6. EDSR 05-14-2007ITEM ~~ 6
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MEMORANDUM
TO: Economic Development Authority
FROM: Heidi Steinmetz, Assistant Director of Economic Development
DATE: May 14, 2007
SUBJECT: Consider Business Retention & Expansion Meeting Schedule
Background
Since the formation of the EDA, Business Retention & Expansion (BRE) visits have been
held with Elk River manufacturers. For the past ten years, staff has recorded such visits,
which range in style from conducting formal surveys to informal lunch meetings. Most
recently in 2005, EDA Commissioners joined staff in conducting informal lunch or breakfast
meetings followed by facility tours. It is apparent that manufacturers appreciate the extra
attention from EDA Commissioners. In return, the EDA has always commented to staff its
sincere interest in attending these visits.
Issue
Staff recently spoke with Michael Darger, Area Program Leader for the University of
Minnesota BR&E Strategies Program, and he stated that studies show that 40 to 80 percent
of all new jobs are created by existing firms rather than by attracting new firms to the
community. This is not an unfamiliar statistic to staff and the EDA, which is why it is
important to continue BRE visits in Elk River.
Staff Recommendation
Staff recommends that 2007 visits be held with the manufacturers listed on the following
page and that visits be kept informal with one or two EDA Commissioners attending each
visit. Staff requests EDA Commissioners indicate which visits they wish to attend. Staff will
follow up with EDA Commissioners individually to schedule the visits.
Consider Business Retention & Expansion Meeting Schedule
May 14, 2007 EDA Meeting
Page 2 of 2
Manufacturer Product
Contour Mold Mold Manufacturin
Cretex Com anies Precast Concrete Products
C mbet Co Solid State Batte Manufacturer
E & O Tool and Plastics Plastics
Elk River Machine Com an Products & Lar e Part Machinin
Metal Craft Machine &
En ineerin Precision Contract Manufacturing
for the Medical Device Indus
S ortech Thermoforming for the
Powers orts Indus