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ITEM # 6. <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Developmen <br /> DATE: June 14, 2004 <br /> SUBJECT: Economic Development Strategic Plan 2004 Update <br /> In March and May 2004 the EDA participated in two work session discussions for the Economic <br /> Development Strategic Plan Update. Jim Brimeyer facilitated the work sessions. Additional <br /> participants included the City Council,HRA, and EDA subcommittees Incubator Advisory, <br /> Finance,Marketing, and city staff. <br /> The group identified the following 2004-2007 priority issues in order of importance: <br /> • Industrial Development <br /> • Central Business District (CBD) <br /> • Transportation <br /> • Commercial Development <br /> Interestingly, the 2000-2003 Strategic Plan included the following priority issues: <br /> • Industrial Base <br /> • Business Retention and Growth <br /> • Marketing Strategy <br /> • Develop/Redevelop East Highway 10 and the CBD <br /> The group had healthy discussions about the Industrial Development strategies and Central <br /> Business District strategies. Staff will draft strategies for the remaining two issues; <br /> Transportation and Commercial Development. The EDA will have an opportunity to review the <br /> strategies prior to staff's drafting of an action plan. Following is a timetable for review and <br /> adoption of the Economic Development Strategic Plan: <br /> • May June Staff drafts Transportation and Commercial Development strategies <br /> • July EDA reviews strategies and provides feedback for staff <br /> • July Staff drafts action steps based on the strategies and completes draft Plan <br /> • • August-Sept. EDA, Council and HRA considers adopting the 2004-2007 Strategic Plan <br />