HomeMy WebLinkAbout5.d. Review Goals and Initiatives
EXECUTIVE SUMMARY
Port Authority Regular Meeting: June 18, 2019
AGENDA ITEM: Review Goals and Initiatives AGENDA SECTION:
New Business
PREPARED BY: Logan Martin, Executive Director
Kim Lindquist, Deputy Director AGENDA NO. 5.d.
ATTACHMENTS: Current Goals document APPROVED BY: LJM
RECOMMENDED ACTION: Review current Port Authority goals and initiatives and
provide feedback.
BACKGROUND
As the newly seated Port Authority settles into their role, it is prudent to review the current Goals and
Initiatives of the group. Attached is the Goals and Initiatives document in its current form, with some
updating done by staff. Many of the 2019-2020 Initiatives found in the City Council’s goals have been
transferred to this document, as they are directly correlated.
The document has not been reviewed by the Port Authority in some time, so staff would appreciate initial
feedback from the group to provide direction on a further edit / update of the document. Specifically,
direction is requested on whether the vision and initiatives listed here remain relevant or require
modification, based on changing priorities or market realities. Prior documents had additional overarching
goals listed, and those that remain relevant will be updated and added back in to this document when it is
presented in final form in July.
RECOMMENDATION
Staff requests feedback from the Port Authority on its Goals and Initiatives document to guide further
editing and updating of the document. Formal adoption of the Goals and Initiatives will occur in July.
Mission and Goals of the Rosemount Port Authority
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 the City’s significant growth potential in the next several decades, we will nurture and
promote sustainable development, high quality business and job creation to establish Rosemount as
the preferred regional magnet and development hub for business growth, 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
• Downtown Redevelopment
• UMore Park & Flintlock 52 Business Park
• Industrial / Business Park
• Commercial Sector Growth
Guiding Principles
• Support responsible and sustainable growth within Rosemount’s 2030 Comprehensive Plan.
• Support the redevelopment within the Downtown Framework (2004).
• Build trust and partnership with our business, educational, and residential stakeholders.
• Affirm relationships and engagement with existing business community.
• Welcome start up and relocating businesses supporting their growth and development.
Goal
Provide clarity to focus areas to realize 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. Periodic goal setting by the Port Authority will provide direction
for allocation of limited resources.
Goal: To increase the quantity and quality of business services
available, as well as employment opportunities for residents, to
continue growing our commercial and industrial sector tax base.
Objectives:
Increase the visibility and marketing of Rosemount to multi sector business opportunities.
Pursue and support development of underserved niche or amenity business opportunities.
Utilize data driven metrics to focus efforts on areas of need.
Align targeted business sectors with market absorption rates
2019 – 2020 Implementation Strategies
Continued implementation of Downtown Development Framework, including currently
proposed redevelopment concept.
Engage business and residents in implementation of 2040 Comprehensive Guide Plan
Complete the hiring of an Economic Development Specialist to increase local development
opportunities, including marketing, business outreach, and pursuit of end-users in line with the
needs of the local market.
Market updated hotel study to developers/investors to secure actionable project
Continue to foster relationship with Retail Strategies and complete rollout of Rosemount specific
recruitment website with Retail Strategies.
Continue partnership and membership in regional marketing including Greater MSP, DEED,
Dakota County Regional Chamber of Commerce
Continue “Open for Business” outreach and virtual incubator for start-up and existing
businesses
Continue annual business appreciation activities
Actively work with Opus to promote, pursue, and support projects at Flintlock 52 Business Park; work
with Xcel & University of MN to market shovel ready industrial lands.
Assist Newland Communities in initial construction activities for UMore Phase 1
Engage Business Park developer to accelerate job creation and business development view