HRSR INFORMATION 05-03-2004 - Laserfiche WebLink

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Economic Development 2003 Annual Report $12/hour wage. At the end of 2003 the company had hired at least half of the new positions. In addition, Sportech, Inc. was recognized as the Chamber of Commerce 2003 Manufacturer of the Year. It is important to note that as Sportech, Inc. repays the loan to the city, the city is allowed to revolve the funds for other economic development uses. Industrial/Business Park Development In early 2003 the EDA directed staff to work with Ehlers &Associates to complete an analysis of the industrial/business Park development options, including privately owned and city-owned properties. The analysis was in response to staff experiencing two primary barriers to successfully recruiting small to medium sized light industrial developments in Elk River. The two barriers are availability of 1.5 — 2 acres lots and land costs. The EDA Marketing Committee participated in the analysis. The EDA directed staff to work with the landowners of the following business parks for their interest in participating in a competitive marketing strategy for light industrial development: o Elk Path Business Center—west business park o Elk River Business Park—east business park The landowners have indicated interest in participation and staff continues to work closely with Ehlers &Associates to prepare a master development agreement between the EDA and the two private business parks. Industrial Business Retention & Expansion Visits • The Assistant Director of Economic Development and EDA Commissioners completed eight visits in 2003. Per the 2002-2004 Strategic Industrial Marketing Plan, the format of the visits was changed to informal breakfast or lunch visits, followed by plant tours. A two-year rotating scheduled was also developed so that companies are not contacted too often. The purpose of the visits is to assist in the fulfillment of the City's goal to retain and grow existing industries in Elk River. Business Incubator Program The EDA has been operating the Business Incubator Program in conjunction with Genesis Business Centers since 1976. The goal of the business incubator program is to develop long-term relationships with young, growing companies that have an emphasis on new technologies and to help these companies become established in Elk River. Since the program's inception, 9 companies have entered the incubator to further develop their products and grow their business. In early 2003 the EDA approved a 2-year extension on the Business Incubator lease with Mr. Larry Hickman. The extension term expires April 15, 2005. The EDA reduced the number of leased suites from six to three. The renewed lease rate includes a fee for building maintenance and cleaning to be managed by Mr. Hickman rather than the city. In addition the EDA approved a payment increase for professional services provided by Genesis Business Centers/Harlan Jacobs. Two renewals were granted in 2003 to Incubator tenant, KnowledgeNetica Corporation. KnowledgeNetica develops intelligent software to interpret and translate written and