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ITEM 5. <br /> • Economic Development Strategic Planning Presentation Summary <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 /> • Who are we? <br /> • What are the basic social and political needs we exist to fill? <br /> • What 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 /> II. 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 /> III. 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 /> IV. 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 /> 1. Industrial Base <br /> 2. Internal Business Retention/Growth <br /> 3. East Highway 10 - Development/Redevelopment <br /> 4. 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 />