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Home My WebLink About2023-05-17 EDA Packet CITY OF CENTERVILLE ECONOMIC DEVELOPMENT AUTHORITY ЋΑx MEETING AGENDA Wednesday, May 17, 2023 6:30 p.m. MEETING WILL BE IN PERSON LIVE-STREAMED AT: https://northmetrotv.com/centerville-stream/ MEETING (7:00 PM) I.CALL TO ORDER II.ROLL CALL III.APPROVAL OF AGENDA 1.Call for Changes to the Agenda IV.APPROVAL OF MINUTES 1.April 19, 2023, EDA Meeting Minutes V.BILLS AND COMMUNICATIONS 1.Bills a.Check List 2.Communications None VI.PRESENTATION 1.None VII.REPORTS 1.Partner Agency Reports a.Anoka County Regional Economic Development (ACRED) b.Quad Area Chamber of Commerce c.Hugo Area Business Association 2.Year to Date Financials 3.Ongoing Programs: a.Blue Logo Sign b.Center Stage c.Business Revolving Loan and Grant Program 4.Administrator’s Report VIII.OLD BUSINESS 1.Downtown Redevelopment Market Study IX.NEW BUSINESS 1. Draft 2024 Budget 2. Money Market Checking Account X.ADJOURNEMENT INFORMATIONAL MATERIALS None MEETING REMINDERS All Meetings at 6:30 PM unless otherwise noted City Council Meeting – Wednesday, May 24, 2023 City Council Work Session – Wednesday, May 24, 2023 Parks and Recreation Committee – Wednesday, June 7, 2023 Planning and Zoning Commission – Tuesday, June 6, 2023 Economic Development Authority – Wednesday, June 21, 2023 Anoka County Regional Economic Development Authority Meetings Anoka County Business Summit – June 6, 2023 Quad Area Chamber of Commerce Meetings Board of Directors Meeting – Thursday, June 08, 2022 (12 PM via Zoom) CITY OF CENTERVILLE ECONOMIC DEVELOPMENT AUTHORITY WORK SESSION & MEETING MINUTES April 19, 2023 6:30 p.m. Pursuant to due call and notice thereof, the City of Centerville held a regularly scheduled Economic Development Authority meeting on April 19, 2023. WORK SESSION (6:30PM) I.CALL TO ORDER President Remillard called the meeting to order at 6:30pm. II.ROLL CALL President Remillard called the roll. NOT APPROVED PRESENT: President Mark Remillard Vice-President Chris Swenson Commissioner Darrin Mosher Commissioner Steve King Commissioner Tony Smith STAFF: Assistant City Administrator/EDA Executive Director, Athanasia Lewis City Administrator, Mark Statz ABSENT: None III.ITEMS FOR DISCUSSION 1.Meeting Logistics President Remillard introduced the work session item, meeting logics, and discussion ensued about adhering to approved agendas and the process for making and approving motions. IV.ADJOURNEMENT The meeting adjourned at 6:57pm. Motion by Commissioner Mosher, seconded by Vice-President Swenson to adjourn the meeting at 6:57pm. All in favor. Motion carried. MEETING (7:00PM) I.CALL TO ORDER The meeting was called to order at approximately 6:30 p.m. by President Remillard. City of Centerville EDA Meeting Minutes April 19, 2023 II.ROLL CALL President Remillard called the roll. PRESENT: President Mark Remillard Vice-President Chris Swenson Commissioner Darrin Mosher Commissioner Steve King Commissioner Tony Smith STAFF: Assistant City Administrator/EDA Executive Director, Athanasia Lewis City Administrator, Mark Statz ABSENT: None III. APPROVAL OF AGENDA 1.Call for Changes to the Agenda There were no changes to the agenda. Motion by Commissioner Swenson, seconded by Commissioner King to approve the agenda as presented. All in favor. Motion carried. IV. APPROVAL OF MINUTES The minutes were approved as presented. Motion by Vice-President Swenson and seconded by Commissioner Smith to approve the March 15, 2023, meeting minutes. All in favor. Motion carried. V. BILLS AND COMMUNICATIONS 1.Bills a.Check List Executive Director Lewis reviewed the list of checks. Motion by Commissioner King and seconded by Commissioner Mosher to approve the check list as presented. All in favor. Motion carried. 2.Communications a.Hotel Executive Director Lewis reviewed this item as presented in the packet. VI. PRESENTATION 2 City of Centerville EDA Meeting Minutes April 19, 2023 1.Grant Martin, LOCi Grant Martin, consultant with LOCi, gave a presentation on the draft redevelopment market study and answered questions from the EDA. VII. REPORTS 1. Partner Agency Reports a.Anoka County Regional Economic Development (ACRED) Executive Director Lewis reviewed the report as presented in the packet. 2. Year to Date Financials Executive Director Lewis introduced the financial report as presented in the packet. Motion by Vice-President Swenson and seconded by Commissioner Smith to approve the financial statement as presented. All in favor. Motion carried. 3. Ongoing Programs: Executive Director Lewis reviewed the Ongoing Programs report as presented in the packet. 4. Administrator’s Report Executive Director Lewis reviewed the Administrator’s Report as presented in the packet. VIII. OLD BUSINESS 1.Downtown Redevelopment Market Study Executive Director Lewis introduced this item and asked for feedback on the report. Discussion ensued and the EDA would like the final report to include additional information about incubator spaces, retail concepts that could work in downtown, an outline of rent differences that could be expected at a luxury apartment overlooking the lake, versus an apartment that is not overlooking the lake, a summary of the difference between the Damon Farber Study and the downtown retail development study, as well as other items that staff might add. Motion by President Remillard, seconded by Vice-President Swenson to approve the draft redevelopment market study with the requested revisions noted above, as well as ones that staff might have. All in favor. Motion carried. 2.Activity Tracker Executive Director Lewis reviewed the report as presented in the packet. IX. NEW BUSINESS 1.None X. ADJOURNMENT Motion by Commissioner King, seconded by Vice-President Smith to adjourn the April 19, 2023, Economic Development Authority meeting at 9:14 p.m. All in favor. Motion carried. 3 05/08/23 3:54 PM CITY OF CENTERVILLE Page 1 *Check Detail Register© Batch: 051723pay EDA Check #Check DateVendor NameAmountInvoiceComment 10350 EDA-MIDWESTONE BANK 05/17/23 10584IMPRINT E 201-46500-430Miscellaneous11099776$326.34VALUE GROCERY TOTES & SET UP CHARGE Total $326.34 05/17/23 1059LOCI CONSULTING LLC E 201-46500-300Professional Srvs1080$20,500.00DOWNTOWN REDEVELOPMENT MARKET ANALYSIS Total $20,500.00 $20,826.34 10350 EDA-MIDWESTONE BANK Fund Summary 10350 EDA-MIDWESTONE BANK 201 ECONOMIC DEVELOPMENT FUND$20,826.34 $20,826.34 05/09/23 3:16 PM CITY OF CENTERVILLE Page 1 *Check Reconciliation© EDA-MIDWESTONE BANK 10350 EDA APRIL 2023 Account Summary Beginning Balance on 4/1/2023$79,935.63 Cleared$78,851.19 + Receipts/Deposits $0.00 Statement$78,851.19 - Payments (Checks and Withdrawals) $1,084.44 Difference$0.00 $78,851.19 Ending Balance as of 4/28/2023 Cash Balance Beginng Balance Active101-10350 General Fund$0.00$79,935.63 + Total Deposits Active201-10350 ECONOMIC DEVELOPMENT FUND$78,851.19$0.00 - Checks Written $1,084.44 Cash Balance $78,851.19 Check Book Balance $78,851.19 Difference$0.00 05/09/23 3:16 PM CITY OF CENTERVILLE Page 2 *Check Reconciliation© EDA-MIDWESTONE BANK 10350 EDA ClearedAmountPartially Cleared Check NbrVendor NameCheck DateAmount This MonthNot ClearedLast Month 000019EIRS/EFTPS4/12/2023$68.88$68.88-- 506015EQuarterly ACH4/12/2023$415.56$415.56-- 001056 PRESS PUBLICATIONS4/19/2023$600.00$600.00-- Receipts/Deposits$0.00$0.00$0.00$0.00 Payments/Withdrawal$1,084.44$0.00$0.00 Total Deposits$0.00 $1,084.44 Total Checks Written *Next month items not included in Total Deposits & Checks Written (Outstanding + Cleared CITY OF CENTERVILLE REQUEST FOR ACTION Agenda Item # Department: RequestedMeetingDate: May 17, 2023 Administration/EDA VII.1 TITLE OF ISSUE: Partner Agency Reports BACKGROUND AND SUPPLEMENTAL INFORMATION: ACRED - is holding their annual business summit on June 7th at the Bunker Hills Event Center from 9-11:30. Thewill be from The city submitted to pre-development applications to ACRED. One is for a hotel market study and the other is for environmental and geotechnical analysis on 1737 Main Street and Block 7. Awards will be announced in a few weeks. Quad Area Chamber - will hold their second annual Senior Expo on May 18 at St. Genevieve Parish Center from 10am-1pm. HBA - is currently looking for volunteers to help with planning & organization for this year's Kidz 'N Biz event Contact President Eric Heagle at info@hugobusinesses.com for more information. COST AND SOURCE(S) OF FUNDING: N/A REQUESTED ACTION: Information only For Clerk’s Use: SUPPORTED DOCUMENTS ATTACHED Motion By: ____________________________________ Resolution Ordinance Contract Minutes Plan Map Second By: ____________________________________ Vote Record: AyeNay ____ Other (specify) ____________ _____ _______________________________________________________________ _____ _____ _______________________________________________________________ _____ Refer to: _________________________________ Tabled Until: ______________________________ Consent Other: ___________________________________ Regular Economic Development Authority Monthly Financial Report Month Ended April 30, 2023 % of year 33.33% MTDYTDBudgetVariance% Budget 4/30/202320232023+(-)Used Revenues: 201-46500-39201 Transfers In 36,600$ $ 36,600$ -100.00% 201-46500-39500 Use of Fund Balance 20,500$ $ 20,500$ -100.00% 201-46500-36270 Miscellaneous-$ -$ $ -$ -0.00% 201-46500-36270 Refunds/Reimburseme-$ 150$ 150$ 0.00% Total Revenues-$ 57,250$ $ 57,100$ -100.26% Expenditures: 201-46500-100 Wages and Salaries450$ 450$ $ 2,400$ 1,95018.75% 201-46500-122 FICA34$ 34$ $ 200$ 16617.22% 201-46500-210 Operating Supplies-$ -$ $ 3,000$ 3,0000.00% 201-46500-300 Professional Srvs **-$ -$ $ 3,000$ 3,0000.00% 201-46500-303 Engineering Fees-$ -$ $ 6,000$ 6,0000.00% 201-46500-304 Legal Fees-$ -$ $ -$ -0.00% 201-46500-331 Travel Expense-$ -$ $ 100$ 1000.00% 201-46500-340 Advertising & Printing$ 600$ 600$ 15,400$ 14,8003.90% 201-46500-343 Marketing$ -$ -$ 2,500$ 2,5000.00% 201-46500-377 Appreciation/Events$ -$ -$ 1,300$ 1,3000.00% 201-46500-430 Miscellaneous$ -$ 78$ 100$ 2278.26% 201-46500-433 Dues and Subscriptions$ -$ 373$ 1,100$ 72733.91% 201-46500-441 Conf. & Schooling$ -$ 240$ 1,500$ 1,2600.00% 201-46500-810 Refunds & Reimb.$ -$ 742$ -$ (742)0.00% Total Expenditures$ 1,084$ 2,518$ 36,600$ 34,0826.88% NET REVENUE/EXPENDITURES$ (1,084)$ 54,732$ 20,500$ (34,082) Fund Balance, January 1 less Usage$ 24,119 Fund Balance, Current$ 78,851 CITY OF CENTERVILLE REQUEST FOR ACTION Agenda Item # Department: RequestedMeetingDate: May 17, 2023 Administration/EDA VII.3 TITLE OF ISSUE: Ongoing Programs BACKGROUND AND SUPPLEMENTAL INFORMATION: Blue Logo - Staff met with the owners of Cente to review this program. Center Stage - Staff met with the owners of Humble Roots and Centeto review this program. Business Revolving Loan and Grant Program - Staff met with the owners of Humble Roots and Center to review this program. COST AND SOURCE(S) OF FUNDING: N/A REQUESTED ACTION: Information only For Clerk’s Use: SUPPORTED DOCUMENTS ATTACHED Motion By: ____________________________________ Resolution Ordinance Contract Minutes Plan Map Second By: ____________________________________ Vote Record: AyeNay ____ Other (specify) ____________ _____ _______________________________________________________________ _____ _____ _______________________________________________________________ _____ Refer to: _________________________________ Tabled Until: ______________________________ Consent Other: ___________________________________ Regular Administrator’s Report May 10, 2023 ____________________________________________________________________________________________________ Spring has sprung around Centerville as these flowers at city hall reach for the sun. We’ve got a sneak peak at all your summer activities and lots of other great opportunities to get out and enjoy the weather. VOLUNTEER OPPORTUNITIES Open Board Positions Please call city hall at 651-429-3232 with any questions you may have regarding the following openings. If you are interested in applying, scan the QR Code to the right or visit the City’s website for an application. Parks & Recreation Committee – 2 Open Seats st o(monthly 1 Wednesday at 6:30 p.m.) Planning & Zoning Commission – 2 Open Seats o(monthly 1st Tuesday at 6:30 p.m.) PARKS AND RECREATION Annual Park Cleanup The Committee would like to thank the Scouts from Pack 423 and Troop 136 for their dedication to making Centerville parks a great amenity for all. The Committee would like to thank a neighborhood group from the Peltier Lake Drive/Peltier Circle area for the efforts in cleaning up Royal Meadows Park also. Annual Fete des Lacs Logo Contest The entries have been received and are being considered by the Logo Committee. This is going to be a very daunting task for them as many talented artists participated. The Committee will be meeting shortly and will choose the lucky winners. First prize will land the lucky artists $100, second prize is $50 and honorable mention is $25. Prizes will be given both at the Middle and Elementary School levels. The Mayor will present the winners with their prizes shortly. Statewide Health Improvement Partnership (SHIP) Grant Submissions The Parks & Recreation Committee has recommended acceptance of two grants ($6,000 for hydration stations at Laurie LaMotte Memorial Park and Acorn Creek Park) and ($2,500 for a bike repair station at Laurie LaMotte Memorial Park). The Council will consider acceptance of the grants and award of a contract to install the equipment at their next meeting. Main Street Market Registration remains open for vendors. Please utilize the QR Code to the left or visit the Main Street Market Facebook page for up to date information or registration: www.facebook.com/CentervilleMainStreetMarket/ New Audio Equipment The new audio mixer for the Music in the Park and other parks programming has been ordered but it is backordered until June/July. We have our fingers crossed that the old equipment will fair well during this time. New Maps The maps in our Information Kiosk at Cornerstone Park got a recent facelift (see before and after pics at right) ADMINISTRATION Meeting and City Hall Schedule May 10, 2023, 6:30 p.m. – City Council June 6, 2023, 6:30 p.m. – Planning & Zoning June 7, 2023, 6:30 p.m. – Parks & Recreation May 17, 2023, 6:30 p.m. – Economic Development Authority The Rice Creek Watershed District The Rice Creek Watershed District has released its 2022 Annual Report. The annual report is a review and assessment of the work done last year, and its efforts toward the goals outlined in the District’s Watershed Management Plan. The annual report also includes documentation of information required for the District's MS4 permit. RCWD has an MS4 permit through the Minnesota Pollution Control Agency for portions of the public drainage system. The report contains nine management categories: 103E Public Drainage Systems,Non 103E Drainage Systems, District Facilities Flooding, Water Quality Management, Funding, Collaborations, Regulatory (Communication, Outreach, and Education. Read the full report here. PLANNING & ZONING 1737 Main Street – Proposed Salon nd The Planning and Zoning Commission met on May 2 to review a concept plan for the proposed salon at 1737 Main Street. Several layouts, with various placements of the building and parking were presented for consideration. Ultimately, the commission landed on acceptance of Option A, which puts the building in the rear of the site, with parking out front. This layout maximizes opportunities for future expansion or drive-thru alternatives. THC Regulations The Minnesota State legislative bodies have each passed their own version of a marijuana legalization bill, which will now be consolidated into one, through a bicameral reconciliation committee. Each version of the bill has slightly different allowances for city cost sharing and regulation authority. Once signed into law, staff will move quickly to formulate recommendations on how to exercise whatever discretion we may have. Amazon Sign Variance The Planning and Zoning Commission held a public hearing on a variance request from Amazon.com Services LLC to allow for additional ground-mounted way-finding signage on their campus. No public comments were offered. The Commissioned voted unanimously to recommend approval of the variance by the City Council. The Council will take up the matter at their May 10 meeting. CENTERVILLE CARES Food Shelf Grocery Delivery Anoka County Transit, with support of the Met Council, provides free food delivery from food shelves in the area. Participating food shelves are: ACBC, NACE, Salvation Army, SACA, and Centennial Community Food Shelf. If you would like to place an order for delivery, call the food shelf closest to you. The food shelf will contact Anoka County Transit to coordinate the pick-up. Anoka County Transit will then contact you with the delivery information. Delivery service is provided Monday -Friday, 6:00 am – 7:00 pm. You can book up to one week in advance, though limited same day delivery is an option if needed. Anyone can access the delivery service through Anoka County Transit. For more information, click here. ECONOMIC DEVELOPMENT Quad Area Chamber Calendar May 17, 2023 – Sip & Learn for Seniors – Rookery Activity Center – 10:30AM. May 18, 2023 – Senior Expo – 10AM-1PM – St. Genevieve Parish Center in Centerville. June 22, 2023 – Nosh & Networking – 4:00PM-7PM – Golden Lake Park in Circle Pines. Featured Chamber Event - Second Annual Senior Expo The Chamber is holding its second annual Senior Expo on May 18, 2023 from 10AM-1PM at St. Genevieve Parish Center in Centerville. This event is free to the public and everyone is encouraged to attend. Several resources will be available for you and your loved ones. Anoka County Regional Economic Development (ACRED) There is still time to register for the Anoka County Business th Summit on June 7 if you would like to attend this event. The summit includes a breakfast, networking and an educational program aimed to help businesses. The educational portion of the program will focus on the following: Grow your business through industry collaborations. Increase sales through high profile e-commerce and mobile apps. Enhancing your business through grants, employee development and direct business support. Event details are shown in the ticket above and you can register for this free event here: CITY OF CENTERVILLE IS HIRING Seasonal Public Works/Maintenance Technicians, (May – August). If you can fill this vest, please visit the city’s web site under Employment Opportunities, use the QR Code to the right, or stop into City Hall for an application packet and to learn more about the pay schedule, duties, and responsibilities of the positions. Applications will be accepted until all positions are filled. RECYCLING 2023 Garage Sale Days – Friday & Saturday, June 9 & 10, 2023 Please visit the City’s website “News & Announcements” section or utilize the QR Code to the right to sign up. We have approximately 10 registrants. Reuse & Clean-up Day – Saturday, June 17, 2023 Items not sold at Garage Sale Days or items around your house that you feel are reusable, may be donated to the Anoka County Reuse Tent during our Reuse & Clean-up Day event. These items can be dropped off, beginning on Friday, June 16, 2023 from 3-7 p.m. at Laurie LaMotte Memorial Park. All of the standard items that have been collected in year’s past for recycling will again be collected (i.e., shredding, bicycles, cardboard, electronics, fire extinguishers, fluorescent lamps, furniture containing foam and/or metal (recliners, hide-a-beds), mattresses and box springs, propane tanks, scrap metal, small engine equipment without fluids, used motor oil, anti-freeze and oil filters. A coupon for 4 items (free) for the afore-mentioned items will be available for the event shortly. There will be fees associated with all other items. CENTENNIAL LAKES POLICE DEPARTMENT Coffee with a Cop Thanks to everyone who turned out for Coffee with a Cop at Dunn Bros. in Circle Pines. Stay tuned to the department’s Facebook page for future dates. CENTENNIAL FIRE DISTRICT We’re Hiring We’re hiring! Click here for more info, or to apply: https://www.centennialfire.org/services-2 Retirement Congrats to Brad Stephens on his retirement from the Centennial Fire District after a 20+ year career. Brad has also been an active member of the Fire Relief Assoc. for a number of years, as their treasurer. COMMUNITY DEVELOPMENT Project Map Staff has prepared a map of all active developments to help everyone get a better picture of what’s happening around our community. The number you see at the heading of each item in this section corresponds to a number on the map, which is attached to the end of this report. (9) Block 7 Property (Downtown) Lennar has submitted some conceptual sketches of various townhome layouts for Block 7, with a variety of products (home styles). The proposal is similar to previous proposals, in terms of layout and density. The information will be placed in front of the Planning and Zoning Commission on June 6 for a Concept Plan Review. stnd (3)(4) Old Mill Estates 1 and 2 Additions The developer recently shared an update from their contractor who plans to complete their remaining punch list items in early May. Other development-wide punch list items remain for the developer to complete. Construction of the gravel base for the trail between Old Mill Court and Laramee Lane is now complete. Concrete work will be completed in the spring to ensure the base has a chance to settle over the winter. (16) Centerville Storage The facility is now open for business. The developer has made progress to address drainage issues along the north side of the facility and will continue to work on minor clean-up items. (1) Bay View Villas (Waterworks Site) The developer’s landscaping crew has finished sod work near the cul-de-sac and has just a few items from the punch list remaining. (10-14) Rehbein Commercial thst The sidewalk on the north side of Main Street, between 20 Avenue and 21 Avenue will be graded and poured in the spring. Other punch list items remain. Record plans have been submitted and reviewed. (13) Kwik Trip Sidewalk construction will begin as soon as the County is able to move some of their signs to their new locations. (17, 19) Rehbein Industrial Record Plans for the project have been submitted and reviewed. Once permit closure is achieved, the project can be closed out. (18) Max Storage (Fairview Street) Erosion control devices are in place and grading has begun on the site. (17) Amazon Fulfillment Center Exterior work, including curb and gutter, and prepping the gravel base for paving are underway. The project team reports that they are still on schedule to be complete and ready to hand the building over to Amazon in early August. Submittal of the modeling data and application for changes to the Floodway have now been submitted to FEMA. The federal agency has 90 days to respond to our submittal. Development Inquiries None PUBLIC WORKS 2022 Consumer Confidence Report The City’s 2022 Consumer Confidence Report is available online at the City’s website. Here is a link: https://tinyurl.com/8w3344fk, utilize the QR Code to the right or request a copy from City Hall by calling: 651-792-7933. Commercial Water Connection Fee Assistance At the last City Council meeting, the Council voted to extend the program through the end of 2023. The program offers half-priced hook-up charges for businesses hooking to city water. th 20 Avenue (CSAH 54) Corridor Study The latest progress meeting for the Corridor Study was held on February 13. Stakeholders were shown concept maps, laying out potential intersection treatments, access modifications, street cross sections, speed limits, and pedestrian routes. Next, the team will be reaching out to key area land and business owners along the corridor to gain their perspectives on various alternatives. Following those meetings, the concept layouts will be adjusted and readied for a broader public input phase. st The study is examining 20th Avenue from Birch Street to 80th Avenue, and the intersection of 21 Ave. and Main Street, aimed at identifying improvements needed in the short and long-term to accommodate regional growth. Wellhead Protection Plan The Minnesota Department of Health held a kick-off meeting with city staff and consultants for the implementation of the city’s Part-2 Wellhead Protection Plan. The group reviewed items in the documents and the timelines associated with various activities. Staff will be following up on the action items over the course of the next few months. City staff recently completed final paperwork and receive reimbursement from the Department of Health associated with a grand for sealing of a well in the downtown at no cost to the city or resident. With the completion of this grant, the city can now apply for other grants related to the Wellhead protection plan. 2022 Thin Overlay Program and City Hall Parking Lot Improvements Council will be considering a resolution calling for a public hearing to be scheduled on May 24, 2023 at 6:30 p.m. in Council Chambers to provide an opportunity for five (5) property owners to appeal their special assessment amounts. These five (5) property owners purchased property in between the two (2) previous public hearings held for the project. City Hall Parking Lot Lighting The City Council awarded a contract to complete the parking lot lighting project, contingent upon a grant award through the Occupational Safety and Health Administration (OSHA). The City was unsuccessful in obtaining the first round of awards but will be submitting again in a month or two. City Hall Security Upgrades The City Council has awarded a contract to make some minor upgrades to the building’s security system which will take place in the coming week. This work will complete the project. COMMUNITY ENGAGEMENT (April 2023) Web Site (1,700 Unique Visitors, 2,100 Total Visits) State of the City Address Fete des Lacs Fete des Lacs Logo Contest Garage Sale Days Main Street Market Vendor Sign-up Reader Board (11,000+ cars/day) Committee/Commission Vacancy Announcement Clean up Day & Thank you to Clean Up Volunteers Meeting Schedules Hiring Notice (Seasonal PW) Social Media (535 Twitter; 720 FB Followers) (XX/XX Impressions) City Accounts (535 Twitter; 720 FB Followers) o 4/17 Yard Waste Info (85/182) o 4/18 Severe Weather Awareness Week (86/120) Music in the Park (910 FB Followers) Main Street Market and Waterski Show (801 FB Followers) o 4/8 Vendors Needed (Unavailable) Centerville Fete des Lacs (1,543 FB Followers) o 4/21 Jake Nelson Band Promo (Unavailable) o 4/24 Jake Nelson Band Promo (417), o 4/7 Volunteers Needed (658) o 4/4 (Events Created for several pieces of the festival) Community Email List (241email addresses) 4/12 & 4/26 Upcoming CC Agenda, Admin Report & Newsletter Business Email List (60 email addresses) 4/26 Anoka County Business Summit 5/1 3M Open PGA Tour NMTV Centerville Streaming Page 116 overall page views o April 4 - 15 streams (P&Z) o April 5 - 12 streams (P&R) o April 12 - 14 streams (CC) o April 13 - 12 streams (City Council had live audio issues, so many folks watched the next day) o April 26 -12 streams (CC) CITY OF CENTERVILLE REQUEST FOR ACTION Agenda Item # Department: RequestedMeetingDate: May 17, 2023 Administration/EDA IX.1 TITLE OF ISSUE: Downtown Redevelopment Market Study BACKGROUND AND SUPPLEMENTAL INFORMATION: A few months ago, the EDA commissioned a downtown redevelopment market study. LOCi, the firm preparing the market study, presented a draft of the report to the EDA at their April meeting; the report incorporate the board's feedback COST AND SOURCE(S) OF FUNDING: Already budgeted REQUESTED ACTION: Motion to approve the downtown redevelopment market study. For Clerk’s Use: SUPPORTED DOCUMENTS ATTACHED Motion By: ____________________________________ Resolution Ordinance Contract Minutes Plan Map Second By: ____________________________________ Vote Record: AyeNay ____ Final Downtown Redevelopment Market Study Other (specify) ____________ _____ _______________________________________________________________ _____ _____ _______________________________________________________________ _____ Refer to: _________________________________ Tabled Until: ______________________________ Consent Other: ___________________________________ Regular Market Analysis for Redevelopment in Downtown Centerville Centerville, Minnesota Prepared for the City of Centerville Economic Development Authority April 3, 2023 LOCi Consulting LLC 651-888-8464 http://www.lociconsult.com Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Table of Contents Executive Summary .................................................................................................................................................................. 3 Introduction ................................................................................................................................................................................ 9 1.Site Analysis .............................................................................................................................................................. 12 2.Demographic and Economic Analysis ............................................................................................................. 21 3.Multifamily Residential Market Analysis ...................................................................................................... 38 Page | 1 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 4.Retail Market Analysis .......................................................................................................................................... 62 5.Mixed-Use Analysis ................................................................................................................................................ 74 6.Informal Community Survey .............................................................................................................................. 80 7.Findings and Recommendations ....................................................................................................................... 86 Appendix .................................................................................................................................................................................... 91 Page | 2 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Executive Summary &®±ȃ3 «¤ #®£®¬¨¨´¬² £ 4®¶§®¬¤² Purpose not 2¤³ « (®´²¨¦ Residential Demand Estimates Page | 3 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Condominium and Townhome Demand for Downtown Centerville, 2022-2027 Estimated Base PriceEstimated Demand (Units) Market-Rate For-Sale Units Households with incomes of $100,000 or higher$350,000-$450,00045-90 Source: LOCi Consulting LLC Rental Housing Demand for Downtown Centerville, 2022-2027 Estimated RentsEstimated Demand (Units) Affordable Rental Housing Units Up to 50% AMI$0-$1,32040-50 50% to 60% AMI$1,320-$1,58475-90 Market-Rate Rental UnitsGreater than $1,58475-100 * AMI is Area Median Income. Incomes shown in demand figures. Source: LOCi Consulting LLC Senior Housing Demand for Downtown Centerville, 2022-2027 Estimated Demand (Units) Market-Rate Active Adult For-Sale Senior Housing40-50 Rental Senior Housing10-20 Market-Rate Independent Living/Congregate25-35 Market-Rate Assisted Living Assisted Living0-0 Memory Care10-20 Source: LOCi Consulting LLC Page | 4 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Retail Space Demand Estimates 3¤¨®± (®´²¨¦ Other Findings Strengths of Downtown Centerville Demand for Retail Space Downtown Centerville, 2022-2027 Estimated Rent per Estimated Demand Square Foot per Year(Square Footage) Retail Commercial Space Supporting Sales of $300 to $400 per Square Foot$20-$302,300-5,700 Source: LOCi Consulting LLC Page | 5 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Weaknesses of Downtown Centerville Multifamily Housing Market Demographics and Economic Analysis o o o o o o o Retail Real Estate Market o Page | 6 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Informal Community Survey Transition residential densities to put higher density developments closer to the intersection of Main Street and Centerville Road. Partner with a planning firm to update traffic management, streetscape guidelines, and pedestrian plans for development in downtown. Recommendations Maximize access and views to Centerville Lake. Develop marketing plan for Downtown Centerville. Promote horizontal mixed-use developments over vertical mixed use. o o o o Prioritize developments on the four blocks o around the Main Street and Centerville Road o Intersection. Enhance existing local and regional entrepreneur networks. Consider working with the school district to develop the Centerville Elementary School parking lot. Consider creating incubator spaces to support small businesses downtown. Prioritize retail development on Main Street versus Centerville Road. Page | 7 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Prioritize local entrepreneurs and pursue retail concepts that would be most likely to have success in Downtown Centerville. o o o o o o o o o o o o Leverage local economic development tools, o state and federal grants and loans, and other o resources available for development projects.o o o o o o o o o o o Page | 8 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Introduction The Downtown Centerville Master Plan and Other Previous Studies and Reports Purpose not o o o Page | 9 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Downtown Centerville Master Plan Î January 4, 2006 Source: City of Centerville Centerville 2040 Comprehensive Plan. City of Centerville Strategic Plan, 2022-2023. Page | 10 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 City of Centerville, 2022-2023 Economic Development Strategic Plan. Centerville Retail Market Analysis, 2005. Data Resources and Study Limitations Page | 11 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 1. Site Analysis Regional Context Downtown Centerville, looking south from the intersection of Main Street and Centerville Road Page | 12 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 1.1: Downtown Centerville Î Centerville, Minnesota Downtown Centerville Source: ESRI, LOCi Consulting LLC Page | 13 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 1.2: Defined Area for Downtown Centerville Centerville Elementary School Centerville City Hall St. Genevieve's Church Source: City of Centerville; ESRI, LOCi Consulting LLC Page | 14 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 1.3: Traffic Counts in and near Downtown Centerville Downtown Centerville Source: ESRI, LOCi Consulting LLC Page | 15 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 1.4: Businesses in Centerville Source: City of Centerville; ESRI, LOCi Consulting LLC Page | 16 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Downtown Centerville, looking northwest from the intersection of Main Street and Centerville Road Downtown Centerville Defined Transportation Corridor Page | 17 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Businesses along the west side of Centerville Road Visibility and Access Page | 18 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Centerville Lake, looking west from the St. Genevieve Church properties. Key Findings: Strengths and Weaknesses of Downtown Centerville Strengths Proximity to Centerville Lake. Adjacent Uses Rice Creek Chain of Lakes Park Preserve. Proximity to new housing developments. Growing employment base nearby. Page | 19 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Access to Centerville Lake. Access to Interstate 35E. Lower traffic volumes. Existing transportation corridor. Secondary location to sites at the Main Street and Interstate 35E interchange. Elementary school. Access to Interstate 35W Existing and established retail businesses. Weaknesses Availability of large developable tracts of land. Page | 20 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 2. Demographic and Economic Analysis Primary Market Area for Downtown Centerville Population and Households Page | 21 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 2.1: Drive Time Rings Around Downtown Centerville Downtown Centerville Source: ESRI, LOCi Consulting LLC Page | 22 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 2.2: Downtown Centerville Primary Market Area (PMA) Downtown Centerville Source: ESRI, LOCi Consulting LLC Page | 23 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 2.3Population and Population Growth CensusCensusEstimateForecastAnnual Growth Rate 20102020202220272010-20222022-2027 5-Minute Drive Time6,0416,5177,2107,7601.5%1.5% 10-Miute Drive Time41,10644,54646,52047,9651.0%0.6% 15-Minute Drive Time148,880168,179173,257176,2511.3%0.3% Centerville3,7923,8963,9654,1160.4%0.8% Columbus3,9144,1594,2304,3270.6%0.5% Forest Lake18,37520,61120,97121,8181.1%0.8% Hugo13,33215,76616,44117,2641.8%1.0% Lino Lakes20,21621,39922,09522,7230.7%0.6% North Oaks4,4545,2725,3615,3051.6%-0.2% White Bear Lake23,42324,48625,34725,0380.7%-0.2% White Bear Township10,85011,04911,18210,9820.3%-0.4% Downtown Centerville PMA98,356106,638109,592111,5730.9%0.4% Anoka County330,844363,887370,087378,1700.9%0.4% Minneapolis-St. Paul CBSA3,333,6333,690,2613,764,6073,839,7971.0%0.4% State of Minnesota5,303,9255,706,4945,780,8435,856,2280.7%0.3% United States308,745,538331,449,281335,707,897339,902,7960.7%0.2% Source: US Census Bureau; ESRI; LOCi Consulting LLC 2.4Population and Projected Growth Chart Source: US Census Bureau; ESRI; LOCi Consulting LLC Page | 24 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 2.5Households and Household Growth CensusCensusEstimateForecastAnnual Growth Rate 20102020202220272010-20222022-2027 5-Minute Drive Time2,0002,2472,5112,7131.9%1.6% 10-Miute Drive Time14,41816,51517,10117,6351.4%0.6% 15-Minute Drive Time56,51264,19165,86666,8611.3%0.3% Centerville1,3151,4111,4421,5030.8%0.8% Columbus1,4161,5531,5821,6170.9%0.4% Forest Lake7,0148,1318,2738,6341.4%0.9% Hugo4,9905,9396,1946,5291.8%1.1% Lino Lakes6,1746,9577,2087,4141.3%0.6% North Oaks1,7361,9721,9871,9581.1%-0.3% White Bear Lake9,74810,24010,41610,2510.6%-0.3% White Bear Township4,2384,3994,4334,3370.4%-0.4% Downtown Centerville PMA36,63140,60241,53542,2431.1%0.3% Anoka County121,227133,879136,247139,3551.0%0.5% Minneapolis-St. Paul CBSA1,293,6011,434,3151,463,6701,492,6941.0%0.4% State of Minnesota2,087,2272,253,9902,284,1032,314,4820.8%0.3% United States116,716,292126,817,580128,657,669130,651,8720.8%0.3% Source: US Census Bureau; ESRI; LOCi Consulting LLC 2.6Households and Projected Growth Chart Source: US Census Bureau; ESRI; LOCi Consulting LLC Page | 25 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 2.7: Population Density in the Downtown Centerville PMA, 2022 Downtown Centerville Source: ESRI, LOCi Consulting LLC Page | 26 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 2.8: Projected Annual Population Growth in the Downtown Centerville PMA, 2022-2027 Downtown Centerville Source: ESRI, LOCi Consulting LLC Page | 27 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Median Household Income Median Home Values Renter versus Owner Households Households by Age and Income Page | 28 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 2.9Median Household Income and Income Growth EstimateForecastAnnual Growth Rate 202220272022-2027 5-Minute Drive Time$122,094$137,8842.5% 10-Miute Drive Time$112,780$124,7822.0% 15-Minute Drive Time$102,416$112,8552.0% Centerville$113,083$124,0811.9% Downtown Centerville PMA$104,088$114,6301.9% Anoka County$90,273$102,5052.6% Minneapolis-St. Paul CBSA$91,714$105,6172.9% State of Minnesota$81,851$94,8553.0% United States$72,414$84,4453.1% Sources: US Census Bureau; ESRI; LOCi Consulting LLC 2.10Median Household Income and Income Growth Chart, 2022 $140,0003.0% $120,000 2.5% $100,000 2.0% $80,000 1.5% $60,000 1.0% $40,000 0.5% $20,000 $00.0% 5-Minute Drive Time10-Miute Drive Time15-Minute Drive TimeDowntown Centerville PMA 2022 Median Household IncomeProj. Growth 2022-2027 (Right Axis) Source: US Census Bureau; ESRI; LOCi Consulting LLC Page | 29 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 2.11: Median Household Income in the Downtown Centerville PMA, 2022 Downtown Centerville Source: ESRI, LOCi Consulting LLC Page | 30 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 2.12Households by Age and Income in the Downtown Centerville PMA 2022 Age of Householder 15-2425-3435-4445-5455-6465-7475+ Less than $15,00092164132149281289397 $15,000-$24,99979145104129231277445 $25,000-$34,99951153141128216234452 $35,000-$49,999179469335325471580887 $50,000-$74,9991788027317591,0621,330818 $75,000-$99,9991449621,1511,0041,2871,158417 $100,000-$149,9991381,5162,6262,2922,3641,387480 $150,000-$199,999307841,2531,5421,396625245 $200,000+115241,2031,4471,339683298 Median HH Inc.$55,099$101,225$116,946$124,388$111,337$85,345$50,781 Minneapolis-St. Paul $48,262$88,250$108,534$114,057$103,235$76,679$46,569 CBSA 2027 Age of Householder 15-2425-3435-4445-5455-6465-7475+ Less than $15,000841019192135178381 $15,000-$24,99958866774117170371 $25,000-$34,9994710810165118186397 $35,000-$49,999158322250221260446813 $50,000-$74,9991616175945407321,2201,018 $75,000-$99,9991458871,1719271,0781,288623 $100,000-$149,9991851,4982,7682,2072,1961,797782 $150,000-$199,999479651,6761,7941,6811,006534 $200,000+96101,5451,5701,408931530 Median HH Inc.$63,234$110,749$127,471$137,606$126,712$102,091$66,809 Minneapolis-St. Paul $55,046$103,181$119,441$125,121$116,966$93,125$60,901 CBSA Source: ESRI; LOCi Consulting LLC 2.13Median Income by Age of Householder, 2022 $150,000 $100,000 $50,000 $0 15-2425-3435-4445-5455-6465-7475+ Downtown Centerville PMAMinneapolis-St. Paul Sources: ESRI; LOCi Consulting LLC Page | 31 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 2.14Estimated Median Home Value, 2022 $389,751$389,677 $357,865 $339,926 $338,075 $330,502 5-Minute Drive10-Miute Drive15-Minute DriveCity of CentervilleDowntownMinneapolis-St. TimeTimeTimeCenterville PMAPaul CBSA Source: US Census Bureau; ESRI; LOCi Consulting LLC 2.15Household Rental Rates in the Downtown Centerville PMA, 2020 29.6% 20.2% 19.9% 15.7% 9.2% 8.5% 5-Minute Drive10-Miute Drive15-Minute DriveCity of CentervilleDowntownMinneapolis-St. TimeTimeTimeCenterville PMAPaul CBSA Source: American Community Survey, U.S. Census; ESRI; LOCi Consulting LLC Page | 32 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Daytime Population Commute Shed 2.16Daytime Population, 2022 Daytime Daytime ResidentDaytimePopulation:Population: PopulationPopulationWorkersResidents 5-Minute Drive Time7,2105,3792,0403,339 10-Miute Drive Time46,52039,41317,54621,867 15-Minute Drive Time173,257165,13282,39182,741 Centerville3,9652,9851,1641,821 Downtown Centerville PMA109,59294,94142,78152,160 Source: US Census Bureau; ESRI; LOCi Consulting LLC Page | 33 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 2.17: Daytime Population Density in the Downtown Centerville PMA, 2022 Downtown Centerville Source: ESRI, LOCi Consulting LLC Page | 34 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Consumer Expenditure E-commerce Retail Sales 2.18Consumer Spending in Retail Categories In the Downtown Centerville PMA EstimateForecastGrowth 202220272022-2027 Apparel and Accessories$124,260,067$127,741,428$3,481,361 Electronics$85,678,224$88,059,969$2,381,745 Pets$42,042,174$43,205,730$1,163,556 Toys$6,890,240$7,093,850$203,610 Sporting Goods$10,704,445$11,021,930$317,485 Books$6,102,298$6,262,420$160,122 Groceries$313,590,443$322,328,377$8,737,934 Restaurants$220,539,071$226,781,384$6,242,313 Liquor$37,250,501$38,247,933$997,432 Pharmacy$33,826,889$34,758,077$931,188 Furniture and Home Improvement$110,020,690$113,084,633$3,063,943 Household and Personal Care$74,328,448$76,416,986$2,088,538 Total$1,065,233,490$1,095,002,716$29,769,226 * Data is shown in 2022 Dollars, adjusted from ESRI projection. ESRI assumes 2.5% inflation. Source: US Census Bureau; ESRI; LOCi Consulting LLC Page | 35 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 2.19Forecasted Growth in Consumer Spending in the PMA, 2022-2027 Household and Personal Care Furniture and Home Improvement Pharmacy Liquor Restaurants Groceries Books Sporting Goods Toys Pets Electronics Apparel and Accessories $0$5,000,000$10,000,000$15,000,000$20,000,000$25,000,000 * Data is shown in 2022 Dollars, adjusted from ESRI projection. ESRI assumes 2.5% inflation. Source: US Census Bureau; ESRI; LOCi Consulting LLC Page | 36 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 2.20E-commerce Sales as a Percentage of All Sales * Seasonally adjusted Source: Monthly Retail Trade Survey, US Census Bureau; LOCi Consulting LLC Page | 37 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3. Multifamily Residential Market Analysis For-Sale Housing Trends 3.1Closed Residential Transactions in the Downtown Centerville PMA Source: Minneapolis Area Association of Realtors; LOCi Consulting LLC Page | 38 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.2Median Sale Price of Closed Single-Family Detached Transactions 20182019202020212022 City of Centerville$263,250$273,000$300,950$330,000$365,000 Downtown Centerville PMA$275,000$289,900$323,000$360,000$393,750 Twin Cities Metro Area$286,000$304,000$330,000$370,000$395,000 Source: Minneapolis Area Association of Realtors; LOCi Consulting LLC 3.3Median Sale Price of Closed Attached Townhome and Condominium Transactions 20182019202020212022 City of Centerville$180,900$187,000$202,000$227,000$292,500 Downtown Centerville PMA$195,000$210,000$224,000$245,000$284,500 Twin Cities Metro Area$200,000$201,700$230,000$252,000$272,000 Source: Minneapolis Area Association of Realtors; LOCi Consulting LLC Page | 39 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.4Average Days on the Market for Transactions in the Downtown Centerville PMA Source: Minneapolis Area Association of Realtors; LOCi Consulting LLC Profile of Newer For-Sale Multifamily Projects in the Downtown Centerville PMA Condominiums Hill Farms Condominiums Page | 40 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.5Actively Marketing For-Sale Condominium and Attached Townhome Developments in the PMA Avail. Unit Price per Units UnitsType Size of UnitBase Price PropertySquare Foot Condominums Three-story condominium building to 34202BR1,323-1,951$795,000-1,220,000$601-625 Hill Farm be built in two phases. First phase is 3BR2,724-3,841$2,000,000-2,375,000$618-734 Condominiums of 34 units. Project is located on the 22- North Oaks acre site surrounded by 300 acres of Hill Farms Condominiums LLC conservancy land. High levels North Oaks included in base pricing. Community amenities include direct connection to the trail system, parks, tennis courts, patio, fitness center, party room, and underground heated parking. Occupancy is planned for August 2023. Association fee is $522-1,169. Attached Townhomes Two-story townhomes in buildings Watermark 17229Quad Units with four to eight units. Units include Lennar Homes 3BR1,792$339,990$190 center island, pantry, great room, Lino Lakes patio, and main suite with walk-in Side by Side closet. Bedrooms on second floor 3BR1,804-1,906$360,790-382,690$200-212 with first level main suite option. Association fee is $221 (Insurance, sanitation, and snow removal/lawn care). ---Continued on Next Page--- Source: Northstar MLS; interviews; LOCi Consulting LLC Page | 41 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.5Actively Marketing For-Sale Condominium and Attached Townhome Developments in the PMA (Continued) Avail. Unit Price per Units UnitsType Size of UnitBase Price PropertySquare Foot Attached Townhomes (Continued) Single-level, slab on grade 3014Side by Side Headwaters Place townhome with open concept floor Fenway Investments 2BR$449,900-459,900$260-266 1,729 plan with vaulted ceilings, kitchens Forest Lake with granite counters, stainless steel appliances, walk in pantry, island, gas fireplace, sun room off the back of the unit, concrete patio, main suite with private bath, and walk in closet. Association fee is $275 (Insurance, sanitation, and snow removal/lawn care). 1.5-story townhomes with kitchens 2618Quad Units Gateway Green with granite counters, stainless steel C&E Wurzer Builders 3BR1,583-1,705$365,000-395,000$231-250 appliances, main suite on second Forest Lake level, and walk-in main suite closet. Side by Side Gas fireplace is optional. Association 3BR1,631-1,779$409,000-424,000$251-260 fee is $290(insurance, sanitation, and snow removal/lawncare). Source: Northstar MLS; interviews; LOCi Consulting LLC Page | 42 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 3.6: Actively Marketed For-Sale Condominiums and Attached Townhomes in the PMA Downtown Centerville Source: ESRI; LOCi Consulting LLC Page | 43 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Side by side townhomes in Watermark development Headwaters Place Attached Townhomes Page | 44 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Rental Market Trends 3.7Vacancy Rates for Multifamily in the PMA and the Metro Area * Data is Q1 2017 to Q4 2022 Source: CoStar; LOCi Consulting LLC Page | 45 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.8Average Rent for Multifamily in the PMA and Metro Area * Data is Q1 2017 to Q4 2022 Source: CoStar; LOCi Consulting LLC Income-Restricted Rental Properties Profile of Newer Rental Properties in the Downtown Centerville PMA Page | 46 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.9Profiles of Recently-Developed Rental Communities in the PMA, March 2022 Vacant Unit Unit Rent per Units UnitsMixTypeSize of UnitBase Rent PropertySquare Foot Income-Restricted Rental Housing Fitzgerald Flats 53061BR729$986$1.35 Income restriction is restricted to 19951 Headwaters Blvd N282BR913-969$1,086-1,235$1.19-1.27 30% and 50% of Area Median Forest Lake193BR1,307-1,310$1,250-1,448$0.96-1.11 Income. Six of the units are market rate. Garbage, sewer, and water Year Built: 2023 included in rent. Community room, community patio, laundry facilities, playground, and basketball courts. Surface parking lot available. 45061BR715$690-880$0.97-1.23 Rosemary Apartments Income restriction is restricted to 4628 Rosemary Way N182BR974-1,131NA-NANA-NA 30%, 50%, and 60% of Area Median Hugo213BR1,224-1,268$1,210$0.95-0.99 Income. Heat, garbage, sewer, and water included in rent. Three-story Year Built: 2021 building with elevator, playground, fitness center, controlled access/gated, washer and dryer in unit, and underground parking. Headwaters Landing 45091BR714$800-900$1.12-1.26 Income restriction is restricted to 362BR893$1,100$1.23 Apartments 30% and 50% of Area Median 20041 Fitzgerald Trl N Income. Garbage, sewer, and water Forest Lake included in rent. Three-story building with elevator, playground, fitness Year Built: 2020 center, community room, computer lab, storage lockers, washer and dryer on each floor, and surface parking. ---Continued on Next Page--- * Data collected in February and March 2023 Source: Costar; websites, interviews with leasing agents; LOCi Consulting LLC Page | 47 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.9Profiles of Recently-Developed Rental Communities in the PMA, March 2022 (Continued) Vacant Unit Unit Rent per Units UnitsMixTypeSize of UnitBase Rent PropertySquare Foot Market-Rate Rental Housing Timber Ridge Phase II 393Studio570$1,050$1.84 Wi-Fi, water, sewer, and garbage are 22500 Everton Ave N1BR665$1,240-1,290$1.86-1.94 all included. Units include washer Forest Lake2BR923-1,073$1,479-1,720$1.60-1.60 and dryer. Patio with grills and on- site fitness center included. Surface Year Built: 2023 parking lot with garages available. 1921820Studio480$1,235$2.57 The Barnum Apartments Rent includes water, sewer, and 1711 County Road E1141BR480-1,035$1,385-1,780$1.72-2.89 trash. Courtyard with grills, dining White Bear Lake582BR1,154-1,329$1,886-2,260$1.63-1.70 area, fire pit, community launce with kitchen and dining area, outdoor Year Built: 2021 pool, fitness center, granite countertops, and washer and dryer in unit. Surface lot parking with garages available. Jack Pine Place 845301BR650-805$1,500$1.86-2.31 Rent includes water, sewer, and 14672 N Finale Ave462BR850-1,193$1,900$1.59-2.24 trash. Includes stainless steel Hugo83BR1,543$2,250$1.46 appliances, dishwashers, in-unit washer/dryer, patio/balcony, walk-in closets, and granite countertops. Year Built: 2021 Surface parking with garages available. 911512Studio459$1,302$2.84 Encore Apartments Utilities include trash removal. 1081 SW Fourth St441BR639-759$1,365-1,396$1.84-2.14 Includes stainless steel appliances, Forest Lake312BR924-1,085$1,750-1,794$1.65-1.89 dishwashers, in-unit washer/dryer, 43BR1,239$2,728$2.20 some units with patio/balcony, walk- Year Built: 2020 in closets, and granite countertops. Surface parking with underground parking available. ---Continued on Next Page--- * Data collected in February and March 2023 Source: Costar; websites, interviews with leasing agents; LOCi Consulting LLC Page | 48 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.9Profiles of Recently-Developed Rental Communities in the PMA, March 2022 (Continued) Vacant Unit Unit Rent per Units UnitsMixTypeSize of UnitBase Rent PropertySquare Foot Market-Rate Rental Housing (Cont.) 1793731BR480-634$931-1,076$1.70-1.94 Timber Ridge Wi-Fi, water, sewer, and garbage are 4777 19th St SW532BR1,146$1,785$1.56 all included. Units include washer Forest Lake533BR1,410$2,600$1.84 and dryer. Patio with grills and on- site fitness center included. Surface Year Built: 2019 parking lot with garages available. 8416121BR669$1,433$2.14 Gateway Green Units have washers and dryers. 312BR1,029-1,035$1,727-1,781$1.67-1.68 Apartments Community includes pet wash, 4626 Wyngate Blvd43BR1,194$2,185$1.83 fitness center, game room, Forest Lake community room, and an underground parking garage. Year Built: 2019 731311BR480-660$885-1,152$1.75-1.84 Arbor Ridge Heat, Wi-Fi, water, sewer, and 422BR910-1,109$1,215-1,676$1.34-1.51 Luxury Apartments garbage are all included. Units 1700 8th St NE include washer and dryer. Patio with Forest Lake grills and on-site fitness center included. Surface parking lot with Year Built: 2017 garages available. * Data collected in February and March 2023 Source: Costar; websites, interviews with leasing agents; LOCi Consulting LLC Page | 49 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 3.10: Rental Properties in the Downtown Centerville (PMA) Downtown Centerville Source: ESRI; LOCi Consulting LLC Page | 50 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 active adult Rosemary Apartments Market Rate Rental Properties Affordable senior housing Timber Ridge in Forest Lake Independent living assisted livingmemory care assisted living Senior Housing Trends Page | 51 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.11Senior Housing Properties in the PMA AddressYear BuiltUnits Property Income- and Age-Restricted Rental Trailside Senior Living19850 Forest Rd, Forest Lake201170 Willow Woods Apartments3441 Willow Ave, White Bear Lake199746 The Cottages of Willow Pond101 Willow Pond Trl, White Bear Lake199647 Pioneer Manor Apartments2225 6th St, White Bear Lake199342 John Jergens Estates57 17th Ave. SE, Forest Lake199030 Muller Manor14235 Forest Blvd. N., Hugo199028 Whispering Pines7 5th Ave NE, Forest Lake198340 Washington Square Apartments2060 5th St, White Bear Lake197981 Kilkenny Court Apartments1440 4th St. SE, Forest Lake197692 476 Age-Restricted Ownership Hidden Pathways Condos5200 Pathways Ave, White Bear Lake200550 Hidden Pathways Townhomes5201-5267 Pathways Ave, White Bear Lake200525 75 Age-Restricted Rental Lyngblomsten at Lino Lakes (TH)7026 Centerville Rd, Centerville202320 Chauncey Barret Gardens7026 Centerville Rd, Centerville200447 The Boulders3533 Willow Ave, White Bear Lake200393 The Arbors of White Bear Lake4800 Division St, White Bear Lake200180 Lake Square Apartments2250 6th St, White Bear Lake198786 326 Independent Living with Services Lyngblomsten at Lino Lakes (IL)7026 Centerville Rd, Centerville202396 Harbor Crossing4650 Centerville Rd, White Bear Lake201742 The Waters of White Bear Lake3840 Hoffman Rd, White Bear Lake2016106 Cherrywood Point1231 W Broadway Ave, Forest Lake201535 Keystone Place at LaValle Fields14602 Finale Ave N, Hugo201529 Amira Choice Forest Lake231 W Broadway Ave, Forest Lake201439 Waverly Gardens5919 Centerville Rd, North Oaks2004164 The Lodge at White Bear Lake3666 E County Line N, White Bear Lake2001120 631 Assisted Living Lyngblomsten at Lino Lakes (AL)7026 Centerville Rd, Centerville202335 NorBella Senior Living2025 Michaud Wy, Centerville202224 Good Life Assisted Living5260 127th Street N, Hugo201732 Harbor Crossing4650 Centerville Rd, White Bear Lake201740 Cherrywood Pointe1231 W Broadway Ave, Forest Lake201535 Keystone Place at LaValle Fields14602 Finale Ave N, Hugo201549 Gracewood Advanced AL675 Market Pl Dr, Lino Lakes201518 Amira Choice Forest Lake231 W Broadway Ave, Forest Lake201420 Lino Lakes Assisted Living725 Town Center Pkwy, Lino Lakes201042 White Pine1235 Gun Club Rd, White Bear Lake200734 Encore Assisted Living5607 150th St. N., Hugo200412 Waverly Gardens5919 Centerville Rd, North Oaks200459 Birchwood Arbors604 NE First Street, Forest Lake200246 Cerenity Residence of WBL4615 Second Ave, White Bear Lake198843 489 ---Continued on Next Page--- Source: LOCi Consulting LLC Page | 52 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.11Senior Housing Properties in the PMA (Continued) AddressYear BuiltUnits Property Memory Care Assisted Living Lyngblomsten at Lino Lakes (MC)7026 Centerville Rd, Centerville202317 Atlas Villas Memory Care1825 Main St, Centerville202316 NorBella Senior Living2025 Michaud Way, Centerville202216 Good Life Assisted Living5260 127th Street N, Hugo201732 Harbor Crossing4650 Centerville Rd, White Bear Lake201730 The Waters of White Bear Lake3840 Hoffman Rd, White Bear Lake201630 Prelude Memory Care Cottages4650 White Bear Pkwy, White Bear Lake201630 Cherrywood Pointe1231 W Broadway Ave, Forest Lake201522 Keystone Place at LaValle Fields14602 Finale Ave N, Hugo201522 Gracewood Memory Care675 Market Pl Dr, Lino Lakes201517 Amira Choice Forest Lake231 W Broadway Ave, Forest Lake201420 Lino Lakes Assisted Living725 Town Center Pkwy, Lino Lakes201028 White Pine1235 Gun Club Rd, White Bear Lake200710 Encore Memory Care5607 150th St. N., Hugo200424 Waverly Gardens5919 Centerville Rd, North Oaks200412 Birchwood Memory Care604 1st St, Forest Lake200230 Brookdale North Oaks300 Village Center Dr, North Oaks199846 402 Source: LOCi Consulting LLC Market Trends Affordable Senior Housing Senior Housing in the PMA Page | 53 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.12Profiles of Selected Senior Housing Communities in the Downtown Centerville PMA Vacant Unit Rent per Units UnitsTypeSize of UnitBase Rent PropertySquare Foot Income- and Age-Restricted Rental Trailside Senior Living 7001BR$480-900$0.62-1.15780Income restricted. Heated underground 19850 Forest Rd2BR$632-1,141$0.67-1.20950 parking included, community room, Forest Lake activity room, fitness center library, and in unit washer and dryer. Rent includes Year Built: 2011 water, sewer, and garbage. 4501BR781Rent is 30% of Income Willow Woods Apartments Income restricted to 50% of Area 3441 Willow Ave Median Income. Surface parking lot White Bear Lake available. Two-year wait list for units. Year Built: 1997 Income restricted. Townhomes with John Jergens Estates 3001BR781$1.04$809 57 14th Avenue Southeast2BR907$953$1.05 private entrances, limited community Forest Lake spaceand in unit washer and dryer. Rent includes water, sewer, and Year Built: 1990 garbage. --- Continued on Next Page --- Source: Interviews; community websites; LOCi Consulting LLC Page | 54 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.12Profiles of Selected Senior Housing Communities in the Downtown Centerville PMA (Continued) Vacant Unit Rent per Units UnitsTypeSize of UnitBase Rent PropertySquare Foot Market-Rate Active Adult Rental 4701BR705-1,005$979-1,266$1.39-1.80Rent includes heat, water, sewer, and Chauncey Barrett Gardens 7022 Centerville Rd2BR964-1,020$1,194-1,481$1.24-1.54 trash removal. Community room, Centerville exercise room, guest room, storage lockers, individual patios and balconies, Year Built: 1988 and surface parking lot with garages available. Wait list. 9311BR700-900$1,175-1,375$1.68-1.96Rent includes heat, electricity, water, The Boulders 3533 Willow Ave2BR1,000-1,273$1,475-1,975$1.48-1.98 sewer, and trash removal. Limited White Bear Lake community spaces, fitness center, storage lockers, individual patios and Year Built: 2003 balconies, and surface parking lot. 8001BR786$1,655$2.11 The Arbors of White Bear Lake Rent includes water, sewer, and trash 4800 Division St2BR1,150$2,100$1.83 removal. Community room, exercise White Bear Lake room, guest room, storage lockers, individual patios and balconies, in-unit Year Built: 2001 washer and dryer, and surface parking lot. Independent Living with Services 420Studio441-649$2,445-2,930$4.51-5.54Meals are available but not included; Harbor Crossing 4650 Centerville Rd1BR545-880$2,775-3,590$4.08-5.09 units include full kitchens, in-unit White Bear Lake2BR1,060-1,137$4,275-4,540$3.99-4.03 washer and dryer, and some patios/balconies; amenities include Year Built: 2016 community room, dining room, fitness center, and guest suites. Monthly fee includes heat, central air conditioning, water and trash. --- Continued on Next Page --- Source: Interviews; community websites; LOCi Consulting LLC Page | 55 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.12Profiles of Selected Senior Housing Communities in the Downtown Centerville PMA (Continued) Vacant Unit Rent per Units UnitsType Size of Unit Base Rent PropertySquare Foot Independent Living with Services (Continued) 2921BR833$4,295$5.16 Keystone Place at Meals are available but not included; LaValle Fields 2BR1,189-1,340$4,395-4,795$3.70-3.58 units include full kitchens, in-unit 14602 Finale Ave N washer and dryer, and some Hugo patios/balconies; amenities include community room, dining room, and Year Built: 2015 fitness center. Includes all utilities. Assisted Living 2412Studio NorBella Senior Living 380$3,900$10.26Three meals per day and light 2025 Michaud Way housekeeping included; units include CentervilleService Packages kitchenettes; amenities include Required care packages community room, and dining room. Year Built: 2022 Monthly fee includes heat, central air conditioning, water and trash. 400Studio441-649$3,660-3,990$6.15-8.30Three meals per day and light Harbor Crossing 4650 Centerville Rd1BR545-880$3,990-5,400$6.14-7.32 housekeeping included; units include White Bear Lake2BR1,060-1,137$5,490-5,755$5.06-5.18 full kitchens, in-unit washer and dryer, and some patios/balconies; amenities Year Built: 2016 Service Packages include community room, dining room, Required care packages fitness center, and guest suites. $435-6,645 Monthly fee includes heat, central air conditioning, water and trash. 497Studio356$5,695$16.00Three meals per day plus snacks Keystone Place at LaValle Fields 1BR600$6,495$10.83 included in care packages, weekly 14602 Finale Ave N2BR869$6,895$7.93 housekeeping and linen change. Units Hugo include full kitchens, in-unit washer and Service Packages dryer, and some patios/balconies; Year Built: 2015 Additional fees for amenities include community room, required service packages dining room, and fitness center. Includes all utilities. --- Continued on Next Page --- Source: Interviews; community websites; LOCi Consulting LLC Page | 56 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 3.12Profiles of Selected Senior Housing Communities in the Downtown Centerville PMA (Continued) Rent per Vacant Unit UnitsSize of UnitBase Rent PropertyUnitsTypeSquare Foot Memory Care Assisted Living 380$3,500$9.21Three meals per day and light Atlas Villas Memory Care 1613Studio 1825 Main Sthousekeeping included; units include CentervilleService Packages kitchenettes; amenities include Required care packagescommunity room, and dining room. Year Built: 2023 $4,400 and higher Monthly fee includes heat, central air conditioning, water and trash. 380$4,900$12.89Three meals per day and light NorBella Senior Living 2412Studio 2025 Michaud Way housekeeping included; units include CentervilleService Packages kitchenettes; amenities include Required care packagescommunity room, and dining room. Year Built: 2022 $435-6,645 Monthly fee includes heat, central air conditioning, water and trash. Three meals per day and light Harbor Crossing 402Studio360-480$4,515-4,690$9.77-12.54 4650 Centerville Rdhousekeeping included; units include White Bear LakeService Packages full kitchens, in-unit washer and dryer, Required care packages and some patios/balconies; amenities Year Built: 2016 $2,885-4,985include community room, dining room, fitness center, and guest suites. Monthly fee includes heat, central air conditioning, water and trash. 220Studio336$8,895$26.47Three meals per day plus snacks Keystone Place at 1BR643$9,295$14.46 LaValle Fields included in care packages, weekly 14602 Finale Ave N housekeeping and linen change. Units HugoService Packages include full kitchens, in-unit washer and Additional fees for dryer, and some patios/balconies; Year Built: 2015 required service packages amenities include community room, dining room, and fitness center. Monthly fee includes all utilities. Source: Interviews; community websites; LOCi Consulting LLC Page | 57 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 3.13: Profiled Senior Housing Communities in the Downtown Centerville PMA Downtown Centerville Source: ESRI; LOCi Consulting LLC Page | 58 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 NorBella Active Adult Atlas Memory Care Chauncey Barret Gardens NorBellaAtlas Memory Care Independent Living Pending Multifamily Housing Developments in the Downtown Keystone Place at Centerville PMA LaValle Fields Harbor Crossing Centerville Forest Lake Assisted Living and Memory Care Keystone Place at LaValle Fields Lighthouse Harbor CrossingNorBella Lofts Atlas Memory Care Page | 59 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 White Bear Lake Hugo Hugo Estates Mobile Home Park Lino Lakes Interviews NorthPointe Garden Estates Demand for new housing comes primarily from the immediate area. The mix of retail in the immediate area generates demand and helps sell or rent units. ,´£Ȍ² £ "¸¤±«¸Ȍ² Watermark Development of new housing is financially difficult. Page | 60 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Rental Housing Even with the large number of new rental units coming into the market, there is still demand for rental housing. For-Sale Housing Demand for single-family homes and townhomes was very strong in 2020 and 2021 but is now starting to show signs of slowing. New rental projects are still leasing up quickly. Senior Housing Active adult and independent living occupancies are strong. Assisted living and memory care managers are Buyers of townhomes are often more price concerned that there is too much new product. sensitive than buyers of single-family homes. Senior housing property managers said that staffing has become less of a challenge. Condominiums have not been tested in the market as much as townhomes. Page | 61 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 4. Retail Market Analysis Key Retail Trends 1. Consumer spending has been surprisingly strong. 2. The coronavirus pandemic changed the way consumers shop. Page | 62 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 6. E-commerce will continue to grow but will experience growing pains. 3. Weak and struggling retail concepts will continue to disappear from the market. Retail Overview in the Downtown Centerville PMA 4. Grocery and convenience retail will continue to be viewed as an essential anchor for other retailers. Grocery Stores and Neighborhood Shopping Centers 5. Direct to consumer brands and online-only retailers will continue to look for traditional brick-and-mortar space to leverage their consumer relationship. Page | 63 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 4.1: Restaurants and Retail in the City of Centerville Source: City of Centerville; ESRI; LOCi Consulting LLC Page | 64 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 4.2: Grocery Stores, General Merchandize Stores, and National Pharmacy in the PMA Downtown Centerville Source: Retailer websites; SNAP data; DataVu; ESRI; LOCi Consulting LLC Page | 65 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 General Merchandise Stores and Community Market Conditions for Retail Shopping Centers Commercial Real Estate in the Metro Area Regional Malls and Regional Shopping Nodes Maplewood Mall Rosedale Center Page | 66 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 4.3Average Lease and Vacancy Rates for Retail Space in the Metro Area * Data is Q1 2017 to Q4 2022 Source: CoStar; LOCi Consulting LLC 4.4Net 12-Month Absorption for Retail Space in the Metro Area * Data is Q1 2017 to Q4 2022 Source: CoStar; LOCi Consulting LLC Page | 67 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Market Conditions for Retail Commercial Real Estate in the Downtown Centerville PMA Pending Retail Developments in the Downtown Centerville PMA Centerville Profiled Shopping Centers in the Forest Lake Downtown Centerville PMA Lighthouse Lofts White Bear Marketplace Page | 68 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 4.5Average Lease and Vacancy Rates for Retail Space in the PMA * Data is Q1 2017 to Q4 2022 Source: CoStar; LOCi Consulting LLC 4.6Net 12-Month Absorption for Retail Space in the PMA * Data is Q1 2017 to Q4 2022 Source: CoStar; LOCi Consulting LLC Page | 69 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 4.7Selected Retail Space in Shopping Centers in the Downtown Centerville PMA Gross Quoted Parking Leasable Lease 1 AvailableOccupancyMajor Tenants PropertyAreaRate Ratio Carbone's Pizza, Asian to 21,4000100%NA7.6 1845-1885 Main St Go, Apple Academy 1861-1885 Main St Learning Center, Main Centerville Street Liquor Barrel, Christa's Paw Spa, and Year Built: NA Centerville Tabaco and E- Cig Festival Foods, On The Victor Marketplace 70,0000100%NANA Rocks Wine and Spirits, 14755 Victor Hugo Blvd Bates Orthodontics, Papa Hugo Murphy's Pizza, and Dunn Brothers Coffee Year Built: 2006 Precision Auto Tune, 14,5694,08072%NA3.2 Apollo Crossings Anytime Fitness, El Zocalo 550-566 Lilac St Grill & Cantina, and Fiesta Lino Lakes Cancun Grill & Bar Retail Year Built: 2004 Mattress Firm, Caribou Lino Lakes Shopping Center 14,8001,20092%$18-204.7 Coffee, and Turbo Nails 730 Apollo DrNNN Lino Lakes Year Built: 2003 PetSmart, Aldi, OfficeMax, 107,3830100%NA5.8 Westlake Center and Northern Tool & 119-289 12th St SW Equipment Forest Lake Year Built: 1988 / 2018 Kowalski's, Artiste Salon, 70,2690100%NA6.0 White Bear Shopping Center White Bear Jewelers 4391-4437 Lake Ave S White Bear Lake Year Built: 1955 / 1988 Cub Foods, Planet Fitness, White Bear Marketplace 118,6270100%NANA Norther Tool & Equipment 1920-1930 White Bear Ave N White Bear Lake Year Built: 2015 1. Parking stalls per 1,000 square feet Source: Listings, Interviews, CoStar, LOCi Consulting LLC Page | 70 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 4.8: Profiled Commercial Properties in the Downtown Centerville PMA Downtown Centerville Source: Listing; interviews; Costar; ESRI; LOCi Consulting LLC Page | 71 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Hugo Traffic counts on Main Street and Centerville Road determine the types of retailers who would be attracted to Downtown Centerville. Outlot retail developments have been popular in recent years at the expense of in-line retail. Lino Lakes More retailers want drive-thru options. Convenient parking is essential for retailers. Interviews Current retail rents are unlikely to support new retail construction. Household growth in the area is attractive to retailers. Page | 72 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Destination retail could be an opportunity in Downtown Centerville. Destination retailers would be attracted to a unique setting. Homegrown restaurants and breweries may present an opportunity for Downtown Centerville. Travail Kitchen Page | 73 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 5. Mixed-Use Analysis Profiled Mixed-Use Multifamily Properties in the Downtown Centerville PMA The Lighthouse Lofts Boatworks Commons The Lighthouse Lofts The Lighthouse Lofts in Forest Lake Page | 74 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 5.1Profiled Mixed-Use Properties in the Downtown Centerville PMA Year Residential Commercial Build. Commercial UnitsAcres PropertyOpenedTypeSpaceHeight Type 2018103Market-Rate9,761Retail52.40 The Lighthouse Lofts 220 Lake St NRental Forest Lake 201585Market-Rate4,000Retail41.40 Boatworks Commons 4495 Lake Ave SRental White Bear Lake Park Place 200412For-Sale61,363Office/30.59 25 North Lake StreetCondominiumRetail Forest LakeUnits Source: Interviews, Costar; Northstar MLS, LOCi Consulting LLC The Lighthouse Lofts These projects can be financially difficult and likely require public financing, such as Tax Increment Financing (TIF). Interviews Parking is critical for the success of mixed-use projects. Sources said that these projects work because they are integrated with the neighborhood and linked to the lakes. Page | 75 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Map 5.2: Profiled Mixed-Use Development Projects in the Downtowon Centerville PMA Downtown Centerville Source: ESRI; LOCi Consulting LLC Page | 76 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 5.3Profiled Mixed-Use Developments---Residential Space Vacant Unit Base Rent/Sale Rent/Price per Units UnitsTypeSize of Unit PropertyPriceSquare Foot 10361BR754-873$1,617-1,694$1.94-2.14Five-story building with The Lighthouse Lofts 220 Lake St N2BR890-1,251$1,924-2,340$1.87-2.16 underground heated parking. Forest Lake3BR1,307$3,116$2.38 8501BR738$1,551$2.10 Boatworks Commons Four-story building with 231 4495 Lake Ave S2BR1,259$2,445$1.94 covered, off street parking stalls. White Bear Lake Two level commercial space uses the covered parking. 1202BR1,842-1,945$360,000$185-195 Park Place Three story building with heated 25 North Lake Street underground garage and Forest Lake assigned spaces. 82 surface- level parking spaces for commercial space Year Built: 2004 Source: Interviews, Costar; Northstar MLS, LOCi Consulting LLC Page | 77 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 5.4Profiled Mixed-Use Developments---Commercial Space Available Commercial Listed Commercial SpaceSpaceLease Rate Property 9,7610Not ListedMallard's Restaurant, Snap Fitness, The Lighthouse Lofts 220 Lake St N and Allstate Insurance. Reserved Forest Lake surface level parking for commercial spaces. Residential units have underground parking. 4,0000Not ListedTenants: Mizu Japanese Sushi and Boatworks Commons 4495 Lake Ave S yoga studio. Space took several White Bear Lake years to lease. Buildout of space and rent received city subsidy. 61,1361,681$15Variety of tenants. Office/retail space Park Place 25 North Lake StreetNNN is available on the first through third Forest Lake levels. Condominium units are top two floors. Source: Interviews, Costar; Northstar MLS, LOCi Consulting LLC Park Place in Forest Lake Page | 78 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Boatworks Commons in White Bear Lake Developers suggested that cities encourage horizontal mixed-used development over vertical mixed use. Developing the project with a commercial tenant commitment can improve the chances of success. The Lighthouse Lofts Page | 79 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 6. Informal Community Survey Survey Participants o o 6.1Community Input on Current Housing Options With five stars as the highest, please rank current housing options in the City of Centerville. 41.0% 30.6% 20.2% 7.1% 1.1% One StarTwo StarsThree StarsFour StarsFive Stars Source: Informal Community Survey, 3-20-2023; City of Centerville; LOCi Consulting LLC Page | 80 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 6.2Word Cloud from Community Input on Current Housing Needs What types of housing does Centerville need? Source: Informal Community Survey, 3-20-2023; City of Centerville; LOCi Consulting LLC o Housing Questions Page | 81 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 6.3Community Input on Current Restaurant and Retail Options With five stars as the highest, please rank current restaurant and retail options in the City of Centerville. Source: Informal Community Survey, 3-20-2023; City of Centerville; LOCi Consulting LLC Restaurant and Retail Questions Downtown Vision Question Page | 82 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 6.4Word Cloud from Community Input on Current Restaurant Needs What types of restaurants does Centerville need? Source: Informal Community Survey, 3-20-2023; City of Centerville; LOCi Consulting LLC Page | 83 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 6.5Word Cloud from Community Input on Current Retail Needs What types of retail does Centerville need? Source: Informal Community Survey, 3-20-2023; City of Centerville; LOCi Consulting LLC Page | 84 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 6.6Word Cloud from Community Input on Downtown Vision What should "Downtown" Centerville look like in 10 years? Source: Informal Community Survey, 3-20-2023; City of Centerville; LOCi Consulting LLC Page | 85 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 7. Findings and Recommendations &®±ȃ3 «¤ #®£®¬¨¨´¬² £ 4®¶§®¬¤² 2¤³ « (®´²¨¦ Residential Demand Estimates Page | 86 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 7.1Condominium and Townhome Demand for Downtown Centerville, 2022-2027 Estimated Base PriceEstimated Demand (Units) Market-Rate For-Sale Units Households with incomes of $100,000 or higher$350,000-$450,00045-90 Source: LOCi Consulting LLC 7.2Rental Housing Demand for Downtown Centerville, 2022-2027 Estimated RentsEstimated Demand (Units) Affordable Rental Housing Units Up to 50% AMI$0-$1,32040-50 50% to 60% AMI$1,320-$1,58475-90 Market-Rate Rental UnitsGreater than $1,58475-100 * AMI is Area Median Income. Incomes shown in demand figures. Source: LOCi Consulting LLC 3¤¨®± (®´²¨¦ Page | 87 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 7.3Senior Housing Demand for Downtown Centerville, 2022-2027 Estimated Demand (Units) Market-Rate Active Adult For-Sale Senior Housing40-50 Rental Senior Housing10-20 Market-Rate Independent Living/Congregate25-35 Market-Rate Assisted Living Assisted Living0-0 Memory Care10-20 Source: LOCi Consulting LLC Retail Space Demand Estimates 7.4Demand for Retail Space Downtown Centerville, 2022-2027 Estimated Rent per Estimated Demand Square Foot per Year(Square Footage) Retail Commercial Space Supporting Sales of $300 to $400 per Square Foot$20-$302,300-5,700 Source: LOCi Consulting LLC Page | 88 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 parking lot. Prioritize retail development on Main Street versus Centerville Road. Demand in 2028 and Beyond Transition residential densities to put higher density developments closer to the intersection of Main Street and Centerville Road. Partner with a planning firm to update traffic management, streetscape guidelines, and pedestrian plans for development in downtown. Recommendations Maximize access and views to Centerville Lake. Develop marketing plan for Downtown Centerville. Promote horizontal mixed-use developments over vertical mixed use. Prioritize developments on the four blocks o around the Main Street and Centerville Road o Intersection. o o o o Consider working with the school district to Enhance existing local and regional develop the Centerville Elementary School entrepreneur networks. Page | 89 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 o o o o o Consider creating incubator spaces to support small businesses downtown. Prioritize local entrepreneurs and pursue retail concepts that would be most likely to have success in Downtown Centerville. o o o o o o o o o o o o o o o o o Leverage local economic development tools, o state and federal grants and loans, and other o resources available for development projects. o Page | 90 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Appendix Demand Calculations A.1For-Sale Townhome and Condominium Housing Demand in the PMA, 2022-2027 Demand from Household Growth in the PMA 1 Age/income qualified households in 2022 21,439 1 Age/income qualified households in 2027 24,307 Projected growth of the age/income qualified market2,868 Estimated percentage that will choose new for-sale housing89% Units needed to meet demand from household growth in the PMA2,564 Demand from For-Sale Housing Turnover in the PMA Estimated number of households that own in the PMA in 2022 25,586 Estimated percentage that will seek new for-sale housing between 2022 and 202723% Estimated percentage that will choose new for-sale housing 5% Units needed to meet demand from turnover in PMA 295 Demand from Outside the PMA Estimated demand from outside PMA20% Units needed to meet demand from outside the PMA715 Demand in the PMA Total for-sale demand in PMA3,574 Minus vacant and competitive planned units 81 Units needed in the PMA3,493 Times percent of demand for condominiums and townhomes26% Units needed in the PMA908 Estimated demand capturable in Downtown Centerville5%10% Units supportable at the Commercial Zone45 91 1. Age/income qualified households are households under age 65 with incomes above $100,000 plus 80% of households age 65 and over with incomes above $100,000. 20% of households age 65 plus are assumed to prefer age-restricted housing with services. Source: LOCi Consulting LLC Page | 91 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 A.2Market-Rate Rental Demand in the PMA, 2022 to 2027 Demand from Household Growth in the PMA 1 Age/income qualified households in 2022 26,092 1 Age/income qualified households in 2027 27,110 1,018 Projected growth of the age/income qualified market Estimated percentage that will choose new market-rate rental housing18% Units needed to meet demand from household growth in the PMA188 Demand from Rental Turnover in the PMA Estimated number of market-rate rental households in PMA in 2022 5,789 Estimated percentage that will seek new rental housing between 2022 and 202767% Estimated percentage that will choose new market-rate rental housing10% Units needed to meet demand from rental turnover in PMA 391 Demand from Outside the PMA Estimated demand from outside PMA10% Units needed to meet demand from outside the PMA64 Demand in the PMA Total market-rate rental demand in PMA643 Minus vacant and competitive planned units at 95% occupancy256 Units needed in the PMA387 Estimated demand capturable in Downtown Centerville20%25% Units supportable at the Commercial Zone7797 1. Age/income qualified households are households under age 65 with incomes above $63,360 plus 80% of households age 65 and over with incomes above $63,360. 20% of households age 65 plus are assumed to prefer age-restricted housing with services. For 2027, incomes thresholds increased by 3% per year to account for inflation. Source: LOCi Consulting LLC Page | 92 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 A.3Affordable Rental Demand in the PMA, 2022 to 2027 12 Up to 50% AMI Demand from Household Growth in the PMA50% to 60% AMI Age/income qualified households in 20226,0743,379 Age/income qualified households in 20275,0644,005 Projected growth of the age/income qualified market-1,010626 Estimated percentage that will choose new affordable rental housing33%8% Units needed to meet demand from household growth in the PMA-33853 Demand from Existing Households in the PMA Cost-burdened households that are age/income qualified485226 4 Housing units estimated to be severely inadequate 4241 Estimated demand from mobility from single-family to affordable rental (1%)2534 Units needed to meet demand from existing households in the PMA552300 Demand from Outside the PMA Estimated demand from outside PMA20%20% Units needed to meet demand from outside the PMA5488 Demand in the PMA Total affordable rental demand in PMA268441 Minus existing and planned units at 95% occupancy6868 Units needed in the PMA200373 Estimated demand capturable at the Commercial Zone20%-25%20%-25% Units supportable at the Commercial Zone40-5075-93 1. Age/income qualified households are households under age 65 with incomes below $52,800 plus 80% of households age 65 and over with incomes below $52,800. 20% of households age 65 plus are assumed to prefer age-restricted housing with services. For 2027, income thresholds are increased 2. Age/income qualified households are households under age 65 with incomes between $52,800 and $63,360 plus 80% of households age 65 and over with incomes between $52,800 and $63,360. 20% of households age 65 plus are assumed to prefer age-restricted housing with services. For 2027, income thresholds are increased 3% per year to account for inflation. 3. Estimated percentage of housing units in rural US that are classified as severely inadequate is 1.1%, according to American Housing Survey, Census Bureau, 2019. Source: LOCi Consulting LLC Page | 93 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 A.4Active Adult For-Sale Demand in Primary Market Area, 2022 and 2027 20222027 Households Age 55 to 65 1 Households Age 55 to 64 with Incomes Above $50,000 6,8627,448 1 Households Age 55 to 64 with Incomes Between $35,000 and $50,000 397471 Homeownership Rate90%90% Asset-Qualified Households Age 55 to 64 425 358 Total Income- and Asset-Qualified Households Age 55 to 64 7,2207,873 Penetration Rate for Active Adult For-Sale0.0%0.0% Total Demand from Households Age 55 to 64 - - Households Age 65 to 74 1 Households Age 65 to 74 with Incomes Above $50,000 5,8535,183 1 Households Age 65 to 74 with Incomes Between $35,000 and $50,000 669580 Homeownership Rate97%97% Asset-Qualified Households Age 65 to 74 562 648 Total Income- and Asset-Qualified Households Age 65 to 74 6,5025,745 Penetration Rate for Active Adult For-Sale1%1% Total Demand from Households Age 65 to 74 57 6 5 Households Age 75+ 1 Households Age 75+ with Incomes Above $50,000 3,1632,258 1 Households Age 75+ with Incomes Between $35,000 and $50,000 835887 Homeownership Rate91%91% Asset-Qualified Households Age 75+ 808 760 Total Income- and Asset-Qualified Households Age 75+ 3,9233,066 Penetration Rate for Active Adult For-Sale3%3% Total Demand from Households Age 75+ 92 118 Total Demand for Active Adult For-Sale Units 149 183 Demand from Outside PMA20%20% 187228 Minus Existing and Planned AA For-Sale Units in the PMA at 95% Occupancy7171 Total Active Adult For-Sale Units Needed in the PMA116157 Estimated percentage capturable by Downtown Centerville25%-33%25%-33% Demand at site29-3839-52 1. Incomes for 2027 are increased by 3% per year to account for inflation. Source: LOCi Consulting LLC Page | 94 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 A.5Active Adult Rental Demand in Primary Market Area, 2022 and 2027 20222027 Households Age 55 to 65 1 Households Age 55 to 64 with Incomes Above $50,000 6,8627,448 1 Households Age 55 to 64 with Incomes Between $35,000 and $50,000 397471 Homeownership Rate90%90% Asset-Qualified Households Age 55 to 64 425 358 Total Income- and Asset-Qualified Households Age 55 to 64 7,873 7,220 Penetration Rate for Active Adult Rental0.0%0.0% Total Demand from Households Age 55 to 64 - - Households Age 65 to 74 1 Households Age 65 to 74 with Incomes Above $50,000 5,8535,183 1 Households Age 65 to 74 with Incomes Between $35,000 and $50,000 669580 Homeownership Rate97%97% Asset-Qualified Households Age 65 to 74 562 648 Total Income- and Asset-Qualified Households Age 65 to 74 6,5025,745 Penetration Rate for Active Adult Rental2%2% Total Demand from Households Age 65 to 74 115 130 Households Age 75+ 1 Households Age 75+ with Incomes Above $50,000 3,1632,258 1 Households Age 75+ with Incomes Between $35,000 and $50,000 835887 Homeownership Rate91%91% Asset-Qualified Households Age 75+ 808 760 Total Income- and Asset-Qualified Households Age 75+ 3,9233,066 Penetration Rate for Active Adult Rental4%4% Total Demand from Households Age 75+ 123 157 Total Demand for Active Adult Rental Units 238 287 Demand from Outside PMA20%20% 297359 Minus Existing and Planned AA Rental Units in the PMA at 95% Occupancy310310 Total Active Adult Rental Units Needed in the PMA-1349 Estimated percentage capturable by Downtown Centerville25%-33%25%-33% Demand at site-3--412-16 1. Incomes for 2027 are increased by 3% per year to account for inflation. Source: LOCi Consulting LLC Page | 95 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 A.6Independent Living Demand in Primary Market Area, 2022 and 2027 20222027 Households Age 65 to 74 1 Households Age 65 to 74 with Incomes Above $50,000 5,8535,183 1 Households Age 65 to 74 with Incomes Between $35,000 and $50,000 669580 Homeownership Rate97%97% Asset-Qualified Households Age 65 to 74 562 648 Total Income- and Asset-Qualified Households Age 65 to 74 6,5025,745 Penetration Rate for Independent Living2%2% Total Demand from Households Age 65 to 74 115 130 Households Age 75+ 1 Households Age 75+ with Incomes Above $50,000 3,1632,258 1 Households Age 75+ with Incomes Between $35,000 and $50,000 835887 Homeownership Rate91%91% Asset-Qualified Households Age 75+ 808 760 Total Income- and Asset-Qualified Households Age 75+ 3,9233,066 Penetration Rate for Independent Living11%11% Total Demand from Households Age 65 to 74 337 432 Total Demand for Independent Living Units 452 562 Demand from Outside PMA20%20% 565702 Minus Existing and Planned IL Units in the PMA at 95% occupancy599599 Total Independent Living Units Needed in the PMA-34103 Estimated percentage capturable by Downtown Centerville25%-33%25%-33% Demand at site-8--1126-34 1. Incomes for 2027 are increased by 3% per year to account for inflation. Source: LOCi Consulting LLC Page | 96 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 A.7Assisted Living Demand in Primary Market Area, 2022 and 2027 20222027 3,1632,258 Households Age 75+ with Incomes Above $50,000 Households Age 75+ with Incomes Between $35,000 and $50,000 835887 Homeownership Rate91%91% Asset-Qualified Households Age 75+ 808 760 Total Income- and Asset-Qualified Households Age 75+ 3,9233,066 2 Percentage of Households that Need Assistance with ADLs or IADLs 20%20% 613 785 Estimated Penetration Rate50%50% 307 392 Plus Demand from Outside Primary Market Area20%20% 383490 Minus Existing and Planned AL Units in the Primary Market Area at 93% Occupancy492492 Assisted Living Units Needed in the Primary Market Area-109-2 Estimated percentage capturable by Downtown Centerville25%-33%25%-33% Demand at site-27--360--1 1. Incomes for 2027 are increased by 3% per year to account for inflation. 2. Activities of Daily Living (ADLs) are activities such as eating, dressing, or bathing. Instrumental Activities of Daily Living (IADLs) are activities such as household chores or shopping. Source is Summary Health Statistics for the U.S. Population: National Health Interview Survey, 2012. Centers for Disease Control. 2012. Study found 10% incidence for ADLs and 20% for IADLs. Source: LOCi Consulting LLC Page | 97 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 A.8Memory Care Assisted Living Demand in Primary Market Area, 2022 and 2027 20222027 Population Age 75 to 84 5,141 6,772 1 Alzheimer's Incidence 13%13% 673 887 Population Age 84+ 2,019 2,180 1 Alzheimer's Incidence 33%33% 670 724 Population suffering from Alzheimer's Dementia1,3441,611 1 Population suffering from Dementia not caused by Alzheimer's 188226 Estimated Population with Dementia1,5321,836 Proportion needing Memory Care Assisted Living20%20% Memory Care Demand from PMA306367 Demand from Outside PMA20%20% 383459 Minus Existing and Planned MC Beds in the PMA at 93% Occupancy374374 Beds/Units needed in the Primary Market Area985 Estimated percentage capturable by Downtown Centerville10%-20%10%-20% Demand at site1-29-17 1. Alzheimer's Disease Facts and Figures. Alzheimer's Association. 2022. Source: LOCi Consulting LLC Page | 98 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 A.9Retail Space Demand in the PMA, 2022-2027 Increase in Consumer Demand in 2022 Dollars, 2022 to 2027$29,769,226 Percent of Consumer Demand Spent at Brick and Mortar Retail85% Demand from Brick-and-Mortar Retail in PMA$25,304,000 Minus Percentage Sales Leakage Outside of the PMA25% Equals Consumer Demand for Retail Sales in PMA$19,000,000 Divided by Average Sales per Square Foot$300-$400 Equals Demand for New Retail Space in PMA48,000-63,000 Minus Existing Vacant Retail Space at 5% vacancy0 Minus Estimated New Retail Space Under Construction25,000 Equals Demand for New Retail Space23,000-38,000 Estimated Percentage Capturable by Downtown Centerville10%-15% Equals Demand for New Retail Space in Downtown Centerville2,300-5,700 Source: ESRI; LOCi Consulting LLC Page | 99 Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 Informal Community Survey Questionnaire Page | 100 About LOCi Consulting LLC LOCi Consulting LLC 651-888-8464 http://www.lociconsult.com CITY OF CENTERVILLE REQUEST FOR ACTION Agenda Item # Department: RequestedMeetingDate: May 17, 2023 EDA/Finance I.1 TITLE OF ISSUE: 2024Budget BACKGROUND AND SUPPLEMENTAL INFORMATION: COST AND SOURCE(S) OF FUNDING: REQUESTED ACTION: Discussion Only For Clerk’s Use: SUPPORTED DOCUMENTS ATTACHED Motion By: ____________________________________ Resolution Ordinance Contract Minutes Plan Map Second By: ____________________________________ Vote Record: AyeNay ____ Other (specify) _____ _______________________________________________________________ _____ _____ _______________________________________________________________ _____ Refer to: _________________________________ Tabled Until: ______________________________ Consent Other: ___________________________________ Regular BudgetItemLineItemDescription Comments AnticipatedExpendituresBudgetAmount SalariesandWages Was$1,800.added600for4additionalmeetingsfor 20146500100Salary&Wages1year$2,400.00strategicplanning 20146500122FICA$183.60 $2,583.60$2,583.60 Schools&Conferences 20146500441Schooling&Conferences$1,500.00ACRED,EDAM,HBA,QuadConf,etc 20146500433Dues&Memberships$875.00ACRED,QuadChamber,EDAM,Etc. 20146500331TravelExpense$700.00 $3,075.00$3,075.00 BusinessAppreciation&RibbonCuttings 20146500377Appreication/Events$1,300.00BusAppreciationevernt,ribboncuttins 20146500430Misc$100.00misc $1,400.00$1,400.00 MarketingforCityownedLand 20146500343Marketing$2,500.00 $2,500.00$2,500.00 ProfessionalSesrvicesEngineering/PlanningStudies(site studies,sketchessurveys,etc.)$5,000.00$5,000.00 20146500300 LegalFees(generaladvisory) 20146500304None$ $$ OperatingSupplies(banners,signs,streetscapingelements, etc.) 20146500210Banners$500.00ReplacementBanners MainStreet/CentervilleRoadStreetscaping,CityHall 20146500210Lights$Holidaydecorations 20146500210PromotionalItems$1,500.00Hats,pens,bags,etc.forpromotionalpurposes 20146500210MiscofficesuppliesPaperforinvitations,etc. $2,000.00$2,000.00 BusinessIncentivesPrograms Advertising&PrintingAdvertising&Printing 4adsperbusfor12bus@$50ea(MainSt. 20146500340CenterStageMarketers)$2,400.00Estimateaverageof1perweek 20146500340CenterStage$145/wkforsmallad$6,960.004addsfor12businesses 20146500340Misc.GraphicsConsulting$1,000.00 20146500340BlueSignProgramEDACostParticipation@75%$5,000.00Assumes1newand3renewalsin2024 AdditinoalItems3x$1440x50%(3renewals)in2023 1x$2000X75%(1newwithsigns)&1x$1,440Rent $15,360.00$15,360.00 $$ TotalsOperating $31,918.60$31,918.60 Capital Redevelopment(landacquisition,sitereadiness,misc)TBD Placemaking(infrastruturesuchasmonument,etc)TBD CITY OF CENTERVILLE REQUEST FOR ACTION Agenda Item # Department: RequestedMeetingDate: May 17, 2023 EDA/Finance I.2 TITLE OF ISSUE: Money Market Account BACKGROUND AND SUPPLEMENTAL INFORMATION: Staff research interest rates on money market accountsfound the following: MidWest One can provide a 3% rate on account balances $25,000-$49,999 and a 3.25% rate on account balances with $50,000 to 99,999. This would monthly variable rate. There are no limits to the number of deposits and six withdrawals are allowed per statement cycle. The money market account is FDIC insured in an amount of $250,000. First Resource Bank can provide a 4.5% interest on account balance requirements. This would be a monthly variable rate. There is no limit on the number of deposits or withdrawals from the account. The money market account is FDIC insured in an amount of . COST AND SOURCE(S) OF FUNDING: REQUESTED ACTION: Motion to approve funds from the EDA checking account to a money marketaccount in the amount of X dollars to X bank. Motion to continue using the checking account at MidWest One Bank. For Clerk’s Use: SUPPORTED DOCUMENTS ATTACHED Motion By: ____________________________________ Resolution Ordinance Contract Minutes Plan Map Second By: ____________________________________ Vote Record: AyeNay ____ Resolution Other (specify) ____________ _____ _______________________________________________________________ _____ _____ _______________________________________________________________ _____ Refer to: _________________________________ Tabled Until: ______________________________ Consent Other: ___________________________________ Regular THE ECONOMIC DEVELOPMENT AUHTORITY OF THE CITY OF CENTERVILLE, MINNESOTA RESOLUTION 23-004 A RESOLUTION TO OPEN A MONEY MARKET ACCOUNT WHEREAS, the Economic Development Authority of the City of Centerville, has a checking account for operating expenses; and WHEREAS, the balance in their checking account is not earning interest; and WHEREAS, the transfer of funds from the checking account to a money market account would earn interest; and WHEREAS, the EDA would like to transfer funds from their checking account to a money marketaccount to earn interest on the account balance; and NOW, THEREFORE, IT IS HEREBY RESOLVED that the EDA approves the transfer of funds from their checking account to a money market account. PASSED AND ADOPTED by the Economic Development Authority of the City of Centerville, this 17th day of May 2023. _____________________________ ___________________________ Executive Director, Athanasia Lewis President, Mark Remillard