5. EDSR 08-08-2011 - Laserfiche WebLink

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2009-2012 Economic Development Strategic Plan Proposed Action Steps MISSION: The City of Elk River is committed to economic development by leveraging viable and healthy investments, to retain and create diverse job opportunities, maintain a favorable tax rate, supply life-cycle housing options, and foster an environment that will result in substantial growth of our local economy. Goal: Industrial Development Objective: Attract new businesses & expand .existing businesses to increase the city's industrial tax base Action Steps: - Expand City's inventory of available C/I land for development. • Evaluate .current inventory of available C/I land. • Define desired C/I market and rank by priority. • Conduct research on site amenities required for target markets. • Identify sites that meet site requirements. • Evaluate assembly options (ownership, improvements, fmancing, etc} Evaluate financing and focused marketing tools to attract target market. - Develop a Business Resource Directory .highlighting services available from various partner agencies for start-ups, expansion and relocations. Consider partnering with Chamber to host Business Resource Expo. - Enhance and promote TIF, Tax Abatement and Micro .Loan programs for eligible development and redevelopment projects. - Evaluate and consider fresh approach to consistent marketing image as "The Light Industrial Hub of the Northwest Metro", materials and methods. - Maintain and build networks with banks, brokers/developers, chamber, existing businesses, media and others. - Maintain annual Business Retention & Expansion visits to manufacturers with participation -from electedlappointed officials. - Consider DEED's Shovel-Ready Site Certification Program for marketing sites. - Utilize DEED's Manufacturing Week to showcase existing firms. Conduct annual update of Retail Trade Analysis with UofM Extension Service .and share results with Chamber .and business community.