Laserfiche WebLink
<br />SUMMARY OF RESEARCH AND RECOMMENDED STRATEGIES <br />EDA STRATEGIC PLAN 2 <br />o Three sectors provide the greatest opportunity for further increases in living <br />wage jobs: Manufacturing, construction, and health care and social <br />assistance. <br />• The moderate levels of new multifamily and industrial development in the last <br />decade imply ongoing development demand in those sectors. <br />• The low level of retail development, the current pandemic conditions for store- <br />based retail and restaurants, and the potential for lasting changes in consumer <br />preferences toward retail delivery models—these factors suggest that new retail <br />development may not be on the horizon for several years at a minimum, and maybe <br />until continued population growth offsets the adverse structural changes to the retail <br />market context. <br />Part 2 – Recommended Strategies <br />Part 2 of this document gathers and presents a set of opportunities for advancing the good <br />work that’s been done by the EDA and its staff, to further strengthen Elk River’s economic <br />vibrancy. The consultant team was responsive to the City’s expressed interest in a broad <br />set of economic development topical areas, investigating them through focus groups, <br />individual interviews, and additional topical research. Recommended strategies emerged <br />in that process under six broad headings. Key opportunities are highlighted below. <br />169 Redesign. In a project that will relieve persistently problematic congestion through the <br />city, the City has an immediate opportunity to weigh in on ways to protect existing <br />businesses and enhance Elk River’s image. We recommend preparing and implementing <br />a City advocacy strategy. This should include a constructive statement of Elk River’s <br />aspirations for desired outcomes from the project, as well as concerns regarding potential <br />adverse impacts both during construction and after completion. The strategy will map out <br />an action plan for sustained advocacy throughout the duration of the project. <br />Business Attraction & Retention. The City has a solid existing program in this core area <br />of economic development. We recommend means of strengthening that program through <br />strategies including: <br />• Identifying land for future industrial development. (Considerations were explored <br />relating specifically to land in the gravel mining area and Cargill owned property.) <br />• Updating the City’s target industries to three that underscore the City’s most salient <br />economic strengths—precision manufacturing, businesses with state-wide or <br />regional customer bases, and data centers. Those target industries emphasize the <br />City’s concentrated strength in manufacturing, its transportation connectedness, <br />and its reliable energy infrastructure. <br />• Maximize the attractiveness of future industrial parks by undertaking a set of <br />proactive actions to set the stage for and demonstrate readiness for new <br />development. <br />• Utilize tax abatement as the primary public incentive for new industrial development <br />and establish a policy that defines the level of abatement that can be considered.