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ECONOMIC DEVELOPMENT ADVISORY COMMITTEE <br />AGENDA ITEM 3A <br />STAFF ORIGINATOR: Michael Grochala <br />MEETING DATE: January 7, 2021 <br />TOPIC: Economic Development Strategic Plan <br />BACKGROUND <br />As part of the City's economic development efforts, EDAC is responsible for the preparation of <br />a 5-year Economic Development Strategic Plan. The plan was last updated in 2014. With the <br />recent adoption of the Comprehensive Plan, staff is proposing to begin work on an update. <br />The 2014 Plan identified four main "Areas of Opportunity" which included: <br />O Development and implementation of a Business Retention Program <br />EDAC went through a process to identify a priority business list of manufactures. A <br />business survey was completed and business visits were started. <br />O Development of the Legacy site by City Hall <br />The City sold 10 acres of land to DR Horton in 2015. Rebranded as Woods Edge, the <br />development included 112 TH units and over 27 million in new valuation. Nine acres <br />remain on the site. Staff hosted a developer roundtable in summer of 2020 regarding <br />the remaining area. Further discussion was postponed pending determination of YMCA <br />future use. <br />O Redevelopment of CR 49 (Hodgson Road) and County Road J <br />Staff facilitated the redevelopment of the northwest quarter of intersection with <br />Lyngblomsten. 49 Club, liquor store, and insurance building along with a single family <br />home were acquired and slated for demolition. Development is expected in 2021. Road <br />improvements to 49 and CR J are currently being planned with the developer, Anoka <br />County, Ramsey County, and Shoreview. <br />O Development of the Commercial and Industrial Corridor along I-35E <br />Distribution Alternatives was relocated to a new 402,000 square foot building along <br />35E that included construction of 21' Avenue South. Main Street Shoppes constructed <br />along Otter Lake Drive with three new eating venues. Partnered with Anoka County <br />Regional Economic Development, Connexus Energy, and surrounding municipalities to <br />market the corridor as the Minnesota Technology Corridor. <br />Each of these areas are still relevant as we move past 2020 and each is a core component of the <br />2040 Comprehensive Plan implementation strategies which include: <br />