01/07/2021 EDAC Packet - Laserfiche WebLink

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Priority One - Business Retention and Expansion Summary 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 formal Business Retention and Expansion (BRE) Program, Lino Lakes can enhance its relationship with key existing businesses. 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. EDAC identified business retention as the highest priority for the City's economic development efforts. 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. A linkage between the growth of businesses in the Apollo Business Park and vacant land along the Interstate 35E Corridor is an important one for the City. KEY Actions O Determine framework for Business Retention and Expansion Program Evaluate different outreach methodologies: general vs. targeted Identify desired program outcomes Discuss role of City Council, EDAC and staff Structure program including necessary outreach tools such as survey; newsletters; email blasts, etc. O Generate accurate business listing utilizing multiple sources both internal and external O Examine list and categorize businesses to determine possible industry clusters, emerging markets and key business targets O Identify economic development tools available for local business expansion o O Coordinate with other economic development organizations that have an interest in retention — and source potential resources for both program marketing and financial assistance for the businesses J 0 J D