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ECONOMIC DEVELOPMENT ADVISORY COMMITTEE <br />AGENDA ITEM 3A <br /> <br /> <br />STAFF ORIGINATOR: Michael Grochala <br /> <br />MEETING DATE: September 2, 2021 <br /> <br />TOPIC: Economic Development Strategic Plan <br /> <br />BACKGROUND <br /> <br />EDAC is in the process of updating the 5 Year Economic Development Strategic Plan. <br /> <br />The Comprehensive Plan establishes the following goals for the City’s Economic Development <br />efforts: <br /> <br />• Expand and diversify the city’s tax base by encouraging commercial and industrial <br />development in the Planned Residential/Commercial, Office Residential, Signature <br />Gateway and Town Center Areas to lessen the tax burden on residential properties. <br /> <br />• Work with developers to identify innovative strategies for attracting entry level and <br />smaller entrepreneurial businesses to Lino Lakes. <br /> <br />• Attract and encourage new light industrial, high tech, business and professional services <br />enterprises and maintain and expand existing businesses in Lino Lakes. <br /> <br />• Promote efficient, planned commercial and industrial expansion within the City’s <br />growth areas, accessible to public infrastructure and transportation. <br /> <br />• Promote Lino Lakes’ location within the metropolitan region as an advantage in doing <br />business. <br /> <br />From our past discussion and review of the 2014 Strategic Plan, staff has assembled the <br />following 5 areas of focus for consideration in the 2021 – 2025 plan: <br /> <br />1. Business Retention and Expansion <br />a. Reestablish program for continued outreach and business support <br />2. Comp Plan Implementation and Property Review <br />a. Identify potential redevelopment areas and strategic acquisitions <br />3. Marketing <br />a. Develop new marketing strategies and outreach materials <br />4. Support Development of the 35E and Main Street Corridor <br />a. Promote MN Technology Corridor <br />5. Woods Edge Site Development and Rec Center <br />a. Evaluate City Vision for build out of site and role of Rec Center <br /> <br />If the EDAC is supportive of these five areas, staff will develop action steps to incorporate into <br />a final document for consideration. <br />