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<br />local business activity, anticipate changes in a company’s status, and work <br />to retain the businesses that provide the greatest positive economic impact. <br />The EDAC identified business retention as a high priority for the City’s <br />economic development efforts. <br /> <br />Priority 3: Workforce Development Plan <br />Summary: Access to labor pools and a skilled workforce is critical to <br />retention of existing businesses and facilitating new opportunities. <br />Linking local businesses with workforce development resources is an <br />important role for City Economic Development efforts. <br /> <br />Priority 4: Identification of Potential Redevelopment Areas and Strategic <br />Acquisitions <br />Summary: Reinvesting in underutilized property is a valuable tool for <br />City economic development efforts. The City should also be ready to act <br />when property becomes available to meet long term development and <br />infrastructure needs. <br /> <br />Priority 5: Continue to Promote Development of the I-35E/Main Street Corridor <br />Summary: Development in this area will be predominantly market <br />driven. The construction of the Watermark housing development creates <br />additional commercial opportunities. Industrial development interest is <br />increasing, but will be dependent on the availability of public <br />infrastructure to serve the sites and active landowner participation. <br />Infrastructure improvements and “readiness” will be a driving factor in <br />attracting new development. The City’s partnership with the Minnesota <br />Technology Corridor provides regional exposure to the locational benefits <br />of the area. <br /> <br />Priority 6: Updating and Expanding the City Marketing Materials <br />Summary: The development and updating of the marketing materials for <br />the community to be able to readily react to opportunities for new projects <br />and the expansion of existing businesses. <br /> <br />EDAC Recommendation <br /> <br />The EDAC recommended approval of the Strategic Plan. <br /> <br />Requested Council Direction <br /> <br />Staff is requesting City Council direction to place the draft Economic Development <br />Strategic Plan on the December 13, 2021 agenda for council consideration. <br /> <br />Attachments <br /> <br />1. Draft Strategic Plan