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Appendix K: Elk River SWOT Analysis <br />A SWOT analysis is an analytical tool used to record the Strengths, Weaknesses, Opportunities and <br />Threats associated with an orgattization. Based on the primary and secondary research we have <br />gathered, as well as our own assessment, here is a SWOT analysis fox Elk River as it pertains to the <br />City's economic development situation: <br />Strengths <br />^ Excellent transportation service with U.S. Highways 10 <br />and 169, Minnesota Highway 101 , dosepxoximiry to <br />Interstate 94, and freight rail service <br />^ Northstar Commuter Rail Station coming in 2009 <br />^ Relatively close to the heart of the Metro Axea <br />^ Good workforce/employment opportunities <br />^ Elk River is a growing community with significant <br />upside potential <br />^ Quality of life - "Where the City Meets the Country," a <br />great place to live, work and play <br />^ Affordable housing <br />^ Good education system <br />^ Relatively low property taxes <br />^ Higher standards for design, zoning, etc., axe seen as a <br />positive by some users <br />^ Offers a competitive array of financial incentives <br />^ Effective, highly regarding Ciry Staff <br />Opportunities <br />^ Continue focus on small to medium-sized light <br />industrial users <br />^ Focus more marketing efforts on attracting: <br />o Medium to lazge light industrial users <br />o Retaining/growing existing businesses <br />o Complementary firms -companies that would <br />supply or buy products and services from <br />existing businesses. <br />o Commercial/retail businesses <br />^ Pursue more redevelopment opportunities <br />^ Accelerate the development of Gateway Business <br />Centex <br />^ Identify, acquire and prepare additional land for <br />induatrial development <br />^ Continue to improve consistency and collaboration <br />among Ciry departments <br />Weaknesses <br />^ Concerns regarding transportation issues, especially <br />the. growing traffic congestion in the U.S. Highway <br />10/169 area <br />A perceived lack of available. industrial land. There axe <br />only 20 acres left in the City-owned Northstar <br />BusinessPark whichis at the northeast quadrant of <br />U.S. Highways 169 and 10. TheCity also owns about <br />b0 acres south of 171"Avenue: the planned Gateway <br />Business Centex (the former Cargill property). But it is <br />cuxxendy anticipated that that City-owned property <br />won't be available fox development until 2008. <br />^ Not perceived as relatively close to the heart of the <br />Metro Axea <br />^ Higher standards fox design, zoning, etc., axe seen as a <br />negative by some users <br />^ Not in Job Opportunity Budding Zone QOBZ) <br />^ Not perceived as appropriate for corporate campuses <br />Threats <br />^ The risk of losing out on medium- to large-sized <br />businesses if it continues to focus its marketing on <br />small to medium-sized businesses <br />^ The risk of losing out on projects -especially larger <br />projects -due to a perceived unwillingness to work. <br />with private developers <br />^ Some competitors axe selling land at lower prices <br />^ Opportunistically acquiring land without a coherent <br />strategy <br />^ A failure to appropriately manage growth, such as by <br />relaxing design and/or zoning standards to the <br />detriment of existing businesses and the overall <br />attractiveness of the community <br />^ Acquisitions of existing businesses, resulting in their <br />dosuxe ox relocation <br />K1 <br />