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Economic Development <br /> 2003 Annual Report <br /> ECONOMIC D . M <br /> MISSION STATEMENT: <br /> Our mission is to actively participate in economic development by utilizing available <br /> resources to leverage viable and healthy investments in our community. Such investments <br /> will create diverse job opportunities as a result of a stable and growing business and <br /> industrial base. We will strive to provide quality services, maintain a favorable tax rate, <br /> supply full-cycle housing options for our residents, and foster an environment that will <br /> result in substantial growth of our local economy. <br /> In addition, the strategic industrial marketing mission is to become the Light Industrial <br /> Hub of the Northwest Metro. <br /> YEAR I N REVIEW <br /> ECONOMIC DEVELOPMENT ATRMY <br /> 2003 Inquiry/Prospect Report <br /> The Economic Development Department responded to a total of 75 inquiries in 2003. <br /> Approximately 61% of the inquiries were industrial related. Most of the inquiries were <br /> regarding medium size buildings (10,000— 29,000 square feet) requesting equally <br /> land/buildings or lease space. The 2003 inquiry total is consistent with the 2001 total. <br /> While the total amount of inquiries was down in 2002 (46 total) the increase in 2003 is a <br /> positive reflection in the economy. Many 2003 inquiries were merely preliminary or early <br /> stage site searches. <br /> 2003 Advertising & Public Relations Campaign <br /> The advertising campaign in 2003 was consistent with 2002 advertising in order to make a <br /> stronger impression on Elk River as the Light Industrial Hub of the Northwest Metro. <br /> Advertisements were place in the MN Real Estate Journal, The Business Journal, and MN <br /> Real Estate Journal's Leasing Guide. The advertisements featured all new photos of <br /> Cymbet Corporation, Tescom, E& 0 Tool and Plastics, Metal Craft Machine & <br /> Engineering, and Sportech. <br /> A new economic development newsletter was developed in 2003. January, May and <br /> November editions highlighted issues important to manufacturers and site selectors. <br /> New Partnership Program with MN Technology, Inc. <br /> A new incentive program was developed in partnership with MN Technology, Inc. (MTI) <br /> thanks to a $5,000 matching grant to the EDA from the Initiative Foundation. This <br /> program, the Technical Assistance &Operations Consulting Program, provides companies <br /> up to $2,000 for technical assistance services. The purpose of the program is to improve <br /> the city's industrial retention and recruitment efforts by providing existing and <br /> prospective Elk River manufacturers the skills for workforce productivity and profitability. <br /> Companies must contribute 25%towards the services. <br /> • <br />