7.1. SR 05-05-2014 - Laserfiche WebLink

Home Browse Search

Elk Elk River comprehensive Plan R1VeY Planning Efforts Economic Development Strategic Plan The Elk River 2013 -16 Economic Development Strategic Plan seeks to "Modify [the] Industrial Development goal to Business Development and include two sets of strategies: 1) Industrial Development Strategies, and 2) Commercial Strategies." Under the Business Development goal is the following objective: "Attract new businesses and support existing businesses to increase the city's industrial tax base, commercial base and employment base." The Economic Development Strategic Plan provides a strategic approach for attracting industrial and commercial businesses. Strategic Industrial Marketing Plan There is a realization among City officials that reaching the industrial development goals will require more effort than simply designating property in a land use plan; especially as it relates to attracting new business to Elk River. To this end, the City has created a Strategic Industrial Marketing Plan. The vision of this plan is for Elk River "to be the light industrial hub for small to medium -size firms in the northwest metro region." The Strategic Industrial Marketing Plan provides the framework for identifying opportunities and attracting new businesses to Elk River. Energy City 2024 Action Plan The Energy City Commission is developing an action plan to focus its efforts on creating tangible targets and benefits to the City, its residents, and business partners. 171st Avenue Focused Area Study (FAST) The 171 st Avenue FAST has an employment focus. It seeks to leverage key assets that are embedded in the community to reinforce Elk River as a regional hub. The Plan also seeks to create nearly 6.5 million square feet of retail, office and industrial space at the maturity of the plan, which is a 25 to 30 year planning horizon. Redevelopment The roots of redevelopment are intrinsically tied to local economic factors. Limitations on income means a lack of disposable income needed to reinvest in property. Over time, the lack of investment leads to a deterioration of property. These conditions of blight often spread to adjacent properties. Redevelopment will become an increasingly important community development issue for Elk River. Several factors define the need for city action: Redevelopment becomes a public issue because market forces are not likely to solve the problem. While Elk River has the ability to expand, development demand can bypass redevelopment parcels and seek out vacant land. There is little or no incentive to correct the problems on blighted parcels. Vacant land avoids many of the barriers of redevelopment sites. Redevelopment property is often more expensive. Acquisition includes both land and buildings. Redevelopment often requires the assembly of smaller parcels into a larger site. Multiple property owners with differing interests compound the complexity of land acquisition. Redevelopment sites have more site preparation costs. Buildings must be demolished and the site cleared before new construction can occur. Redevelopment may face the need and cost of environmental remediation. Old buildings may have asbestos or other hazardous materials that require special treatment. Certain commercial and industrial may have allowed pollutants to enter the soil. All of these factors combine to create significant economic barriers to redevelopment. Removal of these barriers is a primary focus of city actions related to redevelopment. Mississippi Connections Redevelopment Framework The Mississippi Connections Redevelopment Framework establishes a long -range vision for the 400 -acre core of Elk River. The objective of the plan is to, "provide guidance to property owners, stakeholders, and community leadership to position the area in such a way that strengthens the area to survive the impacts of time and change; methods to reestablish the downtown area as a destination; a desirable address to do business, live, and enjoy the diversity of uses in a character rich downtown amid the hustle and bustle of a growing community." Chapter 12: Community Development / 127