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The EDC views this initiative as a top priority and fully supports the PTRC's Parks, Trails and Recreation Plan. 11) Development Sites. As a land locked community, Arden Hills is rapidly running out of developable sites for consideration. This shifts the community's priorities from a development to a redevelopment nature. Due to development pressures in and around the community, single site redevelopments can and will most often be handled by market forces. However, we may have some tracts of land that are under or non- performing and convert them to a higher and better use is what we are talking about here. Arden Hills is at a point where master planning entire neighborhoods, retail districts, business parks and yes, the city center needs to move onto the public agenda. Through this process, a more proactive vision for the city can be implemented. Accomplishing this vision will require the city's participation in the development process through financing, incenting and negotiating key partners to participate in the process. The EDC views this initiative as a top priority and further defines the following areas as key redevelopment sites: The Red Fox/Gray Fox business/industrial area, the former City Hall site on CR 96, the Lexington and CR E business area, and the Chesapeake property in the Gateway Business District. • Business Retention Business development represents some of the core activities of any economic development program. Over time, the importance of a successful retention and expansion program has risen over that of the traditional attraction efforts. The most effective economic development dollars are those spent working with existing businesses since most of the economic growth in a community is the result of established businesses. Here are some activities recommended for Arden Hills. 12) Business Retention Program. Recent research on economic development effectiveness conducted by numerous resources has consistently emphasized that a business retention program focused on the base (those businesses that bring money into the community) and the largest companies is the most successful economic development strategy a community can design • and implement. The center piece of this program is the business Strategic Plan for Economic Development Page 10 of 20 \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\AH Strategic Plan-Final 5-16-07.doc