6.0. EDSR 02-12-2001 Item # 6
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
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MEMORANDUM
TO: Economic Development Authority
FROM: Cathy Mehelich, Director of Economic Development
DATE: March 12, 2001
SUBJECT: Strategic Economic Development Plan Update
It is appropriate to briefly revisit the Economic Development Strategic Plan on an annual
basis for the following purposes:
• Affirm the major issues and goals
• Review accomplished activities
• Review remaining activities
The attached revised Economic Development Strategic Plan includes four major issues and
goals:
• Industrial Base
Attract new businesses to increase the City's industrial base
• Business Retention and Growth
Retain and grow the City's existing business/industry
• Marketing Strategy
Create an industrial marketing strategy to develop the City's business parks
• Develop/Redevelop East Hwy 10 & the Central Business District
Undertake activities to facilitate development/redevelopment on East Highway 10 and in the
Central Business District
The City,EDA and HRA have accomplished many of the Plan activities with in the last year.
Namely the following items;
• Development of Tony Emmerich property (SoftPac Industries, Inc.)
• Development of Strategic Industrial Marketing Plan
• Construction of Business Center Drive
• Development of King &Main site
• Modification of TIF Policy and adoption of Tax Rebate Financing Policy
Many of the activities that relate to marketing efforts for both industrial recruitment and
business retention will be address this year as incorporated within the City's
�' Communication/Branding Process and Siting/Expansion Process.
13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 •"(612) 441-7420 • Fax (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
Economic Development Plan Update
March 12,2001
Page 2 of 2
The marketing component is a priority for staff as we present a professional "open-for
business"image to the development community and in marketing the 140-acres of privatel,
owned available business park property.
In addition, the Plan includes the following activities for EDA future consideration:
• Consider strategy for marketing and development of EDA's Brown property
• Consider strategy for development of gravel mining area
The Economic Development Strategic Plan will be formally updated in Fall 2002 for yea s
2003-2005.
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2000-2003
Economic Development
Strategic Plan
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Adopted May, 1997
Revised November 1999
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Elk R .
iver
triaam
"A historic river community serving as a
regional center with a favorable location
near the Twin Cities metropolitan area "
Our mission is to actively participate in economic
development by utilizing available resources to
leverage viable and healthy investments in our
community. Such investments will create diverse job
opportunities as a result of a stable and growing
business and industrial base. We will strive to provide
quality services, maintain a favorable tax rate, supply
full-cycle housing options for our residents, and foster
an environment that will result in substantial growth of
our local economy.
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City Council
Economic Development Authority
Housing and Redevelopment Authority
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Facilitator: Jim Brimeyer, The Brimeyer Group
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a.; Issues d Goals
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• Industrial Base
• Attract new businesses to increase the city's
industrial base
• Business Retention and Growth
• • Retain and grow the city's existing
business/industry
• Marketing Strategy
• Create an industrial marketing strategy to
develop the city's business parks.
Develop/Redevelop E. Hwy 10 & the
CBD
• Undertake activities that facilitate
development/redevelopment on East Highway
10 and in the Central Business District.
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3.:gin I. Grow Industrial Base
Goal: Develop West Business Park
aintain current joint development agreement with Tony
Emmerich.
X Consider a joint development agreement with Gagne and
Wilson.
✓ Develop well focused target marketing tactics:
• Market to brokers and others with connections to industry, such
as MN Technology.
• Target an industry cluster, such as the energy industry (Energy
City).
• 0 Work with local industries to market Elk River to their suppliers
and customers.
X EDA to research construction of a spec building and locate a
tenant.
▪ Establish bank partnerships
• Establish developer partnership
• Identify funding sources (i.e. franchise fee revenue)
✓ Consider completing construction of Business Center Drive.
✓ Explore marketing methods employed by developers and
builders.
• Examine appeal of West Business Park to specific types of
industries. (Target marketing, Industry cluster)
✓ Develop specific marketing materials for West Business
Park.
• Maintain and build networks with banks, brokers, chamber,
existing businesses, media, and others.
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II. Business Retention & Growth
,:liffitaf, Goal: Retain and : row existin: industries
X Complete BRE Survey and distribute final results to council, EDA,
Industries and Chamber of Commerce.
X Consider publishing periodic (quarterly or bi-annual) newsletter
highlighting economic development activities, practices and issues.
X Create local industrial business publicity program - have quarterly
feature stories written on industrial firms.
X Utilize business round table approach to gauge business's attitude
• toward developing policies and projects.
• Distribute marketing materials to local industry and promote incentive
programs.
X Ads — Continue to feature local firms in City Business, Ventures, etc...
and explore local advertising opportunities.
✓ Utilize DTED's Manufacturer's Week to showcase existing firms.
X Create opportunities for interaction between business owners and
elected/appointed officials.
X Involve local industries in a major marketing event.
✓ Maintain database of industrial businesses.
✓ Consider continuing EDA Commitment to the Business Incubator
Project.
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311
Marketing s
Goal: Develop an industrial marketing strategy to
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develop business parks.
✓ Establish a marketing plan committee comprised 5-7 of business
& civic leaders.
✓ Consider hiring a consultant to help facilitate the formation and
implementation of a marketing plan.
X Update and maintain marketing materials.
X Complete construction of economic development website.
X Utilize Energy City designation as a marketing tool.
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ititif3IV . (Re)Development on
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Goal: Undertake activities that facilitate
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(re)development on E. Hwy 10 & in the CBD.
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Highway 10
X Develop criteria for designating redevelopment areas.
X Identify redevelopment/development areas.
X Develop database of east Highway 10 properties.
X Consider locating additional sites for Elk River monument/entry
signage.
X Examine use of Redevelopment Financing Program along east
• Highway 10.
Central Business District (Downtown)
X Develop criteria for designating redevelopment areas.
X Identify redevelopment areas.
X Consider hiring a consultant to design a redevelopment plan for
downtown.
X Develop design guidelines for redevelopment in the CBD.
X Issue Request For Proposals for redevelopment sites in CBD.
X Further explore the concept of facade grants in cooperation with
local banks.
Continue work on CBD action plan.
X Construct database of downtown businesses
✓ Continue marketing King and Main site for redevelopment
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Additional Action Steps
✓ Modify TIF policy to comply with changes in State law.
X Continue professional development of staff through
conferences, formal training programs, etc. . ..
X Utilize GIS to manage data of industrial and commercial real
estate.
# Explore the development of a rail spur
• ✓ Inventory all available commercial/industrial land and buildings.
✓ Utilize existing tools to encourage development . TIF, Micro
Loan, Tax Abatement, SCBDF, State, Initiative Foundation.
✓ Ensure Brown property remains available for industrial
development.
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