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1 <br /> <br />ECONOMIC DEVELOPMENT ADVISORY COMMITTEE <br />AGENDA ITEM 3A <br /> <br /> <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br /> <br />MEETING DATE: January 9, 2025 <br /> <br />TOPIC: 2024 Year End Development Summary <br /> <br /> <br /> <br />BACKGROUND <br /> <br />Overall, the City continued to see development activity in 2024. 124 new residential <br />construction permits where issued in 2024. This is a slight increase over 2023 but substantially <br />under projected growth. Total building permit valuation increased from $57, 600,000 in 2023 <br />to approximately $75,600,000 in 2024. <br /> <br />Commercial activity included the opening of Culvers, Milestones Learning Center, Heartland <br />Dental, and Starbucks. Approximately 76,000 square feet of industrial space was added <br />including Figi Cube, Lino Tech Center, and Sterling Plastics. <br /> <br />The City entered into a purchase agreement with Java Companies, to sell approximately 2.0 <br />acres of City property adjacent to Lake and 77th Street. This is part of a multi-property <br />redevelopment project that includes the realignment of 77th Street to the Market Place Drive <br />intersection. The project including three new buildings was approved in November. Closing is <br />anticipated this fall. <br /> <br />EDAC CONSIDERATION <br /> <br />None Required. Discussion only. <br /> <br />ATTACHMENTS <br /> <br />None.