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06/05/2014 EDAC Packet
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06/05/2014 EDAC Packet
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EDAC
EDAC Document Type
EDAC Packet
Meeting Date
06/05/2014
EDAC Meeting Type
Regular
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2 Lino Lakes | 6/1/2014 Priority One - Business Retention and Expansion <br /> <br />Summary <br /> <br />Retention and expansion of key businesses is an important strategy in promoting continued <br />economic growth. It is an avenue by which communities promote reinvestment and facilitate <br />employment growth. By establishing a formal Business Retention and Expansion (BRE) <br />Program, Lino Lakes can enhance its relationship with key existing businesses. The BRE is an <br />avenue to gather information about local business activity, anticipate changes in a company’s <br />status, and work to retain the businesses that provide the greatest positive economic impact. <br />EDAC identified business retention as the highest priority for the City’s economic development <br />efforts. The Commission noted that of all activities, there is the greatest level of local control <br />and decision making associated with the development and implementation of a BRE Program. <br />A linkage between the growth of businesses in the Apollo Business Park and vacant land along <br />the Interstate 35E Corridor is an important one for the City. <br /> <br />KEY Actions <br /> <br /> Determine framework for Business Retention and Expansion Program <br /> Evaluate different outreach methodologies: general vs. targeted <br /> Identify desired program outcomes <br /> Discuss role of City Council, EDAC and staff <br /> Structure program including necessary outreach tools such as survey; <br />newsletters; email blasts, etc. <br /> <br /> Generate accurate business listing utilizing multiple sources both internal and external <br /> <br /> Examine list and categorize businesses to determine possible industry clusters, emerging <br />markets and key business targets <br /> <br /> Identify economic development tools available for local business expansion <br /> <br /> Coordinate with other economic development organizations that have an interest in retention <br />and source potential resources for both program marketing and financial assistance for the <br />businesses <br />
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