11/04/2021 EDAC Packet - Laserfiche WebLink

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3Lino Lakes Economic Development Strategic Plan Economic development does not operate in a vacuum and touches several different areas in a community outside of traditionally recognized job and tax base development. These areas can include the development of housing opportunities, workforce development (development of people with the skills for new positions), infrastructure planning, and quality of life issues. The understanding of the complexity of economic development results in the creation of the 3 Ps of economic development. These tenants of economic development are: The successful implementation of these principles will result in the community gaining the most covenanted of the “Ps” of a new project. As the EDAC is currently in the process of updating its strategic plan for the next 5 years, the areas that have been identified as the focuses and goals fit within the Ps of economic development. This preparation includes the development of programs and focuses to allow for the city to be successful in the attraction and retention of businesses to the community. In addition, the priorities will also include how the community can improve the quality of life for the residents of Lino Lakes. With the final priority being the development of new and updated marketing materials or the process of telling our story. As the EDAC knows, over 85% of business growth is from currently existing businesses in the community. The active retention of those businesses is facilitated by the development of relationships with the company, the ability to understand their needs, and how the city can assist in meeting those needs therefore helping the company to grow and prosper. This methodology is used to also advance the other priorities identified with the development of strong relationships with the affected parties and property owners.