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ARDEN HILLS EDA JOINT MEETING WITH EDC—JANUARY 26, 2015 3 EDC Commissioner Heikkila discussed a video that the Commission was working on. He explained that this professional video would be posted on the City's website for viewing in the near future. EDA Commissioner Holden asked if the EDC has received any feedback on the newly installed gateway signs. She believed that the signs were a great addition to the City and that the EDC played an important role with this project. EDC Commissioner Heikkila agreed that the signs are a positive statement for the City. EDA President Grant believed it was important to hear from area residents and local businesses on projects and activities. MOTION: EDA Commissioner McClung moved and EDA President Grant seconded a motion to approve the 2015 EDC Proposed Work Plan as presented. The motion carried unanimously (5-0). B. Business Retention Expansion Program Associate Planner Bachler stated that the Economic Development Commission Work Plan for 2014 included completing research on Business Retention and Expansion (BRE) programs and presenting recommendations to the EDA to gauge interest in developing a formal program. Over the course of the year, staff and the EDC discussed the role of a BRE program in the context of the City's economic development goals and how this type of program should be structured to ensure successful outcomes. Associate Planner Bachler indicated that retaining and facilitating the expansion of existing businesses is an important component of any city's strategic plan for economic development. Studies have shown that as much as 80 percent of new jobs are created by existing businesses rather than by new businesses attracted to a community. From a financial and staff-time perspective, focusing on the growth of existing businesses can be more efficient than enticing a new business to move into a community with public financing commitments or other public subsidies. BRE programs help address these broad economic development policies as well as the following specific goals: • Demonstrate to businesses that the community appreciates their presence. • Help existing businesses solve immediate problems. • Increase businesses' ability to compete in regional, national, and global markets. • Establish a strategic plan for economic development. • Build community capacity to sustain growth and development over the long term. Associate Planner Bachler stated that BRE programs are usually organized around a phased process of completing research, analyzing results and identifying issue areas, and implementing priority projects. Before this, however, the community needs to coalesce around a set of goals for