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Home My WebLink About4.b. Approval of Port Authority Goals4ROSEMOUNTEXECUTIVE SUMMARY PORT AUTHORITY Port Authority Date: April 16, 2013 AGENDA ITEM: Approval of Port Authority Goals AGENDA SECTION: Old Business PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 4.b. ATTACHMENTS: Draft Goals APPROVED BY: RECOMMENDATION: Approve the goals. ISSUE The Port Authority has been discussing and updating their goals document over the last several months. At the last meeting, the Chair indicated he would recommend some wording changes and bring the item back to the group for discussion and adoption. Attached is the draft goal document. The goals have been combined somewhat, to decrease the number of goal statements in the document. The Port Authority will have an opportunity to discuss the goals further at this meeting and if there are no additional modifications, staff is recommending approval of the goals document. RECOMMENDATION Approve the goals. Mission The purpose of the Rosemount Port Authority is to encourage and carry out economic development and redevelopment within the City, acting as the development authority on behalf of the City's interest to increase the tax base, promote new job development and enhance the health, safety and welfare of our residents. Economic Vitality and Development Vision Recognizing potential growth and UMore Park development impacts in the next several decades, we will nurture and promote sustainable development, high quality business and job creation to have Rosemount become the preferred regional magnet and development hub for innovation, emerging and sustainable technologies in the Twin Cities metropolitan area. The following focus areas will guide economic vitality and development. • Existing Business Retention and Growth • UMore Park — an evolving sustainable community development • Downtown Redevelopment • Industrial / Business (and Technology) Park • Commercial Amenities • Communications, Marketing, and Regional Cooperation • Planning and Development Process Guiding Principles • Affirm relationships and engagement with existing business community. • Welcome start up and relocating businesses supporting their growth and development. • Build trust and partnership with our business, educational, and residential stakeholders. • Support responsible and sustainable growth within Rosemount's 2030 Comprehensive Plan. • Support the redevelopment within the Downtown Framework (2004). Goals Provide clarity to seven focus areas to realize the economic vitality and development. Prioritization of goals and implementation strategies may vary as opportunities arise and policy shifts to meet specific inquiries or partnership requests. Annual goal setting by the Port Authority will provide direction for allocation of limited resources. EXISTING BUSINESS RETENTION AND GROWTH Goal: To increase the positive interactions and engagement with existing businesses through partnership and networking in support of our desirable small town atmosphere. Objective: To increase the use of interactions, information and feedback to focus resources effectively. Implementation Strategies 2013 -2014 Initiate annual visioning sessions with Rosemount Business Council leadership and other volunteer stakeholders (RAAC, Leprechaun Days, OneRosemount, RHS) to build existing and develop new community activities and events to engage residents, businesses and organizations. 2013 -2014: Establish "virtual incubator" identifying resources and programs entrepreneurs have available for business start -ups and growth. 2013: Promote and monitor efficacy of the CDA Open to Business Program to determine its effectiveness supporting new business startups and existing business development. 2013 -2014: Investigate partnerships with DCTC /Entrepreneurial programs for ability to offer program assistance to startups and expansion opportunities to home -based businesses and military families. 2013: Increase business communication contact list by at least 25 %. 2013 -2014: Identify business retention statistics and analysis used by neighboring cities and identify other statistical resources, such as Greater MSP. 2013 -2015: Create schedule of businesses that have left the City and ascertain reasons for leaving. Maintain this schedule for evaluation for next 3 years analyzing data for trends and needs. DOWNTOWN REDEVELOPMENT Goal: To increase the number and variety of retail and commercial destinations to maintain Downtown as a place of commerce. Objective: To continue implementing the Development Framework for Downtown Rosemount (July 2004) with its eight identified focus areas. Implementation Strategies 2013: Continue to market Genz -Ryan property consistent with the Development Framework. Provide quarterly updates of contacts, prospects and market activity. 2013 -2014: Create a Redevelopment Status List of existing properties and engage business owners within the Downtown Redevelopment areas for upgrades, renovations and revitalization plans. Report to the Port Authority annually. UMore PARK DEVELOPMENT Goal: To increase sustainable business and employment opportunities within an extended and long -term community development. Objective: To increase clarity of scope, schedule and development costs. Implementation Strategies 2011 -2013: Monitor Alternate Urban Area -Wide Review (AUAR) as the Responsible Governmental Unit (RGU), collaborating with Empire Township and UMore. 2012 -2015 Partner with the UMore development group to establish marketing and job creation opportunities consistent with creating a regional hub for emerging and sustainable technologies. 2012 -2022: Investigate with UMore development group scope and timing of a demonstration project of sustainable development concepts and eco industrial park development. COMMERCIAL AMENITIES Goal: To increase the quantity of desirable underserved retail and commercial businesses. Objective: To secure a hotel facility within the city limits. Implementation Strategies 2013: Monitor current hotel construction /opening for business. 2013 -2014 Monitor and review South Gateway Revitalization Planning Study process. 2013 -2015: Continue to investigate /pursue niche businesses driven by unique markets instead of a growth model that depends on population size or number of "rooftops." INDUSTRIAL / BUSINESS (AND TECHNOLOGY) PARK Goal: To increase the quantity and quality of business and employment opportunities for residents while broadening the sector and tax base. Objective: To increase visibility and marketing direction for available development opportunities. Implementation Strategies 2013 Meet with undeveloped guided Business Park development stakeholders to understand their issues, goals and timing related to development. Create action items based on outcome. 2013 -2014: Investigate /partner to determine feasibility of establishing a "business incubator" growth model. Consider emerging technologies, sustainability, nanotechnology opportunities and partnership with DCTC. COMMUNICATIONS, MARKETING AND REGIONAL COOPERATION Goal: To increase the quantity and quality businesses. Objective: To increase the visibility and marketing of Rosemount business opportunities locally and regionally. Implementation Strategies 2013 Refine website presence to further develop community profile and economic development messaging to site selectors. Investigate social media opportunities. 2013 Formalize an economic development "ambassador" contact list and program. 2013: Maintain participation in regional Greater MSP marketing strategy and Positively MN. 2013: Maintain collaboration with Rosemount Business Council and Dakota County Regional Chamber of Commerce to enhance more local marketing effort. PLANNING AND DEVELOPMENT PROCESS Goal To increase communication of value, timeliness and consistency of development to the economic development community, businesses and our residents Objective: To increase data driven level of service in communication and efficiency of operations. Implementation Strategies 2013: Increase feedback on best practices from stakeholders (developers, businesses, Chamber, residents) and implement practices to be deemed business friendly and cost effective. 2013: Establish a metric to measure impact and value of development efforts. (i.e. new business started; number of new jobs; increase property tax valuation, retention)