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<br />Economic Development Staffing Report <br />November 7, 2011 <br />Page 2 <br /> <br />Unobligated TIF Balance <br /> <br />Subsequent to the planned redistribution of TIF funds to support the City’s Street and Utility <br />Improvement Program, as much as $700,000 in increment will remain available to support <br />economic development activity in the City. That figure could exceed $1,000,000 depending <br />upon the Council’s wishes regarding certain projects already indicated in the City’s Five- <br />Year Capital Improvement Plan. Given the languishing state of the economy, Staff <br />believes the City should adopt a more aggressive and supportive position regarding <br />economic development activity, and partner with the EDC to prioritize the remaining funds <br />for an immediate community reinvestment, with the goal of bringing new businesses to <br />existing vacant buildings and redeveloping blighted properties to enhance and improve the <br />City’s tax base. <br /> <br />Urban Land Institute (ULI) Minnesota <br /> <br />ULI Minnesota has designed a workshop for cities aimed at elected and appointed officials <br />interested in economic development and land use. ULI Minnesota recognized that it has a <br />wealth of land use and development expertise to help municipalities attract new <br />development, especially walkable, mixed use development. ULI Minnesota will respond to <br />questions about changes in the marketplace, how cities can attract the development they <br />want, and how to develop private sector partnerships to get it done. The workshops provide <br />a two-way street for the public and private sectors to work collaboratively, to learn from <br />each other, and to build trust. Is the Council interested in hosting such a workshop? <br /> <br />Recommendation: <br /> <br />Staff recommends the City Council work with the EDC to develop a plan to prioritize the <br />use of the remaining TIF funds to reinvest back into the community, with a concerted focus <br />on the County Road 10 corridor. Should the Council not support such a reinvestment of <br />the remaining TIF funds, the Council will need to determine whether the economic <br />development specialist position, funded by TIF dollars, remains a priority. Because unless <br />a philosophical shift occurs regarding economic development activity, there is simply not <br />enough work to justify the position on a full-time basis. <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />________________________ <br />James Ericson <br />City Administrator <br /> <br />1. Unobligated TIF Balance Spreadsheet <br />2. Economic Development Specialist Job Description <br />3. Economic Development Projects in Neighboring Cities <br />4. Urban Land Institute “Navigating the New Normal” Workshop Information <br /> <br /> <br />