HomeMy WebLinkAbout#07 - 2024 EDA Workplan STAFF REPORT
DATE: March 19th, 2024
REGULAR
AGENDA ITEM: Review and Approval of the EDA 2024 Work Plan
SUBMITTED BY: Jason Stopa, Community Development Director
BACKGROUND:
The Economic Development Authority (EDA) creates an annual work plan to be approved by the
City Council. On February 20th, 2024, a draft of the plan was submitted to the EDA board for
approval, and the board voted to make changes and approve the plan.
RECOMMENDATION:
The department is requesting the City Council to review and approve the EDA Work Plan.
ATTACHMENT:
• 2024 Work Plan
2024 Lake Elmo EDA
Economic Development Work Plan
1
Drafted 11/21/2023 – Updated 2/12/2024 – Approved by EDA 2/20/2024
Lake Elmo EDA Mission
The Lake Elmo Economic Development Authority (EDA) is committed to preserving and enhancing our
community by creatfng an attractfve business climate and listening to businesses and residents to
prepare for the economy of tomorrow.
Goals
1. Increase the number of commercial and industrial businesses
2. Develop data and communicate information (talent availability, business types,
demographic information)
3. Develop and maintain sense of place and create new positive community perception
4. Explore the feasibility of developing a solar farm on a former city landfill site using 3M
Settlement Priority 2 grant funds
5. Review and make recommendations to the Old Village Master Plan
Planning Process
The purpose of this document is to serve as the Lake Elmo EDA 2024 Economic Development Strategic
Plan with a planning horizon through 2025.
Strengths, Weaknesses, Opportunities and Threats / 2040 Comp Plan
To assist in the EDA’s discussion and to help achieve the goals and actfon steps identffied within this plan,
a summary of the July 21, 2021 group discussion on Strengths, Weaknesses, Opportunitfes and Threats
(SWOT) analysis and also includes maps from the 2040 Comprehensive Plan Update is included as
Attachment B.
Goals/Action Steps/Deliverables
Goals #1 & 2
1) Increase the number of commercial and industrial businesses and 2) Develop data and
communicate information
Action Step: City staff with the assistance of CDA staff will explore opportunitfes 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 constructfon 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.
2024 Lake Elmo EDA
Economic Development Work Plan
2
Drafted 11/21/2023 – Updated 2/12/2024 – Approved by EDA 2/20/2024
Action Step: A community asset and resources list will begin to be developed in 2024 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 opportunitfes.
Action Step: Engage community stakeholders to determine what types of businesses they would like to
see developed in Lake Elmo.
Deliverables: Staff will explore optfons to update the EDA’s web presence including, consideratfons for a
potentfal web platiorm, adding an inventory of available land and buildings, listfng available business
resources and developing a digital marketfng plan and materials {digital rollout} for business recruitment,
expansions and retentfon. This will begin in the first quarter of 2024 and will be ongoing.
Recommendatfons will be provided to the EDA members on a regular basis for discussion and input.
Deliverables: Staff will attend events attended by commercial realtors, developers and site selectors. This
began in the second quarter of 2021 and will be ongoing.
Deliverables: Staff will create a needs assessment report to determine what types of businesses
stakeholders would like to see developed in Lake Elmo. This needs assessment will include results from
online surveys and community meetfngs.
Goal #4
Explore the feasibility of developing a solar farm on a former city landfill site using 3M
Settlement Priority 2 grant funds
Action Step: Conduct a feasibility study that will include establishing need and purpose, environmental
review, and talking to solar farm companies about demand, cost, and benefit to the City of Lake Elmo.
Action Step: Review paying off general obligatfon bonds on a former city landfill site when determining
feasibility.
Deliverables: To be determined
2024 Lake Elmo EDA
Economic Development Work Plan
3
Drafted 11/21/2023 – Updated 2/12/2024 – Approved by EDA 2/20/2024
Attachment A
2040 Lake Elmo Comprehensive Plan Map
2024 Lake Elmo EDA
Economic Development Work Plan
4
Drafted 11/21/2023 – Updated 2/12/2024 – Approved by EDA 2/20/2024
Attachment B
Strengths, Weaknesses, Opportunitfes, Threats Group Discussion – July 21, 2021
Strengths Opportunities
Available land (zoned, open, transportatfon) Demand for warehouse and industrial
Low tax base Shift in workplace/telecommutfng
Large residentfal base (high incomes) Broadband
Educated talent pool Downtown
Central geographic locatfon Partner with County
Highway 36 & I-94 Survey small businesses
Interest in development Airport
Flexible zoning Neighboring communitfes
Quality of life Imatfon (4 Front)
Excellent schools Recreatfon opportunitfes
Truck/trailer parking
Weaknesses Threats
Infrastructure availability Competftfon neighbor communitfes
Neighboring communitfes New workforce (post pandemic)
Perceptfon (not business friendly) Social unrest
Small city (talented city staff) Economic future
Conflictfng goals Wisconsin
Clean energy Perceptfon of the past
Economic incentfves Resources for businesses
Data on talent availability Unknowns (Met Council)
Educatfon/training
Transit