5. EDSR 09-11-2006 - Laserfiche WebLink

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Executive Summary The City of Elk River is well positioned to enjoy significant industrial development for many years to come. The future looks promising thanks to a relatively strong local and national economy, the inevitable push northwest from the Twin Cities Metro Axea (further boosted Noxthstar Commuter Rail), the City's own many positive attributes, and a highly regarded, effective City Staff. But the City's success fox 2007-2009 hinges on making more land available for industrial development. Assessment of the Results of the Strategic Industrial Marketing Plan 2002-2004 Action Plan. The City substantially achieved the three primary objectives identified in the 2002-2004 Action Plan: 1. Position Elk River as "The Light Industrial Hub of the Northwest Metro" by 2005 2. Build out East and West Business Parks by 2010 3. Target industrial, machinery, fabricated metal and electronic equipment SICs First, although the City might not have become "the" light industrial hub of the Northwest Metro, its marketing efforts have effectively positioned it as "a" light industrial hub. Second, so much progress was made toward building out the business parks -including the new Noxthstax Business Park -that now the biggest concern is ensuring that enough land is available fox additional industrial development. Third, the City achieved measurable success in targeting small to medium-sized light industrial manufacturers. Specifically, a dozen new or expanded industrial development projects were added since 2002, totaling 377,000 square feet of new construction, 119 relocated jobs, 116.5 new jobs (goal) and almost $44.2 million in additional building value added to the tax base. 2007-2009 Action Plan. As we look ahead to 2007-2009, we believe that the Elk River Economic Development Authority should pursue similar -though somewhat broader -objectives: 1. Continue to position Elk River as "The Light Industrial Hub of the Northwest Metro" 2. Attract projects that have quality employment base and significant market value 3. Drive the acquisition and marketing of additional land for industrial development To accomplish these objectives, we recommend these specific marketing strategies: 1. Broaden the primary target market to include medium to large light industrial manufacturers as well as small to medium users, and place more emphasis on assisting existing clients 2. Increase the intensity of marketing efforts targeting industrial brokers, owner's representatives and site selectors because of their influence and market knowledge 3. Leverage the competitive advantage provided by Noxthstax Commuter Rail 4. Leverage the fact that two Fortune 50 firms recently selected Elk River for new facilities, which adds credibility and suggests that the City is ready to take industrial development to a higher level 5. Continue to employ about the same mix of marketing tools that the City has used in the past, but with greater emphasis on public relations and events 6. Facilitate the preparation and marketing of the new Gateway Business Center 7. Conduct acity-wide market study to determine the location, size and phasing of additional industrial land inventory In the pages that follow, we provide the detaIls that support these findings, conclusions and recommendations, along with the detailed Action Plan that can be the blueprint for achieving your industrial development objectives for 2007-2009 and beyond.