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HomeMy WebLinkAbout6.a. COMP PLAN UPDATE EXECUTIVE SUMMARY Port Authority Meeting Date: April 17, 2018 AGENDA ITEM: Comprehensive Plan Update-Economic Development Chapter AGENDA SECTION: Old Business PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 6.a. ATTACHMENTS: Draft Economic Development Goals APPROVED BY: LJM RECOMMENDED ACTION: Discussion: Review of Goals ISSUE There is a specific economic development section in the city’s Comprehensive Plan, which should be updated as part of the larger 2018 update. Attached are modified goals based upon the adopted 2030 Economic Development section of the Plan. Staff would like to get feedback on these goals so that staff can start writing the section. The Planning Commission has been working on the future land use plan for the last year and is looking to review a final draft later this summer. CONCLUSION Staff would like to formalize the goals of the Economic Development chapter of the Comprehensive Plan. After that, staff will begin to update the Chapter narrative and bring the item back to the Port Authority for further discussion. Economic Development Element Goals and Policies 1. Provide local shopping opportunities for residents to purchase their daily and weekly needs within Rosemount. a. Work with the Partners and Consultants to recruit more retail commercial businesses to locate within Rosemount. b. Provide retail commercial land adjacent to planned controlled accesses onto major roads. c. Provide retail commercial land near existing and planned household developments, such as the UMore park project. d. Continue to actively market Rosemount to commercial brokers and retail businesses to expand the retail opportunities within the City. e. Develop relationships with business owners, property owners, developers and brokers to market the community for additional retail development. 2. Expand Rosemount’s employment base to provide employment opportunities for all residents. a. Provide additional light industrial land to support assembly, warehousing, and manufacturing businesses that can provide head of household salaries. b. Work cooperatively with the Dakota County Technical College, Independent School District #196 and other educational institutions within Dakota County to train workers with the skills needed for existing and future Rosemount businesses. c. Pursue outside funding sources to develop or redevelop land for commercial and industrial uses, such as Metropolitan Council Livable Communities Demonstration Account and Tax Base Revitalization Account, Dakota County Community Development Agency, Minnesota Department of Employment and Economic Development, and other applicable grants. d. Partner with Greater MSP and DEED to inform developers, brokers and businesses about the opportunities in Rosemount and encourage business park development. e. Work with larger landowners and their representatives to market their properties including OPUS, the Pahl Family, and UMore. f. Explore transit opportunities to provide an expanded employee base for new and existing businesses. g. Build and maintain relationships with Rosemount business leaders to understand and identify barriers to the growth of their businesses. h. Partner with the Dakota County Regional Chamber of Commerce to ensure local business are fully supported by providing opportunities to connect, collaborate, and promote the City’s business community. i. Provide land that would support a variety of commercial and industrial businesses to ensure a sufficient mix of employment opportunities for all skilled Rosemount residents 3. Balance economic growth within the overall tax base of Rosemount. a. Provide land available for a balance of commercial and industrial businesses, including expanding the retail, medical and office commercial sectors while continuing to support industrial businesses. b. Work cooperatively with the Dakota County Technical College, Independent School District #196 and other educational institutions within Dakota County to train workers with the skills needed for existing and future Rosemount businesses. c. Continue to provide for additional residential growth to serve as an expanding employee pool for Rosemount business, a growing market to attract additional retail establishments, and balanced tax base. 4. Provide for economic development opportunities that create a vibrant Downtown that maintains a home town feel. a. Continue Port Authority involvement in redevelopment projects that implements the Development Framework for Downtown Rosemount. b. Pursue outside funding sources to redevelop downtown properties, such as Metropolitan Council Livable Communities Demonstration Account and Tax Base Revitalization Account, Dakota County Community Development Agency, Minnesota Department of Employment and Economic Development, and other applicable grants. c. Create partnerships that will encourage public redevelopment and private rehabilitation of existing buildings within the Downtown. 5. Create collateral for marketing the community to the region, the state and nationally, focusing on our development advantages. a. Continue partnerships with Greater MSP, DEED, and Xcel Energy to highlight sites for development, including the shovel ready programs at the State and Xcel. b. Coordinate the Rosemount Home and Business Expo and Business Appreciation Events to encourage marketing of local businesses and support the local economy.