02/02/2017 EDAC Packet - Laserfiche WebLink

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Summary This document has been developed as a guide to establishing a Business Retention and Expansion (BRE) Program, a key component of Lino Lakes' economic development efforts. Contained within, is the foundational research, proposed BRE outline and organizational resources needed to effectively launch a Program. As with any endeavor, success hinges on fluidity to react to changing circumstances and commitment to consistently, and actively implement a BRE strategy annually. Background In 2014, the Economic Development Advisory Committee (EDAC) completed an Economic Development Plan that identified the development and establishment of a BRE Program as the highest priority of its four areas of opportunity. The Commission noted that of all activities, there is the greatest level of local control and decision making associated with the development and implementation of a BRE Program. Retention and expansion of key businesses is an important strategy in promoting continued economic growth. It is an avenue by which communities promote reinvestment and facilitate employment growth. By establishing a Business Retention and Expansion (BRE) Program, Lino Lakes can enhance its relationship with key existing businesses. Additionally, it provides a key linkage between the growth of businesses in the Apollo Business Park and vacant land along the Interstate 35E Corridor. The BRE is an avenue 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. This strategy is pivotal is securing local re -investment. An established business will first look to expand in the area where they have already made an investment, attracted quality workers and defined customers. It is the most efficient use of City resources to focus on facilitating local business growth. To begin the BRE process the EDAC directed City staff to begin evaluating the various Lino Lakes business lists. Utilizing a variety of internal and external resources, a master list was developed. Initially, there were 113 verifiable businesses included on the master list. This sample was reduced by separating "wealth generating" business from retail, commercial and non-profit entities. The resulting 28 companies comprised the working list to be used for the BRE Program. Numerous spreadsheets were constructed to better understand the local business composition. This background can be found in the Exhibits of this report.