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2024 Lake Elmo EDA <br />Economic Development Work Plan <br /> <br />1 <br />Drafted 11/21/2023 – Updated 2/12/2024 – Approved by EDA 2/20/2024 <br />Lake Elmo EDA Mission <br />The Lake Elmo Economic Development Authority (EDA) is committed to preserving and enhancing our <br />community by creatfng an attractfve business climate and listening to businesses and residents to <br />prepare for the economy of tomorrow. <br />Goals <br />1. Increase the number of commercial and industrial businesses <br />2. Develop data and communicate information (talent availability, business types, <br />demographic information) <br />3. Develop and maintain sense of place and create new positive community perception <br />4. Explore the feasibility of developing a solar farm on a former city landfill site using 3M <br />Settlement Priority 2 grant funds <br />5. Review and make recommendations to the Old Village Master Plan <br />Planning Process <br />The purpose of this document is to serve as the Lake Elmo EDA 2024 Economic Development Strategic <br />Plan with a planning horizon through 2025. <br />Strengths, Weaknesses, Opportunities and Threats / 2040 Comp Plan <br />To assist in the EDA’s discussion and to help achieve the goals and actfon steps identffied within this plan, <br />a summary of the July 21, 2021 group discussion on Strengths, Weaknesses, Opportunitfes and Threats <br />(SWOT) analysis and also includes maps from the 2040 Comprehensive Plan Update is included as <br />Attachment B. <br />Goals/Action Steps/Deliverables <br />Goals #1 & 2 <br />1) Increase the number of commercial and industrial businesses and 2) Develop data and <br />communicate information <br />Action Step: City staff with the assistance of CDA staff will explore opportunitfes to attract new <br />businesses into the city. Updates to the EDA may include maintaining a list and periodic reports of <br />commercial and industrial projects that are in the planning process, under constructfon and recently <br />completed. <br />Action Step: City staff will showcase more economic development stories and business updates on the <br />EDA website, the CDA’s website, as well as in the City’s Newsletter.