Elk River EDA Commits to Four Goals for Prosperity in 2021 and Coming Years
4 Mar 2021
The Elk River Economic Development Authority (EDA) kicked off the new year by coming together with other community leaders and developing a strategic plan for the next five to ten years to come. This plan includes four specific goals that act as a guide as the EDA works to serve the community and sustain the economic strength of Elk River.
The Elk River EDA plays a vital role in encouraging the prosperity of Elk River. As a public corporation, the EDA is empowered to undertake economic development projects that will better the City. As the economic development arm of the City Council, the EDA handles all types of city projects, often projects that involve acquiring, developing, improving, and disposing of property-- all with the ultimate goal of helping Elk River achieve the best version of itself.
Every five to ten years, the Elk River EDA develops a strategic plan to hone in on important economic development goals for the city and break down steps to achieve those goals. The Elk River EDA partnered with the Elk River staff and focus groups in the development of this strategy. Individual interviews with community leaders and peer city benchmarking were also key components in its creation.
The 2021 EDA Strategic Plan outlines four main goals that will act as priorities for the economic developers. These goals and the strategies that align with them are rooted in the existing strengths and opportunities of Elk River.
EDA Strategic Plan Goals
1. Support Existing Businesses
In order to remain a prosperous city, existing businesses in Elk River must be a top priority. Support will be offered to these businesses through relationship building, programmatic offerings, and high quality city services. The Elk River EDA will also work to encourage local shopping through initiatives like the Together Elk River campaign.
Local businesses retain jobs, build a better local economy, and strengthen Elk River’s attractiveness to new or expanding businesses. The cascade effect of strong local businesses leads to a more prosperous economy overall.
2. Attract New Businesses
New business development will grow the economy in Elk River and ensure that it remains a vibrant and prosperous community. New businesses will also build the City’s resilience, create new jobs, and grow the tax base.
Elk River EDA will attract new businesses by promoting the City’s location and infrastructure advantages, through positioning land for interested parties, and by utilizing targeted incentives.
3. 169 Redefine
Elk River economic developers will support businesses impacted by COVID-19 and capitalize on the opportunities stemming from the 169 Redefine project.
The 169 Redefine project is the redesign and reconstruction of three miles of Highway 169 to a new freeway system through Elk River between Highway 101/10 and 197th Avenue, Sherburne County. This project will upgrade the existing infrastructure, improve pedestrian safety and better the accessibility of the highway interchanges.
4. COVID Impacts
Elk River EDA will work to foster a robust economic recovery following negative impacts brought on by the pandemic. Elk River EDA will provide more technical assistance, reduce municipal, financial and procedural burdens on businesses, and communicate the availability of assistance from other parties.
The EDA will focus the Together Elk River program on local businesses to encourage shopping. The EDA will continue to provide information on evolving recovery funding programs that develop as a result of COVID-19.
Elk River Can Accomplish Anything When We Work Together
The Elk River EDA will continue to assist the community by making access to resources simpler, shining light on the needs of local businesses, and providing assistance in any way possible to those who need it. 2021 will prove to be a prosperous year for us all! To learn more about what Elk River is doing for the community, explore our website.