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CITY COUNCIL <br />AGENDA ITEM 6G <br /> <br /> <br />STAFF ORIGINATOR: Michael Grochala, Community Development <br /> <br />MEETING DATE: December 13, 2021 <br /> <br />TOPIC: Consider Resolution No. 21-158, Approving Economic <br />Development Strategic Plan, Michael Grochala <br /> <br />VOTE REQUIRED: 3/5 <br /> <br />INTRODUCTION <br /> <br />Staff is requesting City Council approval of the Economic Development Strategic Plan. <br /> <br />BACKGROUND <br /> <br />As part of the City’s economic development efforts, EDAC is responsible for the preparation of <br />a 5-year Economic Development Strategic Plan. The plan was last updated in 2014. Over the <br />past 11 months, staff and EDAC committee members have 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 document <br />is intended to be a guide to help prioritize the City’s economic development 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 City <br />retains approximately 9 acres of property. The area is guided and zoned for a <br />mix of commercial and high-density residential uses intended to serve as the <br />City’s “Town Center”. The transition of the YMCA to a City facility provides <br />an opportunity to revisit the vision for the area and create an identity for future <br />development. The EDAC recognizes the private market will prescribe the <br />ultimate development scenario; however, there are key elements which are <br />within the City’s sphere of influence. Lino Lakes ability to be flexible both on <br />land sale pricing and type of development, plus the potential to assist with <br />financing gaps will ultimately assist in the facilitation of a development plan that <br />meets the city’s goals. <br /> <br />Priority 2: Business Retention and Expansion Program <br />Summary: Retention and expansion of key businesses is an important strategy <br />in promoting continued economic growth. It is an avenue by which <br />communities promote reinvestment and facilitate employment growth. By <br />establishing a formal Business Retention and Expansion (BRE) Program, Lino <br />Lakes can enhance its relationship with key existing businesses. The BRE <br />program is an avenue to gather information about local business activity, <br />anticipate changes in a company’s status, and work to retain the businesses that