8.0 EDSR 01-12-2009 - Laserfiche WebLink

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Strategies and Tactics How can Elk River achieve its new and expanded industrial development marketing objectives? We recommend these strategies: 1. Broaden the primary target market to include medium to large light industrial manufacturers as well as small to medium users, and place more emphasis on assisting existing manufacturers 2. Increase the intensity of marketing efforts targeting industrial brokers, owner's representatives and -site selectors because of their influence and market knowledge 3. Leverage the competitive advantage provided by Northstar Commuter Rail and additional differentiated community assets 4. Leverage the fact that two Fortune 50 firms recently selected Elk River for new facilities, which adds credibility and suggests that the City is ready to take industrial development to a higher level 5. Continue to employ about the same mix of marketing tools that the City has used in the past, but with greater emphasis on public relations and events 6. Facilitate the preparation and marketing of the new Gateway Business Center 7. Conduct acity-wide market study to determine the location, size and phasing of additional industrial land inventory Strategy #1: Broaden the Primary Target Market One of the City's top industrial development priorities is to attract projects that will create good- quality jobs and add significant market value to the tax base. Elk River has succeeded in doing exactly that during the past four years. A dozen small to medium sized light industrial manufacturers have relocated to or expanded in the community, bringing good-paying jobs and facilities that add to the tax base. Thus, the consensus is that the City should continue to build on that impressive record of success. However, as Elk River continues to grow and mature as a community, so should its industrial marketing efforts, according to many of the people with whom we spoke. Several strategic options were suggested and considered. But the majority seemed to agree that, if the City is going to "aim higher," the primary markets to be targeted should include: ^ Small to medium light industrial manufacturers ^ Medium to large light industrial manufacturers ^ Existing manufacturers In essence, the consensus was that Elk River should continue to target small to medium light industrial manufacturers, expand its marketing to target medium to large light industrial manufacturers, and increase its focus on existing manufacturers. Broadening the City's marketing efforts in this way should allow Elk River to attract industrial development projects that increase the quantity and quality of jobs while adding significant market value to the tax base. In targeting small to medium light industrial manufacturers during the past four years, the Elk River Economic Development Division has done an effective job of implementing the Key Account and Lead Generation Strategies outlined in the 2002-2004 Action Plan. As recommended, all industrial 10