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Economic Development Strategic Planning Presentation Summary <br /> <br />II. <br /> <br />III. <br /> <br />IV. <br /> <br />The process of economic development strategic planning began in <br />October, 1996, with a group of approximately 16 citizen participants <br />representing numerous parties involved in economic development in <br />the City of Elk River. The process is being facilitated by Mr. Jim <br />Brimeyer and began with the presentation of several simple questions <br />for the purpose of framing the strategic planning process: <br /> <br />· Who are we? <br />· What are the basic social and political needs we exist to fill? <br />· ~rhat do we want to do to recognize and respond to these <br /> needs? <br />· What should be our response to our stakeholders? <br />· What is our philosophy and core values? <br />· What makes us distinctive or unique? <br /> <br />Upon completion of this activity, the Task Force proceeded to <br />undertake a SWOT analysis (strength, weaknesses, opportunities, <br />threats). Strengths and Weaknesses are the internal resources, forces, <br />and directions that shape the organization. Conversely, Opportunities <br />and Threats are forces which are occurring or are expected to occur in <br />the organizations external environment. <br /> <br />At its next meeting, the Strategic Planning Task Force began to <br />discuss the central element of any organizational strategic planning <br />process - the Mission Statement. The Mission Statement represents <br />the basic values and philosophies which constitute the mission of a <br />governmental organization. This mission shapes the broad directions <br />of the organization and confirms the success of its policies and <br />programs. <br /> <br />Utilizing the SWOT analysis, the Task Force proceeded with <br />identification of strategic economic development issues. <br />Approximately 26 major issues were identified. Utilizing the nominal <br />group technique, the Task Force prioritized each of these major issues. <br />The four issues in order of priority are as follows: <br /> <br />2. <br />3. <br />4. <br /> <br />Industrial Base <br />Internal Business Retention/Growth <br />East Highway 10 - Development/Redevelopment <br />Downtown Redevelopment <br /> <br />It is important to note that establishing financing options to address <br />each of these issues rated as a high priority. Identifying these <br /> <br /> <br />