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• <br /> Introduction <br /> One goal of the City of Elk River's 2000-2003 Economic Development Strategic Plan is to <br /> retain and grow existing business/industry (see Exhibit A). Growing already established <br /> businesses is more cost effective than attracting new firms to the community and it creates a <br /> pro-business environment that attracts additional investment to the area. <br /> One of the ways in which the City hopes to achieve its goal to retain and grow existing <br /> business and industry is to complete a Business Retention & Expansion (BRE) Survey. A <br /> BRE survey can help a community to better understand its local economy and guide it in <br /> developing policies and strategies that promote both private and public investment. <br /> Approximately every three years, the Economic Development staff completes a BRE Survey. <br /> Staff conducts the survey through site visits to the City's industrial facilities, which often <br /> includes a tour of the facilities to gain a better understanding of each company's products or <br /> services. <br /> At the conclusion of the survey, staff prepares a survey summary report, which is then <br /> • submitted to the EDA, participating industrial companies, and the Chamber of Commerce. <br /> Copies of the report are also available to the public by request. The EDA will consider the <br /> results of the report when updating the Economic Development Strategic Plan in 2003. <br /> Methodology <br /> In March 2002 the Economic Development staff conducted on-site interviews at twenty of the <br /> thirty-seven industrial companies located in Elk River. Five of the company owner(s) or <br /> officer(s) chose not to participate in the survey while twelve of them were unresponsive to <br /> staff's attempts to schedule an appointment for an interview. Interviews were conducted <br /> using a questionnaire developed by staff in 1999. <br /> The following information was sought in the survey (see Exhibit B): <br /> • Trends and experiences of customers and suppliers in the marketplace of each industry <br /> (such information is a indicator of each company's future struggles or growth) <br /> • Each company's employment level and experiences with today's labor market (such <br /> issues are a critical component to the local economy) <br /> • Comments and suggestions on the ways in which the City can improve upon its <br /> economic development efforts to better assist each company <br />