Loading...
3.0. EDSR 03-08-1999 • City of Elk River Economic Development Strategic Plan • Adopted by City Council action on May 19, 1997 • ELK RIVER ITALVal "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. • • Organizational • ECONOMIC DEVELOPMENT STRATEGIC PLAN ; ver City Council Strategic Planning Tasl Force I ► II I I iitiMaAR4AaWNS 1HRA Banks H EDA; G m r, ilites Local Business, • 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 • East Hwy. 10 Development/Redevelopment • Redevelop the East Hwy. 10 corridor • Downtown Redevelopment • Attract reinvestment in the Elk River Central Business District • Priority # 1 Industrial Base Z. • Attract new businesses to increase the city's industrial base •► Phase I - West Elk River Business Park. I Modify zoning north of County Road 30 in the West Business Park from R1C to BP I Update/maintain an inventory of property owners in the West Business Park • Outline the parameters of a "Joint Development Agreement" for, West Business Park property owners which will address . assessment issues, land prices, and cooperative marketing o6 properties to encourage development of those properties' ✓ Negotiate land prices in the West Business Park and research funding options for potential city purchase / City Council and EDA to determine whether to proceed with a Joint Development Agreement or city purchase of property - show financial options I Enter into a Joint Development Agreement or complete acquisition of the subject properties I Complete conceptual platting of properties for use as a marketing tool ✓ Modify current marketing and advertising program to include additional properties ✓ Market the properties to industrial users • S Industrial Base - Continued ♦ Phase II - Industrial areas east along the newly proposed transportation corridor and County Roads 12/13, east Highway 10, north Highway 169, and other parcels • Accept a concept proposal for a new transportation corridor; between County Roads 12 and 13 proceeding south to connect. with Highway 10 ✓ Identify appropriate industrial sites along this new transportatiorr corridor ✓ Identify appropriate industrial sites in other areas lying within the • Urban Service Boundary ✓ Identify appropriate industrial sites lying outside the Urban Service Boundary along east Highway 10 i/ Undertake rezoning of these industrial sites ✓ Establish a timetable for construction of the proposed transportation corridor and other public improvements in this area ✓ Complete an inventory of property owners within the newly identified industrial areas ✓ Outline the parameters of a "Joint Development Agreement" with these property owners which will address assessment issues, land prices, and cooperative marketing of properties to encourage industrial development ✓ Negotiate land prices and research funding options for potential city purchase ✓ City Council and EDA to determine whether to proceed with a Joint Development Agreement or city purchase of properties ✓ Complete conceptual platting of properties for use as a marketing tool ✓ Modify current marketing and advertising program to include these newly identified industrial areas • ✓ Market the properties to industrial users • Industrial Base - Continued • Phase Ill - Other Industrial Areas - Gravel Mining Site ✓ Identify appropriate industrial sites/areas currently being mined ✓ Modify underlying land use if determined. appropriate in anticipation of future rezoning to Industrial or Business Park ✓ Work with property owners to establish a timetable for availability of these industrial sites ✓ Work with property owners to encourage consistent and planned availability of these industrial sites over the next 7-15 year period 4 • • Priority #2 Business Retention and Growth • Retain and Grow the City's Existing Business and Industry ✓ Coordinate the efforts of"Joint Development Agreements" and/or the city purchase of land in order to provide expansion opportunities for EXISTING businesses ✓ Maintain consistent contact with existing businesses through the use of letters and surveys • Initiate a "Business Incubator" program to support the location of • high tech and job intensive business growth within Elk River ✓ Use available financing tools to leverage private investment in order to retain existing businesses and encourage growth ✓ Improve the perception and visibility of the Economic Development department's business retention efforts through the use of the city newsletter ✓ Work with the Department of Trade and Economic Development, Small Business Administration, Central Minnesota Initiative Fund, and other resources to increase awareness of existing programs which provide support for business expansion and growth ✓ Expand the Micro Loan program to assure that existing businesses qualify as a high priority consideration ✓ Examine and research the implementation of new programs which focus on business retention ✓ Work with the Sherburne County economic development office to address the issue of labor force availability • Industrial Base - Continued alANIUSEMSOffilfar •► Programs and Incentives • Support the use of Tax Increment Financing (TIF) as a tool to retain and attract industrial businesses ✓ Modify the TIF policy to allow maximum flexibility and to guide the city's appropriate use of this tool ✓ Support Sherburne County's effort to establish a revolving loan fund, and other resources, for economic development I Encourage Elk River Municipal Utilities to establish a dedicated revolving loan fund for economic development and to provide a competitive incentive electric rate for qualified industrial businesses I Modify the Micro Loan policy to allow maximum flexibility for use as an incentive to encourage industrial business growth ✓ Research opportunities for using the Internet to identify industrial prospects ✓ Update the community profile and demographic information annually ✓ Maintain an inventory of available buildings for manufacturing and other industrial users ✓ Plan and coordinate a marketing event for industrial realtors and brokers, developers, and prospects I Establish a policy to guide the use of the city's development fund in a manner which will support the growth of the city's industrial and business base I Work with local banks to establish a cooperative public/private economic development financing program • Business Retention and Growth - Continued AAllt ✓ Upon completion, distribute the results of the central business district Market Study so that it can be used to enhance the growth of existing businesses ✓ Use the Energy City program as a marketing tool to support the growth of energy related industry ✓ Develop a cooperative marketing plan with Energy City and incorporate with the current marketing efforts to target energy related business growth • ✓ Coordinate the business retention survey efforts to establish a baseline of current employment within Elk River's currently existing energy related businesses ✓ Coordinate an event through Energy City with Energy Alley member companies to market Elk River's growth potential in the energy industry • • Priority #3 East Hwy. 10 Development/Redevelopment • Redevelop the East Highway 10 Corridor ✓ Establish the criteria for identification of redevelopment areas within and outside the Urban Service Boundary along east Highway 10 ✓ Identify and prioritize these east Highway 10 redevelopment areas ✓ Establish a plan to redevelop and market each of these prioritized areas coordinating efforts with the proposed transportation corridor connecting County Roads 12/13 and Highway 10 ✓ Inventory property owners within these redevelopment areas and discuss possible "Joint Development Agreements", and other • cooperative efforts which could be undertaken to aid in development of these areas ✓ Establish a long term design and land use plan which might include establishing a uniform design theme for the overall area utilizing some of the elements of the central business district Focus Study (when completed) • Priority #4 Downtown Redevelopment • Attract Reinvestment in the Elk River Central Business District (CBD) •► Overall CBD Design ✓ Identify the criteria and scope of a Focus Study of the physical elements of the CBD, including elements of the riverwalk concept ✓ Bring in an outside consultant, if determined necessary, to complete the Focus Study within the scope identified ✓ Examine criteria for additional HRA programs which may provide incentives to property owners to implement the results of such a Focus Study i.e., signage improvement program, CBD marketing program, partnerships with local banks, building rehabilitation program ✓ Review the zoning and land use plan for the CBD as part of a Focus Study to determine if changes are appropriate • 411 Downtown Redevelopment - Continued ♦ Redevelopment Sites ✓ Outline the criteria which will be used to identify redevelopment sites within the CBD ✓ Undertake the identification and prioritization of these redevelopment sites ✓ Implement a redevelopment and marketing plan for each of the prioritized sites 4111 • • Downtown Redevelopment - Continued •► Finance and Marketing ✓ Outline the criteria and scope of a Market Study which will, in part, help to identify viable business opportunities for the CBD ✓ Bring in an outside consultant, if determined necessary, to complete the Market Study within the scope identified ✓ Distribute the results of the Market Study to potential developers to attract specific businesses to the CBD • ✓ Support the use of available financing tools such as TIF to aid in redevelopment of these identified sites ✓ Utilize the Internet to market and advertise the CBD to specific retail and other business uses which are to be identified within the Market Study ✓ Partner with financial institutions to establish programs, if necessary and appropriate, to implement action steps based upon results of the Focus Study and Market Study ✓ Create a positive method for ongoing communication with the Chamber of Commerce, Rivers Edge Downtown Development Corporation, and all CBD property owners regarding relevant issues within the CBD ✓ Support all groups efforts to coordinate retail promotions within the CBD ✓ Complete the redevelopment project at the corner of King Avenue and Main Street ✓ Work with CBD businesses to address parking needs and issues • Industrial Bas Ig97 tv(tv-roto-Ard— Priority#1 -Attract New Business to Increase the City's Industrial Base *phase I- West Business Park In Corn•leted Process Action Ste Modify zoning north of Co.Rd. 30 in the West Business Park from Mc to BP U P do Update/maintain an inventory property Pert y owners in the West Business Park Outline the parameters of a"Joint Development Agreement" for West which will Business Park property prices, address assessment issues,land and cooperative marketing properties to enco a•e develosmerit of those 'roe erties Negotiate land prices es in the West Business tions for Park and research funding options otential cit •urchase City Council and EDA to determine whether to proceed with a Joint Development Agreement or city purchase of •ro•ert - show financial o•tions Enter into a Joint Development Agreement or complete acquisition of the subject •ro•erties properties omplete conceptual platting of for use as a marketin: tool Modify current marketing and advertising •ro_ am to includet ea�olindustrial users Market the prof and 1 These activities have yet to be completed with the two remaining West Business Park property owners-Gagne Wilson • 11 Industrial Base Continued Priority#1 -Attract New Business to Increase the City's I t u s r a l Base *Phase 11-Industrial areas east along the newly proposed tion corridor and County Roads 12/13, east Highway 10, north Highway 169, and other •arcels In Com•leted Process Future Action Ste. Accept a concept proposal for a new x transportation corridor between Co. Rds. 12 and 13 proceeding south to connect with Hw . 10 Identify appropriate industrial sites along this new trans•ortation corridor Identify appropriate industrial sites in x other areas lying within the Urban Service Boundar x Identify appropriate industrial sites lying MN. outside the Urban Service Boundar x Undertake rezoning of these industrial 111111111 sites x Establish a timetable for construction ofIqq i the proposed transportation corridor and f other s ublic im•rovements in this area Complete an inventory of property owners x within the newly identified industrial MIN areas Outline the parameters of a"Joint Development Agreement" with these property owners which will addressIII ,a +Q assessment issues, land prices, and U 1111 cooperative marketing of properties to encoura:a industrial develo.ment Negotiate land prices and research , ;, fundin: o•tions for •otential cit s urchase _ - x MM City Council and EDA to determine whether to proceed with a Joint Development Agreement or citypurchase of •ro•erties Complete conceptual platting of properties 11111111111111111 for use as a marketin. tool Modify current marketing and advertising program to include these newly identified industrial areas Market the properties to industrial users • 12 Industrial Base Continued Priority#1 -Attract New Business to Increasethe City's Industrial Base *Phase III- Other Industrial Areas - Gravel te In Com.leted Process Action Ste. 1111M0 Identify appropriate industrial sites/areas currentl bein: mined Modify underlying land use if determined appropriate in anticipation of future rezonin• to Industrial or Business Park Work with property owners to establish a timetable for availability of these industrial sites Work with property owners to encourage consistent and planned availability of these industrial sites over the next 7-15 ear .eriod S 410 13 Industrial Base - Continued • ' rit #1 -Attract New Business to Increase the City's Industrial Base PriorityI *Programs and Incentives Future Action Step Complete In Process Ongoing Support the use of Tax Increment x Financing (TIF) as a tool to retain and attract industrial businesses Modify the TIF policy to allow maximum x flexibility and to guide the city's appropriate use of this tool Support Sherburne County's effort to 4x establish a revolving loan fund, and other resources,for economic development Encourage Elk River Municipal Utilities to x establish a dedicated revolving loan fund for economic development and to provide a competitive incentive electric rate for qualified industrial businesses Modify the Micro Loan policy to allow maximum flexibility for use as an incentive to encourage industrial business growth Research opportunities for using the x Internet to identify industrial prospects • Update the community profile and x demographic information annually Maintain an inventory of available x buildings for manufacturing and other industrial users Plan and coordinate a marketing event for x industrial realtors and brokers, developers, and prospects Establish a policy to guide the use of the x city's development fund in a manner which will support the growth of the city's industrial and business base Work with local banks to establish a cooperative public/private economic development financing program I • 14 I • • Business Retention and Growth Priority#2 -Retain and Grow the City's Existing Business and Industry Action Step Complete In Process Ongoing Future Coordinate the efforts of"Joint x Development Agreements" and/or the city purchase of land in order to provide expansion opportunities for EXISTING businesses Maintain consistent contact with x existing businesses through the use of letters and surveys Initiate a"Business Incubator" program x to support the location of high tech and job intensive business growth within Elk River Use available financing tools to leverage x private investment in order to retain existing businesses and encourage growth Improve the perception and visibility of x the Economic Development department's business retention efforts through the use of the city newsletter • Work with the Department of Trade and x Economic Development, Small Business Administration, Central Minnesota Initiative Fund, and other resources to increase awareness of existing programs which provide support for business expansion and growth Expand the Micro Loan program to x assure that existing businesses qualify as a high priority consideration Examine and research the x implementation of new programs which focus on business retention Work with the Sherburne County x economic development office to address the issue of labor force availability Upon completion, distribute the results x of the central business district Market Study so that it can be used to enhance the growth of existing businesses Use the Energy City program as a x marketing tool to support the growth of energy related industry Develop a cooperative marketing plan x ] with Energy City and incorporate with ] the current marketing efforts to target • energy related business growth 15 1 Nmmmmmimmmmmmomummimmmmimmmmg Business Retention and Growth - Continued • Coordinate the business retention survey x efforts to establish a baseline of current employment within Elk River's currently existing related businesses Coordinate an event through Energy x City with Energy Alley member companies to market Elk River's growth potential in the energy industry • • 16 • East Highway 10 Development/Redevelopment Priority#3 -Redevelop the East Highway 10 Corridor Action Ste. Complete In Process Ongoing Future Establish the criteria for identification of x redevelopment areas within and outside the Urban Service Boundary along east Highway 10 Identify and prioritize these east x Highway 10 redevelopment areas Establish a plan to redevelop and market x each of these prioritized areas coordinating efforts with the proposed transportation corridor connecting County Roads 12/13 and Highway 10 Inventory property owners within these x redevelopment areas and discuss possible"Joint Development Agreements", and other cooperative efforts which could be undertaken to aid in development of these areas Establish a long term design and land x use plan which might include establishing a uniform design theme for • the overall area utilizing some of the elements of the central business district Focus Study (when completed) 4110 17 • Downtown Redevelopment Priority#4-Attract Reinvestment in the Elk River Central Business District (CBD) * Overall CBD Design Action Step Co , In Process Ongoing Future Identify the criteria and scope of a Focus x Study of the physical elements of the CBD, including elements of the 1� riverwalk concept Bring in an outside consultant, if I x determined necessary, to complete the Focus Study within the scope identified Examine criteria for additional HRA x programs which may provide incentives to property owners to implement the results of such a Focus Study i.e., signage improvement program, CBD ., marketing program, partnerships with local banks, building rehabilitation program Review the zoning and land use plan for x the CBD as part of a Focus Study to determine if changes are appropriate * Redevelopment Sites • Action Step ' Complete In Process Ongoing Future Outline the criteria which will be used to x identify redevelopment sites within the CBD Undertake the identification and x prioritization of these redevelopment sites Implement a redevelopment and x marketing plan for each of the prioritized sites 110/ 18 1 • Downtown Redevelopment Continued IPriority#4-Attract Reinvestment in the Elk River Central Business District (CBD) * Finance and Marketing Action Step Complete In Process Ongoing Future Outline the criteria and scope of a x Market Study which will, in part, help to identify viable business opportunities for . the CBD Bring in an outside consultant, if x I determined necessary, to complete the Market Study within the scope identified Distribute the results of the Market x i Study to potential developers to attract specific businesses to the CBD Support the use of available financing x tools such as TIF to aid in redevelopment of these identified sites Utilize the Internet to market and x advertise the CBD to specific retail and 1 other business uses which are to be identified within the Market Study Partner with financial institutions to x 1 0 establish programs, if necessary and appropriate, to implement action steps based upon results of the Focus Study + and Market Study Create a positive method for ongoing x communication with the Chamber of Commerce, Rivers Edge Downtown Development Corporation, and all CBD property owners regarding relevant issues within the CBD Support all groups efforts to coordinate x retail promotions within the CBD Complete the redevelopment project at x the corner of King Avenue and Main 1 Street Work with CBD businesses to address x parking needs and issues 1. • 19