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Performance Measures & Goals for 2025
<br />Division: Economic Development
<br />Completed by: Brent O'Neil
<br />Date: JJuly 8, 2024
<br />Performance Measure
<br />2021 Actual
<br />2022 Actual
<br />2023 Actual
<br />2024 Estimated
<br />2024 YTD
<br />2025 Projected
<br />Business Engagements prev.
<br />tracked more riaidly as BRE
<br />4
<br />7
<br />21
<br />20
<br />16
<br />20
<br />Facilitate Site Visits to Elk River
<br />1
<br />1
<br />6
<br />4
<br />2
<br />4
<br />Commercial - Industrial permit
<br />value
<br />$58,000,000
<br />$67,000,000
<br />$51,000,000
<br />$60,000,000
<br />$5,700,000
<br />$60,000,000
<br />Net impressions from placed ads
<br />310,000
<br />200,000
<br />150,000
<br />250,000
<br />80,000
<br />150,000
<br />EDA Website Traffic
<br />5,000
<br />5,500
<br />5,500
<br />8,000
<br />3,200
<br />6,000
<br />Division Goal
<br />Goal Objective/Task
<br />Continue to outreach to receive feedback on city factors impacting businesses including BRE visits and other
<br />Support Elk River's existing businesses through
<br />interactions. Provide technical assistance as necessary and through feedback ensure economic development
<br />relationship building, programmatic offerings, and high
<br />programs of the city are in line with business needs and utilization. Develop and modify programming by utilizing
<br />quality city services
<br />feedback from the business community. Consider an annual or semi-annual forum of local businesses to complement
<br />business engagements and foster additional outreach to the business community.
<br />Continue to market and promote the community. Make contact with prospective businesses and siting professionals
<br />Attract new business development to Elk River to build
<br />and specifically highlighting the community's strengths. Market existing properties (EDA and private) and capture
<br />the citys economic vibrancy, job offerings and tax base
<br />opportunities for land development and assembly. Direct targeted focus on specific sectors, including those identified
<br />in the EDA strategic plan: precision manufacturing, renewable energy, regional distribution, biomedial manufacturers,
<br />and health care services.
<br />Consider new programs that promote the community
<br />Support beautification efforts, public art, events, and investments that attract visitors to Elk River. Direct investment in
<br />image
<br />certain programs may lead to enhanced community perception and increase in visitors to Elk River.
<br />Partner with peer organizations
<br />Continue to work with Sherburne County, Elk River Area Chamber of Commerce, GreaterMSP, DEED, MN Marketing
<br />Partnership, ERMU, and ISD 728. Consider regional marketing efforts.
<br />Keep a detailed and regularly -updated inventory of properties which may be suitable for development and likely
<br />Maintain an inventory of private and public properties
<br />available to promote to business prospects. In addition to utilizing the MNCAR system for actively available properties,
<br />available for future development
<br />also identify properties in coordination with owners that could be identified and shared with interested parties. Develop
<br />a web -based portal for disseminating available private property not otherwise participating in a listing service.
<br />Maintain financial incentives to enhance economic
<br />Maximize and leverage city programs, MnDEED monies, Initiative Foundation, Sherburne County Revolving Loan
<br />development
<br />Fund and other financial tools and incentives. Evaluate programs for relevance and capacity to serve current
<br />community needs; modify as necessary.
<br />Position the Together Elk River (TER) campaign/brand to
<br />Focus on transitioning TER's support of the 169 Redefine construction project to a traveler -based marketing
<br />support ongoing community priorities and challenges.
<br />campaign in 2025 while also focusing on other community -oriented business support campaign(s)-
<br />Implement marketing and other activities which boost visitor traffic to Elk River for shopping, recreation, events, and
<br />Promote visitor attraction to Elk River
<br />enjoyment. Consider ways to boost hotel and restaurant capacities in the city. Investigate implemenation of
<br />Destination Marketing Organizations (DMOs).
<br />Identifies areas suitable for growth and how to best facilitate private investment. This can include studies to determine
<br />Plan for new commercial and industrial growth areas
<br />how and when utility infrastructure can be inplemented as well as tools for brining more land on-line, inluding private
<br />and public property.
<br />Increase the number of companies actively manufacturing
<br />products or components of products directly or indirectly
<br />Work with ERMU, the environmental division, and Energy City Commission.
<br />used in renewable energy or energy efficiency by 2024
<br />Page 218 of 381
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