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? 6. Tourism, Marketing ERX Motor Park draws 30,000 participants and fans annually. City events include the weekly Farmers Market with live music, the Riverfront Concert Series, Entertainment in the Park, and the annual Elk River Fest. EDA programs and staff support the marketing of Elk River to businesses, business organizations and site selectors--touting its assets and events. To identify opportunities for expanding the occurrence and impact of events such as concert series, food festival, sporting events, and community festivals. To assess the feasibility of Elk River becoming a convention and tourism destination. 7. Retail Vibrancy Elk River has a vibrant, walkable downtown area, and offers regular events that draw shoppers and visitors. Other Elk River retail areas offer a broad range of goods and services for residents and destination shoppers. The EDA owns land that is availability for retail commercial. It manages the COVID Emergency Small Business Microloan program, many of the recipients of which are retail businesses. It manages the "Together Elk River" program, which encourages Elk River residents to buy local to support Elk River retail businesses. To evaluate and enhance the vibrancy of pedestrian oriented retail areas. To position Together Elk River as an ongoing "Buy Local" program. To identify targets for retail recruitment through evaluating the array of Elk River retail offerings and identifying gaps in the good and services that are available. 8. Workforce Development Elk River businesses employ around 9,400 workers. About 1 in 4 of those workers are Elk River residents. Local employers utilize established and tailored programs from Anoka Technical College, St Cloud Technical College, and other workforce development providers, as well as internal training programs, to bring employees skills into alignment with company needs. The adequacy of employee skills, and the training needs of the business are points of discussion in every BR&E visit conducted by EDA staff. A staff member of ISD 728 accompanies EDA staff on those visits, and can speak to the availability of training resources, as well as internship and mentorship opportunities with high school students. To improve the hiring of Elk River residents by Elk River business through consideration of incentives such as employer assisted housing. To assess the need and opportunity for additional training resources for local businesses. 9. Incentive Policies The EDA administers a microloan program, with 4 loans out currently totaling $800,000. It encompasses five different subprograms with different requirements and maximum loan amounts. They are Industrial Incentive Loan, Downtown Revitalization Financing Loan, Energy Efficiency Improvement Loan, Microbrewery Loan, and the newly adopted COVID-19 Small Business Emergency Microloan program. The new Energy Incentive Program offers reduced electricity costs for two years for new facilities or expansions. The EDA is administering a DEED Jobs Incentive loan of around $100,000. The EDA has utilized tax abatement to support certain development projects, with the participation of Sherburne County. It has also utilized tax increment financing for one To adopt modifications or additions to EDA incentive programs in order to advance business development and other important City goals as noted above.