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1 CITY OF LINO LAKES FIVE YEAR ECONOMIC DEVELOPMENT PLAN 2010-2015 BACKGROUND In 1992 the City of Lino Lakes adopted an Economic Development Plan and established the Economic Development Authority Advisory Board (EDAAB). Its mission was to 1) actively promote the development of quality commercial, retail and light industrial businesses within the City of Lino Lakes, and 2) maintain and encourage the growth of existing businesses within the City of Lino Lakes. In 1998 EDAAB changed its name to the Economic Development Advisory Committee (EDAC) to reflect its status as a volunteer advisory group rather than an official board required by state statute, but its mission remains the same. EDAC established goals within the original economic development plan, and updates its goals within its one-year action plan. To date, the action plans have resulted in the location of more than 70 new businesses in the city with an additional market value of more than $115 million. The economic development goal in the 2002 Comprehensive Plan was to expand the valuation of commercial/industrial to 10 percent of the tax base by 2010. This goal was reached in 2008. (See Attachment A). This updated strategic economic development plan revisits and revises its original goals to reflect the efforts accomplished over the past five years amid a changing market and changing community. INVENTORY Lino Lakes is a city covering an area of approximately 33 square miles located in the northeast part of the Twin Cities metropolitan area. A high amenity community, the current population of Lino Lakes is approximately 20,000. In the central part of the city, the Rice Creek Chain-of-Lakes Regional Park preserves 3,500 acres of lakes, shore land, and rolling topography in a unique natural environment. In addition, there are 13 lakes and extensive areas of wetlands. The lakes, wooded area, and parks will preserve natural habitat as population growth continues.