HomeMy WebLinkAbout2014-12-09 PACKET 04.D.01.City of
Cottage Grove
Minnesota
To: Economic Development Authority Members
From: Danette Parr, Economic Development Director
Date: December 2, 2014
Subject: 2015 Economic Development Work Plan
To assist with prioritizing economic development efforts for the coming year, staff would
appreciate feedback from the EDA in respect to the establishment of a 2015 Work Plan. Staff
intends to bring a draft 2015 ED Work Plan to the EDA’s January meeting. However, in
anticipation of changes to the current EDA membership, it may be helpful to start the
discussion while current members are still in attendance.
As the EDA is aware, the mission of the Economic Development division is to recruit and retain
quality commercial/industrial partners, while supporting job growth. The mission is supported
by the following principles:
Encourage quality commercial and industrial development that enhances the quality of
life for Cottage Grove’s citizens and is compatible with the City’s Comprehensive Plan.
Utilize sound financial practices in using incentives to attract and expand businesses in
the community.
Consider the use of incentives in instances where they will promote quality jobs and
development for the City.
Recognize the independence of the private and public sector in a healthy community
and foster a spirit of cooperation between the two sectors.
As a part of evaluating the 2015 work plan, it may be helpful to review some of the significant
economic development activities that have taken place over the course of 2014. See the
attached list for information related to some of these economic development efforts (the
redacted items are for the purpose of confidentiality).
The ED Work Plan should be consistent with the goals developed as a part of the 2015 Budget
and entail the following:
Five Year Goals
Assist existing job creators in the business park when expansion opportunities exist and
assist in the development of at least 300,000 SF of additional quality business end
users.
Lease out to quality tenants and maintain a vibrant growth environment in the BEC.
Strive to achieve and then maintain a retail/office vacancy of 5% to 7% of total retail
square footage within the community.
Realize substantial development of the Shoppes at Cottage View.
2015 ED Work Plan
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Gain approval of a development plan for West Point Douglas between 80 and Jamaica
(property owner dependent).
Maintain aggressive public communication to Cottage Grove residents, property
owners, external developers, brokers, investors and end users of job, business creation
and development opportunities in the community.
Staff has incorporated the following ED major objectives within the 2015 Budget document:
1. Complete the repurposing of the Home Depot site.
2. Develop the City owned parcel on Hardwood Avenue.
3. Continue to support the build out of the Norris Marketplace site.
4. Increase awareness and support for BEC.
5. Prospect for the CG business park.
Necessary Action
No action is required of the EDA at this time. However, in advance of the more detailed work
plan that will be shared with the EDA in January, staff would appreciate any initial feedback
that the EDA would care to provide for initial discussion.