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HomeMy WebLinkAboutVI.C - ED Strategic Plan Update HEDRA Memorandum To: HEDRA Commissioners From: Rusty Fifield, Economic Development Coordinator Date: October 4, 2019 Subject: Strategic Plan for Economic Development Update The following is an update on the status of actions contained in the Strategic Plan for Economic Development and related economic development activities. Highlights of current activities include: • It appears that our Redevelopment Incentive Grant (RIG) application ($15,000) will be funded. The CDA received just two applications for September consideration and ours was the only one for planning assistance. Grant funds will help finance a study of HEDRA downtown properties. A draft work plan will be presented at the October meeting. Grant awards are scheduled to be finalized in December. • In September, we submitted a SHIP grant application ($35,000) to Dakota County to help fund a “people movement plan”. The plan would help us make it easier and safer to move around Hastings without a car. The application received a favorable review and is likely to receive full funding. The final decision will be made in November. • Real Estate Equities conducted a neighborhood meeting on October 1 about their plans to build a 90-unit senior housing project behind Schoolhouse Square. Approximately 12 people attended that meeting. A report on the meeting and next steps for the project is on the agenda for the October meeting. • Tax increment financing (TIF) continues to be an item of interest. Copies of the presentation and TIF Overview handout from the September 16 City Council Workshop were provided to HEDRA. An application form has been approved by HEDRA. I will report on the potential to seek special legislation related to TIF. Please let me know if you want additional information or presentations about TIF or other topics. • The Fergus Falls School District recently purchased the local Target building for use as a learning center. I am investigating that project to find anything applicable to our situation. • There is continued interest in multi-family housing. With a lack of “green field” sites, developers are looking at infill and redevelopment locations. We are hopeful that a real project rises out of the inquiries in the coming months. ED Strategic Plan Update October 4, 2019 Page 2 Ongoing Actions Action Comments Establish strong working relationships and communications with key stakeholders inside and outside of Hastings. Ongoing involvement with: Chamber’s Developer’s Task Force meetings Bi-Monthly Dakota County CDA County/City Community Development Meeting Sensible Land Use Coalition (SLUC) Economic Development Association of Minnesota (EDAM) Ongoing networking with development and real estate community Coordinate economic development activities with HEDRA, City Council and City departments. Ongoing Manage the “Business” section of the City website to provide relevant and timely information. Ongoing No recent changes Seek new and creative funding sources. Ongoing Exploring possibility of special TIF legislation Respond promptly to opportunities. No formal requests received this period. Opportunities being tracked:  New business in Business Park  Relocation into Business Park  Multifamily housing  Workforce housing  Residential subdivision  Target building ED Strategic Plan Update October 4, 2019 Page 3 Immediate Actions Develop and implement strategies for addressing housing issues related to economic development Action Comments Evaluate current housing needs Working on draft report on housing needs and strategies using available information. Draft will be modified to incorporate findings of County needs study. Want to start discussion of housing issues a soon as possible after release of County report. Review 2019 Dakota County CDA housing needs study for implications for Hastings Report not expected to be available until 4th Quarter of 2019 Work with HEDRA to create specific actions to address local housing needs TBD depending release date and findings of County study Will also evaluate connections with Housing Chapter of 2040 Comprehensive Plan Present findings and recommendations to City Council TBD Identify and act on opportunities to enhance the environment to operate and locate business in Hastings Action Comments Work to achieve the successful completion of The Confluence Coordinate other economic development with 2020 opening Create cash flow model to update tax increment projections Update The Confluence in Success Stories on website Waiting on feedback from EDAM on Third Thursday program in 2020 ED Strategic Plan Update October 4, 2019 Page 4 Work with Parks and Recreation, the Chamber of Commerce and Tourism Bureau, the Hastings School District, the YMCA, and other stakeholders to expand the economic impact of people visiting Hastings for events TBD Work with Parks and Recreation, the Chamber of Commerce and Tourism Bureau, and other stakeholders to create a plan to capitalize on bicycle tourism. SHIP grant application submitted to help fund People Movement Plan. If approved, plan will help improve connections with regional trail system and enhance local wayfinding guidance. Evaluate the alternative uses of the 50-acre parcel in the Business Park, make recommendation to HEDRA and implement preferred development strategy Planning to report to HEDRA on alternative uses in December Create and implement strategies to effectively address redevelopment opportunities Action Comments Identify and prioritize redevelopment sites in the Vermillion Street Corridor Creating property information database for Opportunity Sites identified in Corridor Study Play an active role in the reuse of the Target property to enhance the positive impact of redevelopment Ongoing contact with Ryan Companies on status of plans for reuse Work to achieve development on City owned property that enhances the Downtown Scope of work for Downtown Property Utilization Study reviewed by HEDRA in October Staff work on Study begins in October Grant award expected in December Panache purchase option considered by HEDRA inn October Recommend a redevelopment land acquisition strategy for HEDRA TBD ED Strategic Plan Update October 4, 2019 Page 5 Solidify internal economic development functions Action Comments Help the new City Administrator become informed and engaged with economic development initiative in Hastings Dan Wietecha starts October 7 Invite Dan to attend HEDRA meeting Created Economic Development Resources folder on network Update the “Business” section of the website to support the Plan Ongoing Provide the City Council and HEDRA with quarterly (or more frequently if needed) written reports on progress made on the actions in this Plan Ongoing