Agenda - Economic Development Authority - 12/14/2023

Home

4. 2. Economic Development Authority (EDA) Meeting Date: 12/14/2023 Primary Strategic Plan Initiative: Strengthen and enhance our identity, brand and image. Title: Consider EDA Funding for Replacement of Entrance Monument at TH #47 and Bunker Lake Boulevard NW Purpose/Background: The purpose of this case is to consider EDA funding for the replacement of the monument sign on Hwy 47 and Bunker Lake Blvd, consistent with the Public Works Committee's recommendation from their regular October 2023 meeting. Minutes from the Public Works Committee meeting are attached for review. Around the later 1990's, the city placed an entrance monument at the NW intersection of Bunker Lake Boulevard and St. Francis Boulevard. Staff was notified by Finance Director Lund that this sign was originally funded through the EDA. Several years ago, an automobile crash destroyed this same sign. The entrance sign to the city was not replaced, due to the substantial road construction taking place at this intersection, which has now been completed. The Public Works Committee unanimously approved proceeding with an aluminum monument sign plantings with a tolerance for salt in an amount not to exceed $26,000 at the October 17, 2023 Meeting. An RFP was issued to three area sign manufacturing companies and a single quote was received from Signation Sign Group for $23,643, which is consistent with the Public Works Committee's recommendation to City Council to approve the project at a not -to -exceed amount of $26,000, (which would include shrub plantings). Staff supports the EDA participating in the funding of the monument sign to support community branding in a very visible City entry point. Notification: None required Time Frame/Observations/Alternatives: Based on the timing of the City Council approval process, construction of the monument sign will not occur until 2024. The EDA has $25,000 allocated for Marketing and $35,000 in Professional Services in the 2024 budget. The EDA also has an unencumbered fund balance of approximately 1.34M. Staff is asking the EDA to consider funding all, or a portion of the monument sign and to identify a preferred funding source from those outlined above. The only quote received for the sign was $23,643 from Signation Sign Group The City has received $4,500 from the insurance claim for the sign damage and Finance Director Lund has indicated that those funds can be allocated to the new sign. As such, Staff is proposing an allocation from the EDA in an amount not to exceed $21,500. Alternatives include: 1) a motion to allocate Choose an Amount up to $21,500 from the 2024 EDA Marketing, Professional Services, Unencumbered Fund Balance (choose one) Budget for the construction of a monument sign at the NW corner of Hwy 47 and Bunker Lake Blvd NW 2) No Action Funding Source: 2024 EDA funding options include: $25,000 Marketing Fund $35,000 Professional Services 1.34M Unencumbered EDA Fund Balance Insurance Money: Approximately $4,500 Recommendation: The Public Works Committee recommended replacement of the monument, together with a modest landscape backdrop, at a not -to -exceed amount of $26,000. Staff recommends the EDA allocate at least 50% of the cost of the monument sign construction in an amount not to exceed $21,500. This would total up to $26,000 in funds toward the monument sign when the insurance money of $4,500 is included. Outcome/Action: