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ITEM 6. <br /> ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> I • MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: ` Marc Nevinski, Assistant Director of <br /> Economic Development <br /> DATE: November 8, 1999 <br /> SUBJECT: Business Retention& Expansion Survey <br /> Issue <br /> The business retention and expansion survey conducted this summer has been <br /> completed and a final report of the survey is attached to this memo. Staff will <br /> summarize the report and answer questions at the EDA meeting. <br /> Overview <br /> In June of this year staff began the process of interviewing Elk River's industrial <br /> business owners and mangers to learn about their experiences in this strong <br /> economy with a tight labor market. Additionally, input into Elk River's business <br /> NDdevelopment policies and each company's future business plans was sought. <br /> Some of the more interesting facts of the survey are summarized below. <br /> • Twenty six of approximately thirty businesses were interviewed over a <br /> three month period. <br /> • Average hourly wage paid by Elk River industrial firms: $11.54 <br /> • Average number of employees at Elk River industrial firms: 40 <br /> • Primary Elk River asset: Proximity to metro <br /> • Overall, Elk River's industrial businesses are in a slow and steady growth <br /> mode, with about one-third planning to expand in the next five years. <br /> • Nearly all have been affected in some way by the tight labor market, but <br /> several have found innovative ways of mitigating their problems. <br /> • Unskilled workers are the most difficult group to recruit and train. <br /> • Business owners were generally in favor of increased industrial <br /> development but encouraged the city to foster growth among its existing <br /> firms. <br /> Attachments <br /> 1999 Business Retention and Expansion Report <br /> 1111 <br /> 13065 Orono Parkway• P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-74.25 <br /> EqualOpportunity Housing and Equal Opportunity Employment <br />