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Economic Development Authority Minutes Page 2 <br />December 8, 2003 <br />4. Open Mike <br />No one appeared for Open Mike. <br />Strategic Industrial Marketing Activities Update <br />President Gongoll stated that he, Ms. Mehelich, and Commissioner Klinzing met with <br />representatives of Cymbet Corporation to discuss their expansion plans. He stated that <br />as city representatives they expressed their desire to work with Cymbet at keeping <br />them in the community. He stated that Cymbet currently occupies approximately <br />10,000 square feet of space and needs about 50,000 square feet for their manufacturing <br />operation. President Gongoll stated that Cymbet, with some assistance from the city, <br />would possibly consider construction of a 50,000 square foot facility. He is concerned <br />Cymbet could move out of the community. <br />Commissioner Klinzing stated that she believes Cymbet would like to remain in the <br />community. She stated that they expressed an interest in the city's plan for a YMCA, <br />the commuter rail station, and the rural nature of Elk River. She stated that Cymbet <br />indicated they would not make any moving decisions without coming forward to the <br />city. <br />Ms. Steinmetz provided an update on key accounts, promotions, advertising, public <br />relations, and the business retention strategy as outlined in her staff report. <br />Ms. Mehelich provided an update on KnowledGenetica. She stated that they are in <br />process for funding from the Initiative Foundation and Anoka/Sherburne County <br />Capital fund a name change to K-netica. <br />6. Discuss Update on Economic Development Strategic Plan <br />Ms. Mehelich stated that funds are in the 2004 budget to update the Economic <br />Development Strategic Plan. She gave a history of the Plan and discussed past goals <br />that have been accomplished. She questioned the Commission as to how they would <br />like to proceed with the Plan update. <br />President Gongoll stated that the past process of utilizing a task force of community <br />representatives worked well. <br />Commissioner Dwyer stated the city needs to complete more than just an update of <br />the Plan. Commissioner Tveite concurred stating there are new tools and resources <br />available that are not used in the current Plan. <br />Commissioner Motin stated that the Plan should have a whole overhaul, not just a <br />modification. He would like the EDA, HRA, and the City Council to have input on <br />the Plan. <br />Discussion was held on the amount of funds budgeted for this project and whether the <br />whole Plan can be modified or just an update should be completed <br />