07-26-2023 Council Packet - Laserfiche WebLink

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(3) Canada’s boundaries including Abbott Laboratories (formerly St. Jude Medical), Slumberland, HOM Furniture, Frattalone Companies, and Q3 / Primoris Services Corporation. These businesses benefit from access to a highly educated work force; access to high technology; available capital and an excellent transportation system including major state highways and federal interstate highways which allows easy mobility in any direction. The location of Little Canada and access to transportation is a very positive factor in making the City an ideal location for commercial/industrial development and redevelopment. BIX Produce relocated to the City of Little Canada in 2019 and is now our fourth largest employer with approximately 330 employees. BIX partners with over 30 local farmers and producers to source quality fruits, vegetables and other products and delivers a wide selection of locally grown products. BIX works closely with local purveyors to ensure that crops are picked at the peak of freshness. In 2022, Vision Loss Resources relocated to an existing building located at 3230 Spruce Street in Little Canada. Vision Loss Resources is a nonprofit provider of training, classes, social activities and support groups for people with vision loss living in the Minneapolis-Saint Paul area. They also operate a for- profit manufacturing and warehousing business located at 3230 and have invested over one million dollars in interior improvements over the past year. A new 74,500 square foot industrial distribution facility was constructed in 2022 for Dart Transit at 3055 Spruce Street in Little Canada. Due to the poor soil conditions on this site, significant subsurface improvements are required for a development of this nature to occur. In 2021, the City Council established an Economic Development Tax Increment Finance (TIF) District to provide assistance with the subsurface improvements and other extraordinary costs required to construct an industrial building on this site. The City is located in a region with a varied economic base which has resulted in an unemployment rate that has consistently remained near or below national and state averages. While the national unemployment rate stood at 3.7% at the end of 2022, the City has a regional unemployment rate of 2.4% according to the Minnesota Department of Economic Security. The City is in a strong financial position. Due to its strong mix of tax base and conservative fiscal policies, the City of Little Canada continues to maintain the 4th lowest tax rate, out of 19 municipal taxing jurisdictions, in Ramsey County in 2021. The strength of the City’s financial condition is also reflected in its most recent bond rating of Aa+ from Standard & Poor’s that was achieved in 2014. LONG-TERM FINANCIAL PLANNING The Metropolitan Council requires all cities in the seven-county metropolitan area to have a Comprehensive Plan. The Metropolitan Council and state statutes require cities to update their plans every 10 years. The Little Canada Comprehensive Plan serves as a guide for orderly and economic private and public improvement. The scope of the plan is intended to include almost every factor that influences investments or improvements in the City. The City’s most recent Comprehensive Plan was approved in 2020. The City has long utilized Capital Improvement Planning (CIP) for facilities, equipment, and infrastructure to enable us to plan and fund needed capital expenditures. This is a ten-year program that is updated and approved annually. Expenditures for a ten-year period are included in the CIP to help ensure significant needs are planned for appropriately. The excess General Fund balance (balance available after complying with the General Fund Balance Policy) is annually allocated to the General Capital Improvement Fund (GCIF). 80% of Local