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<br />WS – Item 3 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 3 <br /> <br /> <br />Date: December 6, 2021 <br /> <br />To: City Council <br /> <br />From: Michael Grochala, Community Development Director <br /> <br />Re: Economic Development Strategic Plan <br /> <br />Background <br /> <br />As part of the City’s economic development efforts, EDAC is responsible for the <br />preparation of a 5-year Economic Development Strategic Plan. The plan was last <br />updated in 2014. Over the past 11 months, staff and EDAC committee members have <br />been working on updating this plan. <br /> <br />From our past discussion and review of the 2014 Strategic Plan, staff and the EDAC has <br />assembled a draft 5-year plan for the City Council’s review and consideration. The <br />document is intended to be a guide to help prioritize the City’s economic development <br />efforts. <br /> <br />The Plan identifies six main priorities which include: <br /> <br />Priority 1: Develop Balance of Woods Edge Property <br />Summary: The site is located at Interstate 35W and Lake Drive. The <br />City retains approximately 9 acres of property. The area is guided and <br />zoned for a mix of commercial and high-density residential uses intended <br />to serve as the City’s “Town Center”. The transition of the YMCA to a <br />City facility provides an opportunity to revisit the vision for the area and <br />create an identity for future development. The EDAC recognizes the <br />private market will prescribe the ultimate development scenario; however, <br />there are key elements which are within the City’s sphere of influence. <br />Lino Lakes ability to be flexible both on land sale pricing and type of <br />development, plus the potential to assist with financing gaps will <br />ultimately assist in the facilitation of a development plan that meets the <br />city’s goals. <br /> <br />Priority 2: Business Retention and Expansion Program <br />Summary: Retention and expansion of key businesses is an important <br />strategy in promoting continued economic growth. It is an avenue by <br />which communities promote reinvestment and facilitate employment <br />growth. By establishing a formal Business Retention and Expansion <br />(BRE) Program, Lino Lakes can enhance its relationship with key existing <br />businesses. The BRE program is an avenue to gather information about