08/05/2021 EDAC Packet - Laserfiche WebLink

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Z 73 U) J 0 a Q w Z Z 0 0 co LU U) T w D Z w a a z w x 0 ws b Memorandum To: Lino Lakes EDAC Michael Grochala, Community Development Director From: Jim Gromberg, WSB Date: July 30, 2021 Re: EDAC Strategic Plan WSB Project No. 017644-00 WSB is currently assisting the Economic Development Advisory Committee (EDAC) in the development of a strategic plan to allow for the continued successful economic development initiatives in the city. The strategic plan will be used to create action items for the EDAC to complete over the course next few years that work in conjunction with the goals included in the recently updated comprehensive plan. At the May meeting, the EDAC confirmed the following list of goals. • 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. One of the primary ways that the EDAC identified to promote and advance these goals was to develop and implement a strong Business Retention and Expansion (BRE) program. The development of this program assists the EDAC in the achievement of several the goals identified in the strategic plan. It also allows for the EDAC to continue to strengthen those relationships with local companies to reduce the likelihood of problems in the future with the city. The EDAC previously identified the attached list of 38 businesses to visit in starting the program. It would be anticipated that this list will be expanded and changed as businesses change and new businesses are added to the community. The currently identified business list accounts for 1,099 employees in the community of the total community employment of 5,042. In addition, these business account for over $500 million in revenue. In addition to sales and employees, another consideration for the EDAC is the industry that the businesses are categorized as by their Standard Industrial Classification (SIC) code. Based on the past discussions, the EDAC has indicated that they want to focus on "technology and