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Working to Grow Our Local Economy <br /> <br />Business owners consider many factors when deciding where to loc <br />find Elk River attractive is its Midwestern work ethic, focus on alternative energy, and public/private sect <br />economic development partners eager to assist getting projects off the ground. Elk River EDA is prou <br />of those partners. <br />Economic Development Authority continues to assist in local <br />business growth since it was established in 1987. <br />Project Tracking Report 2015 -2016 <br />Project YearCompanyAcreage Retained Jobs to Total City Private Capital <br />DevelopedExisting be IncentiveInvestment <br />Jobscreated <br />2015-16 GATR 14.80 063 $ 546,814.00 $ 13,249,495.00 <br />2015-16 Sportech 14.19 20472 $ 1,288,590.00 $ 9,896,330.00 <br />2015-16 Morrell 4.08 1058 $ 321,609.00 $ 2,380,545.00 <br />2016 Patriot Converting0.00 022 $ 200,000.00 $ 3,981,340.00 <br />2016 Die Concepts, Inc. 0.00 012 $ 260,200.00 $ 926,000.00 <br />2016 Apex Embroidery1.40 025 $ 285,167.00 $ 1,750,968.00 <br />2016 Heritage Millwork 0.00 05 $ 100,000.00 $ 2,045,900.00 <br /> Total 34.47 343207 $ 3,002,380.00 $ 34,230,578.00 <br /> <br />Summary of Business Retention and Expansion Visits <br />The City of Elk River and its EDA Commissioners have a long understood the importance of <br />conducting Business Retention and Expansion (BR&E) visits. These visits help build relationships <br />between elected officials, city staff, the EDA and manufacturing businesses. Numerous studies have <br />shown that as many as 80 percent of new jobs are created by existing etherefore it is <br />imperative to maintain a positive relationship with current empl-flowing <br />stream of information between the local government and local businesses. In the past, meetings <br />have ranged from formal surveys to informal meetings and tours oMany local business <br />owners and development staff have found the informal visits to be the most beneficial. <br />Participating companies included companies associated with machiaerospace & <br />defense department, trucking, well drilling and geo thermal heating, steel work and metal fabrication, <br />data centers, nursing homes, and auto service centers. <br /> <br />Staff conducts an internal survey during site visits which often includes a facility tour to gain a better <br />understanding of each companys products or services. Information and feedback collected from <br />these visits is recorded into Salesforce, a state-wide database. The purpose of the survey is to assist <br />fulfillment of the city goal to retain and grow existing businesses and industry in <br /> <br /> <br />