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Home My WebLink About4.a. Project Updates EXECUTIVE SUMMARY Port Authority Meeting Date: October 20, 2020 AGENDA ITEM: Project Update AGENDA SECTION: Old Business PREPARED BY: Eric Van Oss, Economic Development Coordinator AGENDA NO. 4.a. ATTACHMENTS: Dakota County OTB Report 3rd Quarter 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 The Morrison: Foundation work and utilities work is continuing although almost completed. The developer plans on pulling the remainder of the building permit the week of the 19th to begin “above ground” construction. Carousel Way: The water tight buildout for the Lorenz Clinic has been completed and the work for the Lorenz portion of the building is almost complete. They are also working to complete site work. It is anticipated that a certificate of occupancy will be issued within two weeks. Brewery: Staff had been notified that the lot split to accommodate the brewery project has been recorded last month; there is nothing further to report. The Clover: Staff received a building permit for an outdoor patio to be constructed at The Clover (Rudy’s). The City Clerk has reached out to the owner and operator about necessary modifications to the liquor license. The annual renewals will be processed later this year which might be the right opportunity to modify their liquor license. Israelson property: Mr. Israelson’s application was approved by the City Council at the October 5, meeting. The application contains senior housing with some lower level retail and a separate hotel. Merchants Bank site: No new information at this time. Akron Ave: Staff had a meeting with one of the potential partners and will be bringing additional information to the Council regarding timing for this project. Land acquisition discussions will also be restarted in light of the discussion. MGM retail space: The final building inspection for Top Ten Liquors was completed on September 18th, 2020; no additional approvals are needed from the City. Hope Fieldhouse: Hope Fieldhouse opened to the public and a ribbon cutting occurred on September 25th, 2020. Mosaic Storage Building: The permit was issued for the Phase one 3,000 square foot building and the Mosaic storage dome has been completed. Car Condos: They are updating their timeline for permit application and construction post COVID-19. No new information at this time. UMore Residential: Staff has received a revised concept plan and is providing comments to the developer. A presentation of the developer and concept plan are tentatively scheduled for the December 1, 2020 work session. Guitar Shop: Occupancy was issued on October 13th for their new location. Staff has reached out to the owners regarding a ribbon cutting. INDUSTRIAL UMore Industrial site: There is no new information. Biscayne Business Park/ Cerron Commercial Properties: The building is finaled although the developer will not complete final site work until the building has a tenant. Rosemount Business Park: DEED requested an update from the project consultants regarding their plans to move forward on September 8th, but there is no new information. Opus Site: Staff completed an RFI in partnership with DEED for a manufacturing user for the Opus site and UMore Industrial site on September 24th. OTHER MREJ Commercial Summit: Staff attended the Minneapolis Real Estate Journal’s Land Summit on October 13th. The Quarterly Report for the Open to Business program is provided for your information. Clients Served Client Inquiry 3 Existing - Challenged 26 Existing -Opportunity 32 Pre-start planning 37 Start-up 23 Total 121 Financing & Access to Capital ____ _ Approved (YRLY Total) $ 98,000.00 Equity (YRLY Total) $ 3,000.00 Facilitated (YRLY Total) $ 133,000.00 Program Hours ____ TA Program HRS 1st QTR 330.01 113.25 2nd QTR 125.25 18.00 3rd QTR 174.50 240.00 Total 629.85 371.25 TA: Client Meetings, Providing Resources, Client Calls, Client Deliverables, Loan Pkg. Program HRS: City Initiatives, Program Outreach, Public Events, City Meetings, Research, Client Follow Up, Data/Admin, General Inquiries Dakota County Quarterly Report - 9.30.2020 Open to Business 3137 Chicago Ave Minneapolis, MN 55407 612-789-7337 Industry Segment ____ Construction 7 Food 38 Health/Fitness 13 Manufacturing 3 Consulting 6 Retail 11 Service 35 Technology 7 Wholesale / Distribution 1 Total 121 Referral Source _______ Bank Referral 10 Entrepreneur 11 Friends and Family 4 Municipality 30 Other 25 Web 41 Total 121 City Business Resident__ Apple Valley 6 8 Burnsville 13 9 Eagan 16 14 Farmington 11 7 Hastings 7 4 Inver Grove 6 6 Lakeville 16 8 Rosemount 10 7 Mendota Heights 4 5 South St. Paul 4 1 West St. Paul 7 3 Other / No Data 21 49 Dakota County Quarterly Report – Q3 2020 2 Direct Financing & Access to Capital* Facilitated Funding - (Q2 - 2020): DEED SBEL Business Type: Fitness Location: Apple Valley Referred by: DEED Facilitated Financing: $35,000.00 Other Financing: DEED Funding/MCCD Underwriting/MCCD Disbursement Overview: This financing was from the DEED SBEL grant. When the grant was announced MCCD notified all their clients. DEED provided the funds, MCCD contacted the applicants, collected the required documentation to complete the application, did the underwriting, and funded the applicants that DEED approved. MCCD then assisted (the applicants who responded to information requests) with the required documentation to qualify for the award. The total funding was $35,000.00. Last Closed Loan- (Q2 - 2020) Business Type: Fitness Location: Mendota Heights Referred by: Municipality OTB Financing: $33,000.00 Other Financing: Owner Project Equity Overview: MCCD direct financing for an established martial arts instruction and fitness center. Last Closed Loan- (Q2 - 2020) Business Type: Food Location: West St Paul Referred by: Community Partner OTB Financing: $15,000.00 Equity: $3,000.00 Overview: MCCD did the underwriting for a community partner. This loan was for an established Latino restaurant. Last Closed Loan- (Q1 - 2020) Business Type: Construction Location: Farmington Referred by: Municipality OTB Financing: $50,000.00 Equity: Owner Project Equity Overview: Contractor utilized OTB revolving financing for projects. *Does not capture SBA EIDL and PPP loans/funding MCCD helped clients apply for and/or understand what was required to be eligible for the EIDL or PPP loans from the US Treasury. Dakota County Quarterly Report – Q3 2020 3 Highlights – Networking & Outreach • Designed and circulated Open to Business advertisement targeted to reach existing business owners who are rebuilding or reimaging their businesses in light of COVID • Distributed 500 printed tri-fold brochures and business cards to city halls, libraries, and chambers throughout Dakota County; 1,000 additional brochures are on order for further distribution • Designed email friendly brochure, circulated to city contacts and community stakeholders • Established virtual office hours with electronic sign up options: Hours are Mondays and Wednesdays from 1 – 3 PM and Friday mornings from 9:30 – noon • Conducted outreach to Dakota County business regarding CARES grant availability and application deadlines. CARES grant recipient outreach has begun and will continue in Q4 • With the goal of creating a more seamless experience for existing loan clients, MCCD created an electronic loan portal where clients can check balances and make payments online; autopay enrollment has been added as well • To facilitate good communication about program priorities and outcomes, a weekly meeting schedule has been established with Dakota County CDA • Ecommerce webinar is in progress, Q4 dates to be announced soon • Chamber outreach is a top priority. In Q3 I met in person or virtually with chambers in Lakeville and Apple Valley. Hastings and Dakota County Chamber meetings are scheduled for Q4. • Connecting with local bankers is a top priority. Presentations have been made to Key Community Bank (IGH) and Citizens Bank Minnesota (Lakeville). I’ve reached out to contacts at New Market Bank, Merchants Bank, Lakeville Bank, and Old National Bank to schedule meetings or virtual presentations. Next on my list is First National Bank, North American Bank, MidCountry Bank, Fidelity Bank, Frandsen Bank, and Great Southern Bank. • Select upcoming meetings & presentations: Hastings Chamber meeting Oct. 19th/20th, City of Farmington presentation Oct. 22nd, Merchants Bank presentation Oct. 26th, City of Lakeville presentation Oct. 27th, City of Eagan call Nov. 10th, City of Hastings presentation Nov. 12th Client Feedback “Setting up the appointment was super easy.” – Entrepreneur, West Saint Paul “I’m really glad I have my business advisor! Open to Business makes growing my business easy and doable.” – Business Owner, Eagan “It’s so helpful to have an advisor who gives unbiased professional advice to improve our business. It’s helping me stay grounded and focus on our business’s strengths and weaknesses.” – Business Owner, Rosemount “Financing from Open to Business enabled us to buy a new building, more than doubling our square footage. As a result, we can do more for our customers - we went from running one project at a time in our old facility to running three projects at once. Our business has tripled since the expansion, we’ve retained our employees and added additional jobs.” – Business Owner, manufacturing industry, Hastings