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Economic Development Vision and Strategic Plan: <br />A) Facilitate community involvement and engagement to identify needs and opportunities and create a <br />shared vision specific to economic development and to determine goals and priorities A well- <br />developed community and stakeholder involvement and outreach process, facilitated by the <br />consultant, is an essential part of the strategic plan. The consultant will include needs <br />assessment/ surveys, facilitation techniques, focus groups, marketing strategies including press <br />outreach, website and social media efforts to both inform stakeholders and seek their input. <br />Likewise, the consultant will conduct focus groups, public input meetings and interviews including <br />but not limited to the following: <br />a. EDA and city government elected/appointed officials and staff <br />b. Citizens and property owners <br />c. Current business owners, manufacturers, developers, realtors, and downtown merchants <br />d. Chamber of Commerce members <br />e. Education leaders (K-12, higher education) <br />f. Special event organizers, both non-profit and for-profit <br />B) Community Assessment, Workforce and Educational Institution Analysis - Analyze strengths, <br />weaknesses, opportunities and threats of the local and regional economy. The review will include <br />social, demographic, economic and physical factors, including but not limited to, the following: <br />a. Existing and planned infrastructure; <br />b. Residential housing growth and development; <br />c. Existing economic base and competitive advantages; <br />d. Local land and building availability; <br />e. Locations for commercial and competitive assets; <br />f. Special incentives for economic growth; <br />g. Comparative analysis of benchmarks communities; and <br />h. Evaluation of local and regional labor characteristics, market trends, employment <br />development resources, and workforce training opportunities. <br />C) Conduct Cluster, Location Quotient, Target Industry and Operational Analysis — <br />to include identification of: <br />a. Specific industries and business types that consider strengths, weaknesses, opportunities <br />and threat constraints; <br />b. Needed improvements and actions that will accelerate business attraction and recruitment <br />of such development; <br />c. State, federal or other programs that will be developed or implemented including but not <br />limited to: entrepreneurial development, business incubation and strategies for any special <br />new industries; <br />d. The potential impact of events, venues and other tourist attractions on Elk River from <br />surrounding areas and the impact of city events. <br />e. The role of retail within the community and provide for a business diversification analysis. <br />Determine the best practices to diversify the tax base to offset property tax and <br />unpredictable sales tax collection due to a changing dynamic of the retail industry; and <br />f. Existing local, regional and statewide economic development organizations to determine <br />how best to leverage their resources. <br />