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ITEM # 6. <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development <br />DATE: September 10, 2007 <br />SUBJECT: Discuss Restaurant Recruitment <br />Attachments <br />• 2004-2007 Economic Development Strategic Plan action steps <br />• Restaurant Marketing Plan <br />o Draft Community Movie Showcase Agreement <br />• Example of a restaurant's trade area criteria: Houlihan's <br />Background <br />The Economic Development Strategic Plan provides a framework for the EDA and City <br />Council to work within and provides staff clear direction on the EDA's priority goals and <br />projects. Below is a history of the Economic Development Strategic Plan: <br />• 1997-original Strategic Plan was developed by a variety of community leaders <br />• 1999-the Strategic Plan was updated by the EDA, HRA and City Council <br />• 2004-the Strategic Plan was updated City Council, HRA, EDA, and EDA <br />subcorrunittees (Incubator Advisory, Finance, Marketing) <br />Staff has utilized the attached action steps in order to guide the implementation of the <br />2004-2007 Strategic Plan. The primary goal was to increase the City's industrial tax base. <br />Per the EDA's discussions over the past year, it appears that the EDA wishes to refocus its <br />Economic Development goals to more commercial development (restaurant development in <br />particular). Due to this refocus and since the current Strategic Plan expires soon, the EDA <br />may wish to discuss their desire to update the Economic Development Strategic Plan later <br />this year. <br />Issue <br />Staff understands that the EDA wishes to attract more restaurants to Elk River. Marketing is <br />one component of restaurant recruitment. Other components to restaurant recruitment are <br />