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Home My WebLink About#23 - EDA Work PlanDATE: October 19, 2021 REGULAR AGENDA ITEM: 2021-2023 Economic Development Authority (EDA) Work Plan SUBMITTED BY: Kristina Handt, City Administrator BACKGROUND: Although the goal of developing an economic development plan was dropped at the May 18th council meeting, the Lake Elmo Economic Development Authority (EDA) met in July, August and September to develop a work plan for 2021-2023. The meetings were facilitated by Chris Eng, Economic Development Director, Washington County Community Development Authority. The EDA commissioners performed a SWOT (Strengths, Weaknesses, Opportunities, Threats) Analysis, brainstormed goals and voted on the top five at the July 21st meeting. At the August 26th meeting, the EDA developed a mission statement and reviewed the draft plan. At the September 30th meeting, the EDA voted to recommend the plan to the city council for adoption. Per ordinance, the EDA is a recommending body unlike in some other cities where they have their own authority as outlined in statute, ordinance and bylaws. ISSUE BEFORE COUNCIL: Should the Council approve the 2021-2023 EDA Work Plan? PROPOSAL: A copy of the plan is attached. It includes the mission statement, four goals with action steps and deliverables, purpose of the document and a summary of the SWOT analysis with reference to the 2040 Comprehensive Plan. OPTION: 1) Approve the 2021-2023 EDA Work Plan 2) Amend and then Approve the 2021-2023 EDA Work Plan 3) Do not approve the 2021-2023 EDA Work Plan RECOMMENDATION: “Motion to approve the 2021-2023 EDA work plan.” ATTACHMENTS: • 2021-2023 EDA Work Plan 9/30/2021 1 2021 – 2023 Lake Elmo EDA Economic Development Work Plan Lake Elmo EDA Mission The Lake Elmo Economic Development Authority (EDA) is committed to preserving and enhancing our community by creating an attractive business climate and listening to businesses and residents to prepare for the economy of tomorrow. Goals 1. Develop strong relationships with existing businesses and explore options for a Business Retention and Expansion (B,R&E) Visitation Program 2. Develop data (talent availability, business types, demographic information) 3. Increase the number of commercial and industrial business 4. Develop and maintain sense of place and create new positive community perception Planning Process The purpose of this document is to serve as the Lake Elmo EDA 2021 Economic Development Strategic Plan with a planning horizon through 2023. Strengths, Weaknesses, Opportunities and Threats / 2040 Comp Plan To assist in the EDA’s discussion and to help achieve the goals and action steps identified within this plan, a summary of the July 21, 2021 group discussion on Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis and also includes maps from the 2040 Comprehensive Plan Update is included as Attachment A. 9/30/2021 2 Goals/Action Steps/Deliverables 1. Develop strong relationships with existing businesses and explore options for a Business Retention and Expansion (B,R&E) Program. Action Step: City and Washington County CDA staff will research and explore options for a business retention and expansion visitation program. Staff will: 1) work to create a list for possible businesses to visit, 2) develop and recommend a proposed program structure including timing, 3) create a draft business survey and 4) discuss the potential interview process and overall program operations including reporting the survey results. Recommendations will be brought to the EDA for consideration, input and discussion. Deliverables: Staff will be providing potential program options to EDA for discussion and consideration. This will begin in the fourth quarter of 2021 and will be ongoing. 2. Develop data (including talent availability, business types, demographic data) Action Step: City staff with assistance from Washington County CDA staff and DEED will provide community demographic information (including but not limited to: talent availability, business types, community profile, demographic data). Action Step: City staff with assistance from the Washington County CDA will explore hiring a consultant to update/undertake a detailed labor market study and then report back to the EDA Board. Action Step: City staff with assistance from the Washington County CDA will explore options to obtain resident input through a survey and then report back to the EDA Board. Deliverables: The labor market study and demographic/data study update will begin in 2022 or sooner contingent on available funding. 3. Increase the number of commercial and industrial businesses Action Step: City staff with the assistance of CDA staff will explore opportunities to attract new businesses into the city. Updates to the EDA may include maintaining a list and periodic reports of commercial and industrial projects that are in the planning process, under construction and recently completed. Action Step: City staff will showcase more economic development stories and business updates on the EDA website the CDA’s website as well as in the City’s Newsletter. Deliverables: Staff will explore options to update the EDA’s web presence including, considerations for a potential web platform, adding an inventory of available land and buildings, listing available business resources and developing a digital marketing plan and materials 9/30/2021 3 {digital rollout} for business recruitment, expansions and retention. This will begin in the first quarter of 2022 and will be ongoing. Recommendations will be provided to the EDA members on a regular basis for discussion and input. 4. Develop and maintain sense of place and create new positive community perception Action Step: The EDA will explore opportunities to develop and maintain a sense of place. Action Step: A community asset and resources list will begin to be developed in 2021 and will be maintained on an ongoing basis. Action Step: City staff with the assistance of CDA staff will meet with interested property owners, site selectors, commercial realtors, developers on an ongoing basis to promote development opportunities. Deliverables: Staff will attend events attended by commercial realtors, developers and site selectors. This will begin in the second quarter of 2021 and will be ongoing. 9/30/2021 4 Attachment A 2040 Lake Elmo Comprehensive Plan Map Strengths, Weaknesses, Opportunities, Threats Group Discussion 9/30/2021 5 9/30/2021 6 Strengths, Weaknesses, Opportunity, Threats Discussion Lake Elmo EDA July 21, 2021 Strengths Opportunities Available land (zoned, open, transportation) Demand for warehouse and industrial Low tax base Shift in workplace/telecommuting Large residential base (high incomes) Broadband Educated talent pool Downtown Central geographic location Partner with County Highway 36 & I-94 Survey small businesses Interest in development Airport Flexible zoning Neighboring communities Quality of life Imation (4 Front) Excellent schools Recreation opportunities Truck/trailer parking Weaknesses Threats Infrastructure availability Competition neighbor communities Neighboring communities New workforce (post pandemic) Perception (not business friendly) Social unrest Small city (talented city staff) Economic future Conflicting goals Wisconsin Clean energy Perception of the past Economic incentives Resources for businesses Data on talent availability Unknowns (Met Council) Education/training Transit