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Elk River EDA Strategic Plan - Prioritization Exercise <br />Highest Impact (Choose 5 total)Low Hanging Fruit (Choose 5 total)Personal Enthusiasm (Choose 5 total)Timeline (Now, Next, or Later?) Notes <br /> 5c. Consider contracting with a technical assistance <br />provider to make additional technical support <br />services available to local businesses. <br />5d. Look for opportunities to build and preserve <br />multifamily and affordable housing options in Elk <br />6a. Establish a tax abatement policy that sets a <br />standard for the amount of tax abatement the City <br />will provide for business attraction. <br />6b. Reevaluate the subprograms encompassed under <br />the Business Microloan program, and determine <br />whether underutilized programs should be eliminated <br />or retooled. <br />6c. Increase marketing for the newly adopted Energy <br />Incentive Program to increase its visibility and <br />utilization. <br />7a. In collaboration with the gravel mining company, <br />update the phasing plan for completion of mining <br />activities. <br />7b. At around 3 years from when Phase I is ready for <br />redevelopment, undertake a set of actions that set <br />the stage for attracting new development. <br />8a. Create an updated downtown plan to honor its <br />special role in Elk River, explore its development <br />potential, strengthen its connections to the River, and <br />address parking and congestion concerns. <br />9a. Create an implementation oriented <br />redevelopment plan for the US-10 Great River Energy <br />site that reflects its development potential. <br />10a. Update the City's tax increment financing policy <br />statements to support its use for redevelopment <br />projects, housing projects, or mixed use projects that <br />are consistent with City plans and policies. <br />10b. Utilize the City's financial advisor to ensure that <br />tax increment financing is scaled to the genuine <br />needs of the project. <br />11a. Continue downtown Elk River’s successful <br />marketing and events. <br />6. Incentives for Business Attraction/Retention <br />7. Gravel Mining Area <br />8. Downtown Elk River <br />9. Great River Energy Site <br />10. Incentives for Redevelopment <br />11. Downtown Quality of Life <br />Page 2