HomeMy WebLinkAbout4.c. Commercial Update 4 ROSEMOUNT EXECUTIVE SUMMARY
PORT AUTHORITY
Port Authority Regular Meeting: March 6, 2012
AGENDA ITEM: Commercial Update
AGENDA SECTION:
Old Business
PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 4.c.
ATTACHMENTS: Commercial Space Listing March 1, 2012 APPROVED BY:
Oft)
RECOMMENDED ACTION: For Information Only
BACKGROUND
Providing information about the commercial vacancy rate in the City was started last year. This is one
indicator of a healthy commercial business base. The vacancy rate has gone up to 10% which is higher
than when last reviewed November 1, 2011 when the rate was 7 There has also been a little bit of
shuffling to different centers by a few tenants such as Curves for Women and MGM liquors.
Staff continues to work with the Mayor as he welcomes new businesses to the community. Since the City
became more diligent about sponsoring ribbon cuttings we have seen an increase. In the second half of
2011 there were 6 ribbon cuttings held. So far this year, there have been 2 ribbon cuttings held and 2 are
presently scheduled. There are five new businesses that have been contacted about holding a ribbon
cutting but have not been scheduled as yet.
During discussions with the Business Council, they indicated a renewed vigor in meeting with existing
businesses. The Business Council has an ambassador program, where they go out one day a month and
meet with businesses. Last month the group met with Spectro Alloy. The Chamber also intends to
continue their Grow MN calls to businesses. Staff is invited to attend all of these visits.
RECOMMENDATION
No action needed.
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