6. EDSR 05-14-2007 - Laserfiche WebLink

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ITEM ~~ 6 fiver MEMORANDUM TO: Economic Development Authority FROM: Heidi Steinmetz, Assistant Director of Economic Development DATE: May 14, 2007 SUBJECT: Consider Business Retention & Expansion Meeting Schedule Background Since the formation of the EDA, Business Retention & Expansion (BRE) visits have been held with Elk River manufacturers. For the past ten years, staff has recorded such visits, which range in style from conducting formal surveys to informal lunch meetings. Most recently in 2005, EDA Commissioners joined staff in conducting informal lunch or breakfast meetings followed by facility tours. It is apparent that manufacturers appreciate the extra attention from EDA Commissioners. In return, the EDA has always commented to staff its sincere interest in attending these visits. Issue Staff recently spoke with Michael Darger, Area Program Leader for the University of Minnesota BR&E Strategies Program, and he stated that studies show that 40 to 80 percent of all new jobs are created by existing firms rather than by attracting new firms to the community. This is not an unfamiliar statistic to staff and the EDA, which is why it is important to continue BRE visits in Elk River. Staff Recommendation Staff recommends that 2007 visits be held with the manufacturers listed on the following page and that visits be kept informal with one or two EDA Commissioners attending each visit. Staff requests EDA Commissioners indicate which visits they wish to attend. Staff will follow up with EDA Commissioners individually to schedule the visits.