MOTION: of Hamann -Roland, seconded by Bergman, approving the dates on the 2018 calendar and the first meeting of 2019. Ayes - 6 - Nays — 0. 2018 EDA BUDGET Finance Director Ron Hedberg stated the proposed 2018 budget, approved by the City Council in their annual budget, includes the Economic Development Operations Fund. The proposed budget includes the anticipated activities in 2018. If the need arises to address development opportunities, such as Business Retention, Expansion and Attraction (BREA) activities, future action would be requested to address the need. He reviewed the activity areas in 2018 and the projected 2018 year end fund balance is $113,505. MOTION: of Hamann -Roland, seconded by Melander, adopting Resolution No. EDA 2018-02 approving the 2018 EDA Budget. Ayes - 6 - Nays — 0. OPEN TO BUSINESS PROGRAM Community Development Director Bruce Nordquist provided an update on how the program is progressing in Dakota County and made comparisons to surrounding counties. The program is offered through the Metropolitan Consortium of Community Developers (MCCD), and helps small businesses and entrepreneurs that need individual advice and counseling, and access to capital that is not available from the commercial banking system. Small businesses and entrepreneurs generate a significant number of jobs and income, but are often unable to obtain traditional funding because they are considered too risky by many lending institutions. The technical assistance and financing network offered by MCCD can make a difference in creating a successful business. Discussion followed. MOTION: of Hooppaw, seconded by Hamann -Roland, authorizing JPA with Dakota County Community Development Agency for "Open to Business". Ayes - 6 - Nays - 0. ADJOURNMENT MOTION: of Hamann -Roland, seconded by Bergman, to adjourn. Ayes - 6 - Nays - 0. The meeting was adjourned at 6:29 p.m. Economic Development Authority City of Apple Valley Dakota County, Minnesota January 25, 2018 Page 3 Respectfully Submitted, /s/ Joan Murphy Joan Murphy, Department Assistant Approved by the Apple Valley Economic Development Authority on Clint Hooppaw, President AppVa��ey ITEM: EDA MEETING DATE: SECTION: 4.A. March 22, 2018 Regular Agenda Description: Presentation on Open To Business and the 2017 Annual Report Staff Contact: Alex Sharpe, Planner and Economic Development Specialist ACTION REQUESTED: Receive Open To Business 2017 Annual Report. SUM MARY: Department / Division: Community Development Department Laurie Crow, Business Coordinator with Open To Business (OTB), will be presenting on the successes of the OTB program in Apple Valley. This includes several success stories in Apple Valley. Laurie will also be sharing strategies for additional community outreach to increase users within Apple Valley. BACKGROUND: On January 25, 2018, the EDA approved a Joint Powers Agreement with the Dakota County Community Development Agency (CDA) to fund the Open To Business program. At that time, the 4th quarter and yearly report for 2017 was not available. The 4th quarter and yearly report has been attached to this memo for reference. BUDGET IMPACT: N/A ATTACHMENTS: Report Clients Served: Pre -Start Planning Start-up Existing Business- Opportunity Existing Business- Challenged Total Clients: Financing: Approved: Number Amount Leveraged Program Hours: 1St QTR - 2nd QTR - 3rd QTR - 4th QTR - Total Contract: Dakota County 12.31.2017 Open to Business 3137 Chicago Ave Minneapolis, MN 55407 612-789-7337 Industry Segment: 37 Retail 13 Service 26 Food 24 Health/Fitness Manufacturing 100 Construction/Real Estate Technology Unknown 8 $209,500 $1,599,000 272.50 197.00 222.25 240.25 932.00 Referral Source: Municipality Other Entrepreneur Bank Referral Family/Friend Other City: Apple Valley Burnsville Eagan Farmington Hastings Inver Grove Heights Lakeville Mendota Heights Rosemount S. St. Paul W. St. Paul Other 5 51 23 1 7 4 2 7 62 1 10 9 18 8 17 11 12 9 8 17 3 5 4 5 1 Quarter 4, 2017 at a Glance Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total MCCD Direct Loans — Total How many direct loans did we make in 2017? How much of our own funds have we lent out? How much other money did our loan fund leverage? How many jobs will our small businesses create or retain? 9 14 18 17 58 $312,000 $526,200 $759,000 $619,499 $2,216,699 $62, 750 $7, 486,887 61 147.5 $3,809,198 79.5 $3,296,851 85 $14,655,686 373 Direct Loans generally of $25,000 or less (to new and emerging businesses) How many micro -loans did we make in 2017? 6 6 11 10 How much of our own funds did we lend out as micro -loans? $77,000 $83,200 $94,500 $106,850 How much other money did our 33 $361,550 micro -loan program leverage? $11,525 $64,334 $123,625 $147,950 $347, 434 How many jobs will our micro - loan borrowers create or retain? 20 40 21 14 95 Direct Loans generally greater than $25,000 (to second stage and growing businesses) How many second stage business loans did we make in 2017? 3 8 How much of our own funds did we lend out as second stage loans? $235,000 $443,000 $664,500 $512,649 How much other money did our second stage loan program leverage? $51,225 $7,422,553 $3,685,573 $3,148,901 How many jobs will our second stage borrowers create or retain? 41 107.5 58.5 71 7 Credit Builder Loans How many credit builder loans did MCCD make in 2017? What share of our credit builder loans went to minorities? 32 94% 19 95% 44 91% 30 87% Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Loan Volume (Direct Loans, Credit Builder Loans, and Administered Loans) In all, how many loans did we close in 2017? 41 45 81 49 25 $1,855,149 $14,308,252 278 125 91% Total 216 In all, how much money have we 1 Tent out? $332,300 $658,885 $876,915 $715,550 $2,583,650 Credit Builder Loans 19 Credit Builder Borrowers $5,185 FROM EMPLOYEE TO ENTREPRENEUR: MIKEY FORNICOIA BUYS AND EXPANDS BROWN BOX TEES After years of working in the Los Angeles film and television industry, Mikey Fornicoia was ready for a change. The long hours and grueling schedule had burnt out his drive and creativity. Thinking he just needed a break to rest and revive his passion, Fornicoia returned to his home state of Minnesota. He ended up staying for good. Fornicoia found a position working for a local church, and began spending time exercising his creativity at his brother-in-law's Farming- ton -based graphics shop. Fornicoia picked up the craft quickly, and he especially found himself drawn to creating tee-shirt and other apparel designs. But just a few years later, his brother-in-law began making plans to sell off the screen -printing portion of the business. "I asked him who was going to buy it. He said, You are" Fornicoia remembers, laughing. Looking for a new adventure, Fornicoia iuniped at the chance to purchase the business. Within months, he launched Brown Box Tees, a full-service creative design and screen -printing company. The only problem? He had no experience as a small business owner, Fornicoia excelled at the design work required in his new business, but he lacked confidence in his entrepreneurial. skills. He was struggling to edu- cate himself about running a small business when he learned about Open to Business, a free nonprofit business consulting and financing program paid for by Dakota County. After connecting with the organization, For- nicoia began what would become a years -long mentorship with Business Advisor Laurie Crow. Crow helped him realize he was just as capable of learning sound business skills as he was of learning how to screcnprint. "I told him he could do this. How could he build the confidence he need- ed to he successful? With knowledge," Crow said. Fornicoia said that Crow's belief in him and her steady partnership propelled him to make big changes in his business. The pair started by creating a business plan for Brown Box Tees that guided the company as Fornicoia evaluated several looming decisions. One of those decisions was the need for a larger space and different location. They evaluated new commercial spaces and eventually re located the shop to a larger facility in the nearby city of Apple Valley. Next, they completed a financial analysis, which led Fornicoia to purchase additional equipment to expand his screen -printing capacity and customer base. "When Mikey first came to mc, he didn't know what he didn't know," Crow said. "He needed me to listen and give him the initial direction. That opened up the creative side of him that gave him confidence in growing his business," Once a solopreneur, Fornicoia now employs six people with plans to hire more employees soon. His investment in new equipment and large/ space also gave him the ability to work with larger clients like Target, CenterPoint Energy, and the Minnesota Timberwolves. The foundation of Brown Box Teessuccess is the company's commitment to building relationships, not just completing transactions. "There are a lot of screen -printers out there, but I didn't want us to just be a number," Fornicoia said. "We take care of our clients and we've created a truly inspired, creat ive culture at Brown Box Tees'1 Visit Brown Box Tees and see samples of the company's work at www.browltboxtees. corn. Open to Business is a program oi tht, Nietropolitan Consortium of Community Developers. Find us ai www.opentobusinessmn.org CALL A BUSINESS ADVISOR IN ONE OF OUR SEVEN TWIN CITIES LOCATIONS: ty — 612-843-3260 Other Henn e 0 BUSINESS hnta Cot inty — 952-484-3107 Scott County — 612-843-3278 www.opentobusinessmn.org Washington County - 612-789-8838 SINESS IS NOT EA LLJ w ce Li uu fl 14- 0 = • S/1 Vj 0 0 st,e, -cs 6 1 Ct. Cid CU 7:5 = 0 0 111 0 0 C:F) 0 Business & strategic planning 10. Marketing & communications planning II. Regulatory, tax, licensing, & accounting tr Financial assessment Direct lending ental & community financing Access to govern Loan packaging for private financing Referrals to critical professional services We also work with entrepreneurs to find V) g g in ct ci) • .... PC:$ g ciP) cn to ci.) g .,--, • 9. 0 • * . C4 ▪ .5., • g 0 • o -,—, .E" = g Q) 0 = cz • 4,-, C., C1) CD ▪ ▪ g ....4 .., •,.- i -g 0 A-, CZ = 0 cL) 73 cts • 4-, p•- cn ;-.. cL) 4. '4—, 01 .i.,• g 13) 5 bi5 g ,k b.0 ▪ "Ci ct g 75 0 ;--4 77' work with you to develop a strong business chart the best path. Visit www.opentobusinessmn.org or call (612) 789-7337 to start working with an advisor today! AppVa��ey ITEM: EDA MEETING DATE: SECTION: 4.B. March 22, 2018 Regular Agenda Description: 2040 Comprehensive Plan Update - Economic Development Staff Contact: Bruce Nordquist, Community Development Director, Al CP ACTION REQUESTED: No action. Department / Division: Community Development Department SUMMARY: In 2008, for the 2030 Comprehensive Plan Update, an `Economic Development" Chapter was added, one of the first in the Region, to include a strategic plan on this topic. A copy of that Chapter 6 is attached to this memo. Much of that framework will continue, highlighting: • The $110 million in business attraction, retention and expansion observed from 2011 to 2015 that paralleled the launch of the Red Line and completion of 147th Street. • Significant expansion, investment and employee growth at Uponor and Wings Financial. • Apple Valley's strength in its primary retail trade area of approximately 7 miles where an estimated population of 230,000 with an annual income of $98,590 presently resides and is growing. • The redevelopment of the 414 acre active mining area centered at CSAH 42 and Johnny Cake Ridge Road as a mixed business campus; and the efforts by the owner, Rockport LLC, to attract medical services as a dominant user. • The redevelopment of the 60 acre Hanson Concrete/Menard parcel, to be redeveloped as a proposed mix of home improvement supply retail and industrial uses adjacent to a fuel storage facility. The Chapter will also expand in the following areas: • Addressing business climate change; long term sustainability and resilience, the trend toward the retailization of medical services which Apple Valley is well positioned for, facilitating a trained workforce matching demand, and a continuation of pro-business relationships. • Encouraging retail place making that offers experiential amenities and tenant mix. • Selective redevelopment and vertical mixed use in our transit station area while also protecting established adjacent uses. • Recognition that significant technological advances are anticipated in use of vehicles, the delivery of people, goods and services and communication. • Continue as a Green Step City leader in sustainability, resilience and energy conservation. Since 2010, every business client meeting with staff has received a copy of Chapter 6. Staff will continue to pursue the positive aspects of competition with cities to attract and retain business, and people, as the best city to live, work, shop, learn and recreate. Many cities may add an economic development chapter but few will have our successful experiences to date in the use of the Chapter. Apple Valley continues to display a strong brand where you can Plant .;) Grow ,;) Prosper ! BACKGROUND: N/A BUDGET IMPACT: N/A ATTACHMENTS: Background Material 4) bA —Fd cd C,..1.) Q v y cd •--� .4 o •� j 13 C • 1-4 = 7 E. co retailers and smaller niche businesses that bolster com- O4.) cd V -r -r 1-4 :� a� o 0 d '4) dUi •cid4--' _� cr ao 4, v; 4, N t.) '4 cd • ,..4 7::$ t': 0 .� T. t.) ci '-ci ,'� -. 00 .-ci a, -a,, , u . ca d cid O v pi m O ;_, • •. a ,� a O 4, • — `-4 +-' 5 (1.) 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