HomeMy WebLinkAbout4.a. Project Update
EXECUTIVE SUMMARY
Port Authority Meeting Date: April 21, 2020
AGENDA ITEM: Project Updates AGENDA SECTION:
Old Business
PREPARED BY: Eric Van Oss, Economic Development
Coordinator AGENDA NO. 4.a.
ATTACHMENTS: Webinar info, O2B Q1 Overview APPROVED BY: LJM
RECOMMENDED ACTION: Information Item
ISSUE
Previous discussions with the Council and Port Authority indicated a desire for more information
regarding completion of workplan activities. The following highlights some of the project and economic
development activities since the last Port Authority meeting.
Commercial Contacts:
Carousel Way: Davis’s multi-tenant medical office building was approved by the Planning Commission in
February and an easement vacation hearing occurred at the March 17th City Council meeting. Davis will
apply for building permits this month. The main tenant will be the of Lorenz Family Clinic of Psychiatry.
Multi-tenant Retail: Construction continues for Noodles.
Israelson property: Mr. Israelson communicated to staff that he will come in this week to complete his
application for phase one of his site.
Merchants Bank site: No new information at this time.
Akron Ave: The Council hired Westwood to put together a site plan for the eastern parcel, including the
City Recreation Center. Staff and the consultant continue to work on the property development plans as
related to the indoor recreation center.
MGM retail space: There are no recent updates for the MGM space.
CDA vacant property off Akron Avenue: The CDA is listing the site with CBRE. The site is zoned for
high density residential. No new information at this time.
2
Multifamily Development: Staff has been working with One Ten Ten Homes/Ryan Real Estate to find a
partner to develop the high-density zoned portion of their site located near Old City Hall Park and the
future Indoor Rec Center. Schaffer Richardson is interested in multifamily projects in Rosemount and staff
connected them with the project manager from One Ten Ten Homes.
Retail Site: Staff spoke with a user looking for a one-acre site with good visibility from County Road 42
for a new 4,000 square foot retail development. The conversation was pre-coronavirus and staff will
follow up in early summer.
Gym/Fitness: A user reached out to space looking for 2,500 square feet of existing retail space for a
women’s only fitness center.
Car Condos: The car condo project was approved by the Planning Commission in February. They are
updating their timeline for permit application and construction post COVID-19.
Sweet Harvest: The building Sweet Harvest leases for their headquarters is currently for sale. Sweet
Harvest is trying to renegotiate their lease, although this negotiation has been momentarily paused due to
COVID-19.
INDUSTRIAL
UMore Industrial site: Staff has been working on legislation to fund an engineering study for the effluent
reuse project. All information requested by the user after the last in-state meeting has been submitted.
Biscayne Business Park/ Cerron Commercial Properties: Construction has begun on the first spec
building which will be approximately 18,000 square feet. Panels will be going up this week.
Rosemount Business Park: Staff met with a user interested in a warehouse/distribution facility in the
Business Park. Staff anticipates an update on the project within the next month.
Workforce:
DCTC: Staff is working with DCTC on holding a Community Forum on Employer-Educator
Partnerships. This forum was originally scheduled for April 30th. Currently staff is working with DCTC to
find a new date in fall 2020.
Open to Business
Open to Business provided a webinar series for businesses navigating COVID-19. Additionally, they have
provided their 1st Quarter activity overview attached.
DAKOTA
COUNTY
Covid-19 Webinar Series
.
How This Webinar Series Came to Be:
Krista Jesh from Laeville Chamber reached out and asked me directly if
I would like to help with a webinar series. I said yes and provided Krista
with a list of topics that I think needed to be covered. She worked with
the other city chambers to line up the great list of speakers. Open to
Business hosted a total of 7 webinar events Zoom.
The information below outlines the number of individuals who signed up
and the total number of attendees.
152
91
75
110
78
92
114
56
62
75
70
75
0 50 100 150 200 250 300
Bank - PPP
Legal - Business
Legal - Employer
Web - Value Creation
Finance - CPA Q&A
Web - Online Performance
Chart Title
Signed Up Attended
DAKOTA
COUNTY
Q1 2020 Activity Overview
Financing:
Loans Approved
1
O2B Direct Lending $15,000
Leveraged $ 3,000
(Bank/Owner Equity/Other Outside
Financing)
O2B had worked on underwriting 3
specific loans for Q1 that were put on
hold due to the State Exec Orders. A
general overview of the work:
1. Business Acquisition: Lakeville.
• This was put on hold initially
because the owner needed
additional upfront financing
to fulfill an SBA loan
requirement. In good faith
O2B completed the loan
package and moved
forward with loan committee
approval. The bank called
the following week to let us
know the request will not be
moving forward at this time.
2. Business Acquisition: Hastings.
• This activity was waiting for
business valuation when the
State Executive Orders
moved forward.
3. Business Re-Finance: S.St. Paul
• The owner was looking to
refinance a parking lot bank
loan. O2B completed the
underwriting and at the time
of the State Executive Orders
we were waiting for
completed 2019 tax
documents.
TECHENCIAL ASSISTANCE HOURS
Clients Served: 81
Client Direct Contact Hours
Quarter 1
2019 – 274.25
2020 – 315.10
Percent Increase YoY: 14%
CLEINT BY CITY
Client City: Residence Business
Apple Valley 3 3
Burnsville 12 12
Eagan 11 11
Farmington 7 7
Hastings 4 4
Inver Grove Heights 4 4
Lakeville 13 13
Mendota Heights 2 2
Rosemount 7 7
S. St. Paul 2 2
W. St. Paul 3 3
REFERAL SOURCE
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Web Municipality Other