|
Performance Measures & Goals for 2026
<br />Division:Economic Development
<br />Completed by:Brent O'Neil, Josh Mollan
<br />Date:July 1, 2025
<br />Performance Measure 2022 Actual 2023 Actual 2024 Actual 2025 Estimated 2025 YTD 2026 Projected
<br />Business Engagements (prev.
<br />tracked as formal BRE)7 21 40 50 30 50
<br />Facilitate Site Visits to Elk River
<br />1 6 4 3 1 5
<br />Commercial - Industrial permit
<br />value $67,000,000 $51,000,000 $24,000,000 $50,000,000 $42,200,000 $50,000,000
<br />Net impressions from placed ads 200,000 150,000 350,000 350,000 200,000 200,000
<br />EDA Website Traffic 5,500 5,500 6,100 8,000 5,900 7,000
<br />Division Goal Goal Objective/Task
<br />Support Elk River's existing businesses through
<br />relationship building, programmatic offerings, and high
<br />quality city services
<br />Continue to communicate with businesses on factors impacting success, growth, and expansion, including BRE visits
<br />and other interactions. Provide technical assistance as necessary and through feedback ensure economic
<br />development programs of the city are in line with business needs and utilization. Develop and modify programming
<br />by utilizing feedback from the business community. Consider an annual or semi-annual forum of local businesses to
<br />complement business engagements and foster additional outreach to the business community.
<br />Attract new business development to Elk River to build
<br />the city's economic vibrancy, job offerings and tax base
<br />Continue to market and promote the community. Make contact with prospective businesses and siting professionals,
<br />specifically highlighting the community's strengths. Market existing properties (EDA and private) and capture
<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 />image
<br />Support beautification efforts, public art, events, and investments that attract visitors to Elk River. Direct investment in
<br />certain programs may lead to enhanced community perception and increase in visitors to Elk River.
<br />Partner with peer organizations Continue to work with Sherburne County, Elk River Area Chamber of Commerce, GreaterMSP, DEED, ERMU, and
<br />ISD 728. Consider regional marketing partnerships.
<br />Maintain an inventory of private and public properties
<br />available for future development
<br />Keep a detailed and regularly-updated inventory of properties which may be suitable for development and likely
<br />available to promote to business prospects. In addition to utilizing the MNCAR system for actively available
<br />properties, also identify properties in coordination with owners that could be identified and shared with interested
<br />parties. Develop a web-based portal for disseminating available private property not otherwise participating in a
<br />listing service.
<br />Maintain financial incentives to enhance economic
<br />development
<br />Leverage city programs, MnDEED monies, the Initiative Foundation, Sherburne County Revolving Loan Fund and
<br />other financial tools and incentives. Take a "right-sizing" approach to maximize private investment relative to public
<br />participation. Evaluate programs for relevance and capacity to serve current community needs; modify as necessary.
<br />Position the Together Elk River (TER) campaign/brand to
<br />support ongoing community priorities and challenges.
<br />Focus on transitioning TER's support of the 169 Redefine construction project and traveler-based marketing
<br />campaign to other community-oriented business support campaign(s).
<br />Promote visitor attraction to Elk River Implement marketing and other activities which boost visitor traffic to Elk River for shopping, recreation, events, and
<br />enjoyment. Recruit hotel and restaurant investment in the city. Implement structured destination marketing.
<br />Plan for new commercial and industrial growth areas
<br />Identifies areas suitable for C/I land expansion and how to best facilitate private investment. This can include studies
<br />to determine how and when utility infrastructure can be inplemented as well as tools for brining more land on-line,
<br />inluding private and public property.
<br />Priortize efficient and renewal energy usage by promoting
<br />implemenation of energy best practices.
<br />Work with ERMU and city departments. Promote energy loan and rebate programs. Support manufacturing and other
<br />business in the energy field.
<br />Page 20 of 21
|