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<br />WS – Item #2 <br /> <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 2 <br /> <br /> <br /> <br />Date: October 6, 2014 <br /> <br />To: City Council <br /> <br />From: Michael Grochala, Community Development Director <br /> <br />Re: EDAC Economic Development Plan <br /> <br />Background <br /> <br />The Economic Development Advisory Committee (EDAC) has as its directive to help the <br />city council encourage growth of new and existing business. The purpose of the <br />Economic Development Plan is to identify goals and objectives and focus on key <br />strategic initiatives given available resources. Through a series of workshops EDAC <br />assessed four Areas of Opportunity: <br /> <br />• Development and implementation of a Business Retention and Expansion <br />Program <br />• The Woods Edge site located at Interstate 35W and Lake Drive <br />• Redevelopment of the intersection of County Road 49 (Hodgson) and County <br />Road J <br />• The Commercial and Industrial Corridor along Interstate 35E and County Road <br />14 <br />The document is intended to be a guide to help prioritize the City’s economic <br />development efforts. Development of a Business Retention and Expansion (BRE) <br />program was identified by the Commission as the highest priority action item. Research <br />shows that up to 86 percent of new jobs are created by existing businesses in a <br />community, rather than new businesses. Additionally, it is usually easier and more cost <br />effective to keep an existing business rather than recruit a new business. EDAC efforts in <br />2015 will concentrate on the establishment of a program framework and implementation. <br /> <br />Requested Council Direction <br /> <br />Staff is requesting council review and discussion on the draft plan. Staff recommends <br />placing the plan on upcoming agenda for council approval. <br /> <br />Attachments <br /> <br />1. Draft Economic Development Plan