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<br /> Elk River EDA Strategic Plan | 3 <br />Introduction <br /> <br /> <br />Elk River is a city with a strong economic foundation. It has benefited from <br />fundamental strengths such as its natural setting along the Mississippi River, and its <br />location at the crossroads of two transportation arteries. It has put focus and <br />investment into its walkable downtown, a new multipurpose facility, its renowned parks <br />and other amenities that contribute to the quality of life of Elk River residents. And it <br />has fostered a vibrant business sector. <br />The Elk River Economic Development Authority (EDA) plays an important role in <br />building and sustaining the economic strength of Elk River. The EDA is a public <br />corporation empowered to undertake certain types of economic development projects. <br />It is the economic development arm of the City Council and handles all types of city <br />economic development projects—including project activities as acquiring, developing, <br />improving, and disposing of property, entering into contracts, and operating and <br />maintaining public affairs. It is staffed by Elk River’s economic development staff. <br />The EDA Strategic Plan is intended to guide the work of the Elk River EDA and <br />economic development staff for a five to ten year period, encompassing the strategies <br />and tasks that comprise the work plan of the EDA over that period of time. Many of <br />these strategies are ongoing—a continuation of activities already undertaken by the <br />EDA. Others are new undertakings and areas of focus. <br />The strategies and tasks of the EDA Strategic Plan reflect and support the City’s vision. <br />They are rooted in the existing strengths and opportunities of Elk River itself. They <br />have been shaped by extensive research and analysis. They have been further <br />informed by the priorities and insights of EDA members and City staff. They will be <br />shaped further as they are implemented by the EDA and its staff. <br />Strategic Plan Process <br />This strategic plan took form over a period of time starting in April 2020. In addition to <br />economic research, the understanding of economic conditions and potential strategic <br />opportunities were shaped by the following parties and processes. <br />Elk River EDA. The EDA offered its perspectives and insights during an introduction <br />meeting and two EDA Workshops. <br />Focus Groups. Three focus groups were convened that focused on Manufacturing and <br />Industry, Downtown Elk River, and Real Estate and Development.