H.D. Hudson Manufacturing has
produced agricultural sprayers in downtown Hastings since 1909. Over
the last century the Hastings facility grew to over 167,000 square feet
on four acres of property. Located on the Mississippi riverfront, a
portion of Hudson’s property was needed as part of the new TH 61
Bridge. Over half an acre of land and nearly 40,000 s.f. of warehouse
would be eliminated. The acquisition required Hudson to modify its
operations. Options included rebuilding on the existing site, operating
a secondary off site warehouse during the construction, relocating the
entire facility out of the state, or relocate or rebuild elsewhere in
Hastings. The Hastings Economic Development and Redevelopment Authority
(HEDRA) worked with Hudson to facilitate a move that would keep them in
Hastings. HEDRA worked with the owner of a vacant industrial building
within the City and employed the services of an industrial engineering
firm to assess viability of the site for Hudson’s needs. The
vacant building proved to be a good fit for Hudson. To facilitate
future expansion, HEDRA and the City of Hastings waived all development
fees for a period of two years on Hudson’s new facility. In 2010
Hudson relocated its operations in Hastings. HEDRA purchased the Hudson
building in 2010 and is examining reuse concepts for the site.
Linn Companies owns a gas station at the
corner of Highway 61 and 15th Street. Directly across the street a
small gas station lay vacant for over ten years. Linn Companies sought
to develop the property but the demolition and site preparation costs
were substantial. The Hastings Economic Development and Redevelopment
Authority (HEDRA) established a Tax Increment Finance (TIF) District to
assist with redevelopment. TIF calculates the increment between the
current and projected developed value of the property. A portion of the
increment is made available upfront to assist in property development.
HEDRA issued a$245,000 TIF note to assist with the cleanup and site
preparation costs. Issuance of the TIF note allowed Linn Companies to
construct a NAPA auto parts store on the site. The new 8,500 square
foot building replaced a community eyesore and increased the vitality
of the commercial corridor.
Carlson Capital Management
Management, a comprehensive wealth management firm with more than $900
million in assets outgrew existing office space north of Hastings. The
Hastings Economic Development and Redevelopment Authority (HEDRA)
assisted Carlson on their office needs. HEDRA proposed sale of an
existing 0.4 acre redevelopment site in Downtown Hastings for one
dollar. Located at 118 East 4th Street, the site was valued at over
$140,000. In exchange Carlson constructed a 3,800 square foot building
valued at over $330,000. Opening in 2011, the showplace brick and stone
building is an architectural gem. The Carlson building complements
adjacent historic structures and incorporates a grove of mature oak
trees into the site.
Hastings Business and Industrial
Park operator Innovative Surfaces needed to expand its custom
countertop operations. Innovative Surfaces sought acquisition of a
neighboring building owned by Miller Electric. Miller Electric
considered the sale, but preferred to continue operation in Hastings.
The Hastings Economic Development and Redevelopment Authority (HEDRA)
provided assistance to ensure the continued operation of both
businesses in Hastings. Miller was offered a 2.4 acre property for only
one dollar an acre through HEDRA’s Land Credit Program. Miller
completed construction of a new 20,000 square foot office warehouse
facility. Innovative Surfaces acquired the former Miller site and
expanded its operations. Through the Land Credit Program, Hastings
Business and Industrial Park land can be acquired for only $1 per acre.
The market value of the land is held as a deferred loan against the
property. Upon completion of certain job, wage, and construction
improvement values, the loan is terminated with no further obligations.
The program allows businesses greater ability to invest in buildings
and jobs instead or raw land. Since 1997 the Land Credit program has
fostered the construction or expansion of 19 businesses creating over
120 jobs and nearly $11.1 million in new commercial space.