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Description of Services: The Economic Development Authority is responsible for promoting <br />and facilitating economic development within the city. The EDA considers business development <br />proposals and uses a broad range of competitive financing programs to achieve its development <br />goals of enhancing the tax base, diversifying the economic base, and the creation of higher paying <br />jobs in the city. The economic development services include: <br />• Assist in identifying available commercial and industrial locations <br />• Identify financing alternatives <br />• Serve as a responsive information resource for business development <br />• Market the City of Elk River's image as "The Light Industrial Hub of the Northwest Metro" <br />Goals for 2008 budget: <br />• Continue implementation of strategies identified in Strategic Industrial Marketing Plan <br />(focus on brokers and medium-large industrial users) <br />• Continue to market sale and development of remaining Northstar Business Park lots for <br />industrial development. <br />• Develop and implement marketing strategies for sale and development of "Gateway <br />Business Park" in accordance with city's vision and goals. <br />• Initiate discussions for securing site location options for expanding city's land inventory for <br />future commercial and industrial development. <br />• Implement marketing strategies to attract "fine dining" establishments for development in <br />the city. <br />• Capitalize an ETA Development Fund for future acquisitions of commercial/industrial land <br />and related expenses. <br />Performance Measures: <br />• Generate at least 6 news releases per year <br />• Obtain positive publicity via at least 3 significant news articles per year <br />• Generate at least 50 total commercial/industrial development inquiries per year <br />• Publish at least 4 newsletter/direct mail pieces per year <br />• Conduct at least 12 business retention & expansion visits per year <br />• Increase private commercial/industrial investment by $3,000,000 <br />• Creation/retention of 30 jobs with wages at $15/hr+ <br />Staffing Levels: <br />2006 2007 2008 <br />Number of Employees (FTEs) 1.2 1.2 1.2 <br />(Note: F"1'E is reflective of 60% Economic Development Division staff time spent on EDA activities) <br />Budget Summary: <br />The major changes in the budget for 2008 axe outlined as follows: <br />• Establish a separate F..,D.A Development Fund .Account <br />