4.2 EDA CHECK REGISTER 07-15-2024Performance Measures & Goals for 2025
Division:Economic Development
Completed by:Brent O'Neil
Date:July 8, 2024
Performance Measure2021 Actual2022 Actual2023 Actual2024 Estimated2024 YTD2025 Projected
Business Engagements (prev.
4721201620
tracked more rigidly as BRE)
Facilitate Site Visits to Elk River
116424
Commercial - Industrial permit
value
$58,000,000 $67,000,000 $51,000,000 $5,700,000
$60,000,000 $60,000
Net impressions from placed ads
310,000200,000150,00080,000
250,000150,000
EDA Website Traffic
5,0005,5005,5008,000 3,200 6,000
Division Goal Goal Objective/Task
Continue to outreach to receive feedback on city factors impacting businesses including BRE visits and other
Support Elk River's existing businesses through
interactions. Provide technical assistance as necessary and through feedback ensure economic development
relationship building, programmatic offerings, and high
programs of the city are in line with business needs and utilization. Develop and modify programming by utilizing
quality city services
feedback from the business community. Consider an annual or semi-annual forum of local businesses to complement
business engagements and foster additional outreach to the business community.
Continue to market and promote the community. Make contact with prospective businesses and siting professionals
and specifically highlighting the community's strengths. Market existing properties (EDA and private) and capture
Attract new business development to Elk River to build
opportunities for land development and assembly. Direct targeted focus on specific sectors, including those identified
the city's economic vibrancy, job offerings and tax base
in the EDA strategic plan: precision manufacturing, renewable energy, regional distribution, biomedial manufacturers,
and health care services.
Proactively support the community and businesses impacted by the 169 Redefine Project, and work with Together Elk
Support impacted businesses and capitalize on River committee on implementation. Provide resources to address challenges created during the project and facilitate
opportunities associated with the 169 Redefine Projectbusiness relocation within the city if necessary. Foster and promote new opportunities created from implementation of
the project.
Consider new programs that promote the community Support beautification efforts, public art, events, and investments that attract visitors to Elk River. Direct investment in
image certain programs may lead to enhanced community perception and increase in visitors to Elk River.
Continue to work with Sherburne County, Elk River Area Chamber of Commerce, GreaterMSP, DEED, MN Marketing
Partner with peer organizations
Partnership, ERMU, and ISD 728. Consider regional marketing efforts.
Keep a detailed and regularly-updated inventory of properties which may be suitable for development and likely
Maintain an inventory of private and public properties available to promote to business prospects. In addition to utilizing the MNCAR system for actively available properties,
available for future developmentalso identify properties in coordination with owners that could be identified and shared with interested parties. Develop
a web-based portal for disseminating available private property not otherwise participating in a listing service.
Maximize and leverage city programs, MnDEED monies, Initiative Foundation, Sherburne County Revolving Loan
Maintain financial incentives to enhance economic
Fund and other financial tools and incentives. Evaluate programs for relevance and capacity to serve current
development
community needs; modify as necessary.
Position the Together Elk River (TER) campaign/brand to Focus on transitioning TER's support of the 169 Redefine construction project to a traveler-based marketing
support ongoing community priorities and challenges.campaign in 2025 while also focusing on other community-oriented business support campaign(s).
Implement marketing and other activities which boost visitor traffic to Elk River for shopping, recreation, events, and
Promote visitor attraction to Elk Riverenjoyment. Consider ways to boost hotel and restaurant capacities in the city. Investigate implemenation of
Destination Marketing Organizations (DMOs).
Identifies areas suitable for growth and how to best facilitate private investment. This can include studies to determine
Plan for new commercial and industrial growth areashow and when utility infrastructure can be inplemented as well as tools for brining more land on-line, inluding private
and public property.
Increase the number of companies actively manufacturing
products or components of products directly or indirectly Work with ERMU, the environmental division, and Energy City Commission.
used in renewable energy or energy efficiency by 2024