EDA Special Meeting Packet 11-09-2020

Home Browse Search

SUMMARY OF RESEARCH AND RECOMMENDED STRATEGIES EDA STRATEGIC PLAN 3 Redevelopment/Catalysts. Elk River has several locations that have the potential to be highly attractive to the development community. Stantec reviewed the planning basis for development in the gravel mining area, in downtown Elk River, and in the emerging opportunity at the Great River Energy site. For each area we recommend steps to set the stage for attracting high quality development. We also recommend the modification of the City’s tax increment finance policy to support its utilization for redevelopment and multifamily housing projects in Elk River. Quality of Life. Although not a core responsibility of the EDA, investments and programmatic activities that enhance the quality of life are economic development strategies, contributing to Elk River’s economic vibrancy. We recommend a continued focus on the health and vibrancy of Elk River’s downtown, and extending the impact of downtown both upstream and downstream through the implementation of trail extensions along the Mississippi Riverfront. Tourism. Elk River has a set of distinctive local assets—its high quality sports facilities, its well-known mountain biking course, and the ERX event center—that draw numerous visitors to Elk River from outside the City. We explored the opportunity to leverage those assets to boost tourism to an economically meaningful level. That appears to be unviable—principally because Elk River’s proximity to the Twin Cities Metro dampens the likelihood of visitors staying overnight. As an alternative, we recommend: • Promoting news coverage of events at these and other venues to raise the regional visibility of Elk River • Exploring ways of cross-marketing Elk River’s retailers, restaurants and amenities to event participants. COVID Economic Recovery. We expect an infrastructure oriented economic stimulus bill to come out of the 2021 Congress. During the Great Recession, local governments were eligible to submit proposals for such funds if they had projects that were ready to go. We recommend reviewing Elk River’s capital improvements program and goals for one or more projects that may be positioned for such funding.