11/04/2021 EDAC Packet - Laserfiche WebLink

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1 ECONOMIC DEVELOPMENT ADVISORY COMMITTEE AGENDA ITEM 3A STAFF ORIGINATOR: Michael Grochala, Community Development Director EDAC MEETING DATE: November 4, 2021 TOPIC: Draft 5-Year Strategic Plan BACKGROUND As part of the City’s economic development efforts, EDAC is responsible for the preparation of a 5-year Economic Development Strategic Plan. The plan was last updated in 2014. Over the past 11 months, staff and EDAC committee members have been working on updating this plan. From our past discussion and review of the 2014 Strategic Plan, staff has assembled a draft 2021 – 2025 5-year plan for EDAC’s review and consideration. The document is intended to be a guide to help prioritize the City’s economic development efforts. The 2021 – 2025 Plan identifies six main priorities which include: Priority 1: Develop Balance of Woods Edge Property Summary: The site is located at Interstate 35W and Lake Drive. The City retains approximately 9 acres of property. The area is guided and zoned for a mix of commercial and high-density residential uses intended to serve as the City’s “Town Center”. The transition of the YMCA to a City facility provides an opportunity to revisit the vision for the area and create an identity for future development. EDAC recognizes the private market will prescribe the ultimate development scenario; however, there are key elements which are within the City’s sphere of influence. Lino Lakes ability to be flexible both on land sale pricing and type of development, plus the potential to assist with financing gaps will ultimately assist in the facilitation of a development plan that meets the city’s goals. Priority 2: Business Retention and Expansion Program 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 a high priority for the City’s economic development efforts.