06/02/2016 EDAC Packet - Laserfiche WebLink

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ECONOMIC DEVELOPMENT ADVISORY COMMITTEE AGENDA ITEM 3A STAFF ORIGINATOR: Michael Grochala EDAC MEETING DATE: June 2nd, 2016 REQUEST: Draft Business Retention & Expansion Program BACKGROUND Based on previous discussions with EDAC, Kirsten Barsness, Barsness Consulting, has prepared a draft Business Retention and Expansion (BRE) Program for review by the committee. The BRE Program aims to promote reinvestment and facilitate employment growth within the community. The purpose of the program is to gather information about local business activity; anticipate changes in a company's status, and work to retain the businesses that provide the greatest positive economic impact. Over the past year a master list was developed including 113 businesses and was reduced by separating "wealth generating" business from retail, commercial and non-profit entities, resulting in 28 identified businesses that can potentially create the greatest positive economic impact in the city. Wealth generators create a new product or service that is sold into the market place unlike recyclers that re -sell the product such as a retailor. Typical generators are manufacturers, engineering or technical in nature. These businesses facilitate livable wage jobs that allow residents to support local businesses and participate in community activities, support and maintain tax base to generate revenue and increase the economic vitality of the City. The draft BRE program is based on development of a partnership with the City bringing resources that assist in facilitating public purposes such as; provide important information related to infrastructure and transportation improvements that impact local businesses, act as a connector to other government programs from the State of Minnesota and Anoka County, and can communicate to businesses about local issues that affect their operations. Visitation led by a member of the City Council and another city employee is the primary way to establish a relationship with local businesses. The City should be prepared with a number of resources. A simple handout can link businesses to a variety of programs both local and through economic development partners such as the State of Minnesota and Anoka County that provide business assistance programs and land availability. As an extension of the BRE visits, Lino Lakes can build upon its existing communications by; creating a business tab on the City's web site, add local businesses to City newsletter mailing, develop an email blast system that can alert businesses issues or opportunities and dialogue with the local area Chambers of Commerce. There is an opportunity to reach out to economic