3. EDSR 06-03-2020 - Laserfiche WebLink

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Elk River Economic Development Topics Elk River Existing Conditions EDA Existing Activity What is the Opportunity for Elk River? 1. Industry Clusters Elk River has existing industry clusters, particularly in manufacturing. In some cases they are economic ecosystems with product flows between local companies. Some offer high paying salaries, such as aerospace and medical device manufacturing. The City has identified four target industries-- manufacturing, data centers, energy, and medical devices. The EDA targets some of its financial resources toward the target industries, and its promotional materials and activities are carried out with a focus on the target industries. To reconsider what industry clusters should be targeted in the future, and identify incentives to support their attraction, in order to make good use of staff time and to market Elk River more effectively. 2. Land Availability for Business Attraction There are 2 business parks with land availability – Natures Edge and Northstar Business Park. Four new facilities have been built since 2010 – Powder Coating in 2014, Sportech in 2016, GATR Trucking, Inc, in 2016, and Morrell Trucking in 2016. Business expansions have also occurred. Most of the suitable land for new business development is in private ownership. EDA markets the City's business parks through the creation and distribution of marketing materials, communication with site selectors, and trade show attendance. Incentives are made available for new business attraction when warranted. To assess the sufficiency of the land suitable for new business development. To evalute and consider models for improving land availability when business recruitment or expansion opportunities occur. 3. BR&E Elk River has around 1,300 existing businesses, according to Reference USA data. They range in size from sole proprietorships to 500 employees. EDA staff conducted 26 BR&E visits in 2019, utilizing a Greater MSP and GROW MN survey format. To consider modifications to the format of the BR&E program, to its follow-up practices, and to the menu of services and resources that are available to respond to identified business 4. Catalyst Projects Active Elk River, funded by a local option sales tax, is underway to enhance parks, trails and recreational facilities in Elk River. The 169 Redefine project will rebuild the Highway 169/Hwy 10 interchange, and will reconstruct Hwy 169 and its interchanges from Main Street to 197th Avenue. The EDA isn't playing a lead role in the Active Elk River and 169 Redefine projects. It would play an important role in future catalyst projects that include a commercial or industrial element. To identify and advance high quality futures at locations with catalytic potential such as at the Tiller-Barton gravel mining area, the Great River Energy property, the Saxon Ford site, Main and Gates, and downtown Elk River. 5. Redevelopment Elk River proactively factilitates redevelopment in suitable locations. Redevelopment projects are often facilitated by Elk River's Housing & Redevelopment Authority. The EDA can play a role in redevelopment projects that include a commercial or industrial element. To explore and enhance the EDA's funding approaches, public-private partnerships and other redevelopment tools and resources in order to foster a) redevelopment of desired development types such as office, industrial, start-up/co-working, entrepreneurial centers, and mixed use nodes; b) redevelopment in target locations, such as downtown Elk River; c) redevelopment of "brownfield” or “greyfield” sites, or other properties that have a blighting effect on surrounding development or property