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HomeMy WebLinkAboutV.B - Strategic Plan Update HEDRA Memorandum To: HEDRA Commissioners From: Rusty Fifield, Economic Development Coordinator Date: January 3, 2020 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: • The Dakota County CDA approved our Redevelopment Incentive Grant (RIG) application ($15,000) in December. The grant is matched with $15,000 of CDA funds. This money will be used to pay for consulting services as part of a study of HEDRA downtown properties. The Downtown Property Utilization Study will kick off this month. We will be finalizing the scope of work and retaining consultant services. Grant funds need to be expended by the end of 2020. Our goal is to have meaningful findings from the study in time to include in the implementation actions in the 2021 Budget. • Hastings was also awarded a SHIP grant ($35,000) from 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. This project will also kickoff in January. • The process is underway for the establishment of a tax increment financing (TIF) district for the proposed affordable senior housing project at Schoolhouse Square. A draft of the tax increment financing plan has been prepared by advisors at Northland Securities and distributed to the County and School District as required by State Law. Copies of this information has been provided to the City Council and HEDRA Board. The TIF Plan will be considered by HEDRA at its February meeting. The City Council will hold a public hearing on February 18. • Staff met with CBRE, the real estate broker representing Target, about alternatives for reusing the vacant store in Hastings. The future use of the property is constrained by covenants governing the site and market conditions. We have established a good working relationship with CBRE and are actively exploring potential uses for this facility. In January, we will be contacting the adjacent property owners to explore possibilities that could allow for waiver of some covenants. ED Strategic Plan Update January 3, 2020 Page 2 • The Dakota County Housing Needs Assessment has not yet been completed and distributed. In the interim, I have worked on an assessment of housing needs in Hastings related to economic development. I plan to present a draft of this report to HEDRA in February. • I will be part of a 3-person presentation at the EDAM Winter Conference. The theme of the conference is economic development in times of change. My portion of the presentation will deal with the impact of the 2004 Downtown Plan on Hastings. • After meeting with a variety of people, I decided not to pursue special TIF legislation in this session. The consensus view was that success would be difficult without a specific project to be a focal point of the legislation. 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 ED Strategic Plan Update January 3, 2020 Page 3 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  Redevelopment in Vermillion Street Corridor 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. Plan to present draft report to HEDRA in February. Report will be modified as needed to incorporate findings of County needs study when this information is available. Anticipate that housing will be an important focus of HEDRA in 2020. Review 2019 Dakota County CDA housing needs study for implications for Hastings Report not expected to be available until late in 1st Quarter of 2020. Work with HEDRA to create specific actions to address local housing needs TBD Present findings and recommendations to City Council Hope to conduct joint City Council/HEDRA workshop on housing in the first Quarter of 2020. ED Strategic Plan Update January 3, 2020 Page 4 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 with other stakeholders on communicating the opening of The Confluence and maximizing the benefits for other economic development activities. Waiting on feedback from EDAM on Third Thursday program in 2020 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. Work with Parks and Recreation to conduct the planning process for the People Movement Plan. Evaluate the alternative uses of the 50-acre parcel in the Business Park, make recommendation to HEDRA and implement preferred development strategy Currently working with a party interested in use of this parcel. If this opportunity does not proceed, alternative uses will be explored. Use of this parcel should also consider planning for future business park space. Create and implement strategies to effectively address redevelopment opportunities Action Comments Identify and prioritize redevelopment sites in the Vermillion Street Corridor Discussing potential use of TIF on mixed use redevelopment project in the Corridor Working with Public Works to provide input on upcoming MNDOT study of Highway 61 Corridor Play an active role in the reuse of the Target property to enhance the positive impact of redevelopment Ongoing contact with CBRE on reuse opportunities Contact adjacent property owners about opportunities to waive certain restrictive covenants ED Strategic Plan Update January 3, 2020 Page 5 Work to achieve development on City owned property that enhances the Downtown Work with consultants to undertake Downtown Property Utilization Study Provide information to HEDRA on the viability of proposed Panache development Recommend a redevelopment land acquisition strategy for HEDRA TBD Solidify internal economic development functions Action Comments Help the new City Administrator become informed and engaged with economic development initiative in Hastings Ongoing 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