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■ Begin implementation of the EDA Strategic Plan. <br /> DRONE FOOTAGE <br /> On August 17, 2020, the EDA directed staff to present further information on the proposed drone footage and <br /> site virtualization project. This project will offer the opportunity to showcase Elk River with drone footage <br /> video; showcasing the accessibility, community engagement/events,downtown,and other establishments that <br /> sets Elk River apart from other communities. Along with the drone footage, the video offers an interactive <br /> piece which allows visitors the opportunity to engage in the following activities for the various EDA available <br /> lots, the Sherburne County shovel ready site,and other future industrial sites: <br /> ROI: <br /> This video will be located on the EDA website for developers, site selectors,businesses,to access it any time <br /> day or night. The video can be a stand-alone feature during COVID-19 when travel is limited, and it can also <br /> be part of the marketing toolbox when travel is back to normal. Staff will be able to access this via our website <br /> and help narrate the video and its features with site selectors at FAM tours and other trade shows/conferences. <br /> SUMMARY <br /> The proposed budget accounts for a slight decrease in expenditures for office supplies. An increase telephone, <br /> postage, conferences and schools, advertising and marketing,publishing,insurance, and dues and subscriptions. <br /> An allocation of$10,000 is proposed for the Together Elk River CaVaign. Based upon discussions at the May 18, <br /> 2020, special meeting, $10,000 is allocated for incentives and rebates promoting Energy City. <br /> A new allocation in advertising and marketing of$2,000 is budgeted to showcase available industrial and <br /> commercial sites utilizing drone footage. Cost savings of$8,000 may be realized in 2021 to fund the $10,000 <br /> project cost. <br /> Staff proposes $45,000 towards the wetland credit bank which is a shared initiative between the EDA and the <br /> Environmental Divisions, allocating$3,000 to the Initiative Foundation and$5,000 toward Public Art. <br /> Any unspent funds remaining at the end of the year stay in the EDA fund for future economic development <br /> purposes/projects. If a non-budget item comes up in 2021,we can use the fund balance and make a budget <br /> amendment. <br /> Financial Impact <br /> The 2021 expenditure budget is $369,650. <br /> Attachments <br /> ■ August 17, 2020, EDA Budget Staff Report <br /> ■ 2021 EDA Budget/Goals <br /> ■ Resolution <br /> ■ Drone Proposal from WSB <br /> 0 Wetland Banking Presentation <br />