12-13-2021 Council Packet - Laserfiche WebLink

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provide the greatest positive economic impact. The EDAC identified business retention as a high priority for the City’s economic development efforts. Priority 3: Workforce Development Plan Summary: Access to labor pools and a skilled workforce is critical to retention of existing businesses and facilitating new opportunities. Linking local businesses with workforce development resources is an important role for City Economic Development efforts. Priority 4: Identification of Potential Redevelopment Areas and Strategic Acquisitions Summary: Reinvesting in underutilized property is a valuable tool for City economic development efforts. The City should also be ready to act when property becomes available to meet long term development and infrastructure needs. Priority 5: Continue to Promote Development of the I-35E/Main Street Corridor Summary: Development in this area will be predominantly market driven. The construction of the Watermark housing development creates additional commercial opportunities. Industrial development interest is increasing, but will be dependent on the availability of public infrastructure to serve the sites and active landowner participation. Infrastructure improvements and “readiness” will be a driving factor in attracting new development. The City’s partnership with the Minnesota Technology Corridor provides regional exposure to the locational benefits of the area. Priority 6: Updating and Expanding the City Marketing Materials Summary: The development and updating of the marketing materials for the community to be able to readily react to opportunities for new projects and the expansion of existing businesses. EDAC RECOMMENDATION The EDAC recommended approval of the Strategic Plan. RECOMMENDATION Staff is recommending approval of Resolution No. 21-158 ATTACHMENTS 1. Resolution No. 21-158 2. Economic Development Strategic Plan