02-10-2003 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes Page 2 February 10, 2003 Strategic Industrial Marketing Plan 5.1. Marketing Activities Heidi Hall presented an update on the EDA strategic industrial marketing activities. Heidi distributed the 2003 Community Profile. Heidi reported on the total of 80,000 square Eeet of available industrial lease space, and recently completed business retention visits to Alltool Pinnacle and 'SIN Fabrication and Machine. Heidi invited the commissioners to the February 20 Economic Development Association of Minnesota event, which will feature Ellc River's Incubator Progeam. Commissioner Tveite arrived at this time (5:42 pm). 5.2. 2002 Inc}uiro/Prospect Report Catherine Mehelich reviewed the 2002 inquiry/prospect report. She noted that although the total number of inquiries is down, which is a reflection on the economy, the number of industrial inquiries has increased. Catherine also reviewed the 2001-2002 industrial clients status. She stated that the primary reason for not locating in Elk River included: • Lack of available 1.5 - 2 acre lots • Lack of upfront TIF financing • Outside storage needs The EDA indicated that the report was useful and requested semi-annual reports be continued. 5.3. Discuss Paxmexship with MN Technology Inc (MTI) Catherine Mehelich explained that bIN Technology helps companies create more effective manufacturing processes, improve communications, increase efficiency, expand market opportunities, and develop corporate growth strategies. She indicated that staff believes that MN Technology is a resource that can be utilized by industrial prospects and Elk River manufacturers. She noted that through a partnership with MN Technology the City hopes to create stronger technology-driven industrial companies by assisting existing companies and by providing a valued service to industrial prospects. Catherine introduced Julie Vreeland, MN Technology's Director of Community Technology Development. Julie explained that Minnesota Technology Inc. is the state's technology based economic development organization.