06/03/2021 EDAC Packet - Laserfiche WebLink

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701 XENIA AVENUE S | SUITE 300 | MINNEAPOLIS, MN | 55416 | 763.541.4800 | WSBENG.COM Memorandum To: Lino Lakes EDAC Michael Grochala, Community Development Director From: Jim Gromberg, WSB Date: May 27, 2021 Re: EDAC Strategic Plan WSB Project No. 017644-00 Lino Lakes has engaged WSB to assist in the updating of the current strategic plan for the Economic Development Advisory Committee (EDAC) to allow for the continued successful economic development initiatives in the City of Lino Lakes. The goal of the plan will be to create action items for the EDAC to complete over the course of the next 5 years that work in conjunction with the goals included in the recently updated comprehensive plan. The current goals for economic development identified in the comprehensive plan include: •Expand and diversify the city’s tax base by encouraging commercial and industrial development in the Planned Residential/Commercial, Office Residential, Signature Gateway and Town Center Areas to lessen the tax burden on residential properties. •Work with developers to identify innovative strategies for attracting entry level and smaller entrepreneurial businesses to Lino Lakes. •Attract and encourage new light industrial, high tech, business and professional services enterprises and maintain and expand existing businesses in Lino Lakes. •Promote efficient, planned commercial and industrial expansion within the City’s growth areas, accessible to public infrastructure and transportation. •Promote Lino Lakes’ location within the metropolitan region as an advantage in doing business. At the May 6th meeting the EDAC discussed the current status of the economic goals and the accomplishments over the last 5 years. The general consensus was that the City and EDAC has made significant progress on the goals but that they still have the opportunity to fully complete the goals that have been identified. The action items that the EDAC identified at the meeting were : •The identification of businesses that the City would like to attract keeping in mind that we do not want to create undue competition for the current companies. One of the potential sources for the type of businesses that the EDAC will want to attract is the information for the Minnesota Technology Corridor. They have identified the following industries: Data Center, R and D Facilities, Software Companies, Engineering Firms, Medical and Healthcare firms, Finance and Commerce Companies. Attached is the information on company attraction from the Technology Corridor website.