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• Identify locations for Data Centers;then market sites for recruitment <br /> • Complete "Powered by Nature"Art Installation <br /> • Obtain Shovel Ready Certification status for both North Star and Nature's Edge Business Center <br /> • Participate in the Department of Employment and Economic Development's Positively <br /> Minnesota program <br /> Major Changes <br /> Direction from the budget workshop included the following changes: <br /> Other Professional Services: At the July 21, 2014 EDA budget workshop,it was decided to decrease the <br /> Brand Plan Implementation for 2015 and 2016 from$10,000 to $5,000 for reoccurring brand <br /> maintenance and capture any non-spent funds from 2014 transferring those funds to 2015 as needed to <br /> the Powered by Nature Art Installation. <br /> Any non-spent funds remaining at the end of the year stay in the EDA fund for future economic <br /> development purposes/projects. If a non-budget item comes up in 2015 we can use the fund balance and <br /> make a budget amendment. <br /> Over the past five years the EDA has contributed$497,513.20 which includes park dedication for <br /> Nature's Edge Business Center (NEBC) Phase I.As of August 7, 2014, the EDA has a fund balance <br /> available for Economic Development purposes of$1,114,378. With NEBC Phase II coming up and <br /> possibly contributing a similar amount$450,000 plus park dedication or more this year, this would leave <br /> approximately over$600,000 remaining funds for land/property acquisition/redevelopment projects. <br /> Once NEBC II monies are transferred out it is anticipated to take several years to get back to the $1 <br /> million to $1.5 million range since we are limited in the estimated market value rate. Since we are <br /> experiencing additional requests for larger parcels and based on past expenditures for economic <br /> development projects, staff recommends a long-term fund balance target of$1 million to $1.5 million. <br /> Financial Impact <br /> The 2015 expenditure budget is $285,100. <br /> Attachments <br /> • Resolution Establishing the EDA Levy for Collection in Year 2015 <br /> • Proposed 2015 Budget Detail Spreadsheet <br /> • July 21, 2014 EDA Budget Workshop Packet <br /> N:A1)cpartmcnts\Community Devclopnunt\1?conomic Dcyclopmcnt\1.1).A\.Administrativr\_AgcndaAIII).A.Agenda Packets\V'car2t11-1\8-18-2014 <br /> \pproyc 2015 Budgct\ib 6.1 sr 2015 Budgct_docxl)ocumcut2 <br />