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ITEM # 5. <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development ~`~ <br />DATE: May 8, 2006 <br />SUBJECT: Strategic Industrial Marketing Activities Update <br />Attachments <br />• Business Financing Forum flyer <br />• News from the Hub Economic Development Newsletter, Spring 2006 <br />• 2006 Community Profile <br />I. Product Offering Strategy <br />In 2005 the City experienced a great surge in the development of light industrial land; six <br />different sites with a combined total of 45.78 acres were developed with a total of 273,000 <br />square feet and creation of 184 new jobs at minimum hourly wages of $15. Currently there <br />exists 31 acres of Business Paxk property that is available fox new industrial development in <br />2006. The 31 acres includes 3 lots in Noxthstax Business Paxk and 2 lots in Elk River <br />Business Paxk. <br />In coming months, staff will revisit with the EDA and Council on a strategy for the <br />development of Gateway Business Centex. <br />I I. Competitive Strategy <br />Staff continues to monitor new industrial development of communities identified within this <br />strategy. <br />III. Key Account/Lead Generation Strategy <br />Development Forum <br />On April 10th, the EDA received a report on the outcome of the Development Forum held <br />at City Hall on March 29, 2006. In summary, thirty-five developers/contractors attended the <br />event, which staff felt was successful in opening a dialogue between the development <br />community and the City. <br />