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governmental and private sectors. Although the EDC recognizes this as a valuable • initiative, they have determined this to be a later priority. 16. Information Assembly and Readiness Having accurate and up to date information is critical for program success. The EDC recommends compiling and professionally presenting marketing information that can be easily distributed to prospective businesses. 17. Network Development The EDC has determined that the development of a strong, strategic network is essential for the marketing success of Arden Hills. The EDC is recommending that the City staff be provided with an entertainment budget to allow for active network development. 18. Joint Marketing Joint marketing is an effective means of promoting an area or region. The EDC is recommending reviewing and expanding its joint marketing opportunities with various organizations such as the Twin Cities Chamber and Visit Minneapolis North. 19. Individual Marketing Highly targeted marketing to pursue specific prospects is at times necessary. Although the EDC recognizes the value in this initiative, they have determined this J not to be a priority at this time. BUDGET Jb To facilitate the development and implementation of the above goals and objectives, the EDC has prepared a proposed cost estimate/budget associated with the plan (Attachment B). The budget provides for strategic implementation over a 5 year period. Although the Council is being asked to approve the Strategic Plan and proposed budget, it is recognized that 1) the budget is an estimate and will have to be incorporated into the City's annual budgeting process; 2) the City Council is not obligated to approve more than one year of the budget at a time, if at all; and 3) by approving the Strategic Plan and proposed budget, the City Council is not held to adopting the budget. As a means to finance these activities, the EDC is recommending that all fees collected as part of the business licensing program be redirected from the General Fund to the Economic Development Authority (EDA). Additional funding options that the Council may wish to consider include allocation from the General Fund or instituting an EDA levy. City of Arden Hills City Council Work Session June 18, 2007 IIMetro-inet.uslardenhillslPlanninglCommunity DevelopmentlCouncil Agenda]temSIEDC Strategic Plan Memo to Council 6-4-07.doc • Page 5 of 6