HomeMy WebLinkAbout[05b] Rental PO Meeting/SCSU StudyCITY OF ST. JOSEPH
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Date: October 21, 2009
Administrator
Judy Weyrens Memo To: Members of the EDA
City Administrator Weyrens
Mayor
Al Rassier Memo From: Cynthia Smith-Strack, MDG, Inc.
Councilors RE: Meeting with Rental Property OwnerslSCSU Study
Steve Frank
Bob Loso
Renee Symanietz Background:
Dale wick Rental property owners, Dr. Edwards, CSB Representatives, elected officials, and EDA
members met to discuss the draft SCSU study on October 14, 2009. Following a brief
EDA presentation (see attachment that follows), persons attending the meeting held productive
Carolyn Maggie- discussion regarding the SCSU Study and partnering to transition rental property to other
Heinen uses if desired by the property owner and City officials.
Ken Jacobson
Al Rassier As a result of the meeting the draft study will be updated after additional research is
Tom Skahen performed regarding the actual number of CSB/SJU students renting units within the City
Dale wick of St. Joseph.
In addition, several rental property owners attending the meeting expressed an interest in
serving on a task force, study group or a similar entity in an effort to work on the
transitioning of property to other potential uses.
The SCSU study will be finalized by Dr. Edwards at which time the EDA will receive the
final study for action/recommendation to the City Council.
Action:
This item is for your information and discussion.
What: Opportunity to provide input on draft CSB/SJU Economic Impact Study
including assessment of economic impact of potential changes to
student residency policies. Please review draft study prior to
meeting as we are seeking your comments/input and will not be
reviewing the study page by page with you.
When: 5 p.m. Wednesday, October 14
Where: St. Joseph City Hall, Council Chambers
Early this year the EDA, City, and CSB/SJU commissioned a study by Dr. Mary Edwards, Director of
the Economic Development Center at St. Cloud State University to examine two items. The first item
was the economic impact of the College/University on the local economy (zip codes 56374 & 56321);
the second item was the potential economic impact of a change in residency policy requirements by
the College/University. The EDA would like input/comment on the draft study from student rental
property owners/managers prior to making a recommendation regarding acceptance of the study to
the City Council
The Study will be used by the EDA/City for market outreach purposes and to formulate a strategy, if
needed, to assist in the conversion of student rental properties to other uses.
Who: St. Joseph Student Rental Property Owners/Managers
The study finds the college/university have a $16.6 million dollar impact on the local
economy. Of that $7.5 million is from student spending, 2.5 million is from
faculty/staff spending, 1.1 million is from spending by the college and university,
(point) 2 million is from visitor spending, and 5.3 million from spending by college
related businesses and their employees. Total business volume locally is $253
million. CSB/SJU 6.5~ of the local volume of economic activity.
The study also looked at two potential residency policy change scenarios: one based
on 208 beds being created by SJU/CS8 over the term of their respective master
plans. The other based on the estimated number of students renting in St. Joseph.
Scenario #1 (208 beds created): Total business volume loss = $3.5M of that $.5M
in student rent proceeds, $.8M in student spending, & $2.2M in value of local
business property committed to college related business
Scenario #2: Estimated 908 student rental units available, 794 are rented. If
these all went away total business volume loss = $10.4M with $3.6 due to
decreases in student spending (including rent) and $7M in decreased local real
business property, inventory, & equipment committed to college related
business.
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