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Although the EDC recognizes the value in this initiative, we have <br /> determined this to be a later priority. <br /> Business Retention activities are additive events, i.e., they do not <br /> terminate quickly. Later year implementation of these new priorities <br /> will see success when earlier efforts are sustained, perfected and <br /> streamlined. <br /> Business Attraction <br /> Business attraction focuses on identifying companies from outside the area <br /> and enticing them to expand or relocate into a community. The goal is <br /> simple and straightforward; to secure new jobs and investment that off sets <br /> business closures. It is glamorous work, frequently commanding the most <br /> recognition of economic development efforts in the media. However, it is <br /> extremely expensive and it offers relatively low return on the economic <br /> development dollar. Since Arden Hills has not spent a great deal of time in <br /> this area, is just now considering an attraction effort and has little budget <br /> allocated toward business attraction, we would recommend that you focus • <br /> more on response capacity than lead generation. With that in mind, here are <br /> some activities recommended for Arden Hills. <br /> 16) Information Assembly and Readiness. <br /> Having accurate and up to date information is critical for program <br /> success. There are two places where a community can obtain a <br /> competitive advantage in economic development; with the accuracy of <br /> their data and the speed of their responses. We would recommend <br /> that focusing on this capacity be a higher emphasis at this time as <br /> opposed to actively marketing the community. This information <br /> should be compiled and attractively packaged in a marketing folder <br /> that can be easily distributed. <br /> 17) Network Development. <br /> The development of a strong, strategic network is essential for the <br /> near term marketing success of Arden Hills. A substantial amount of <br /> lead generation occurs from the State Department of Commerce. <br /> Lesser amounts of leads are generated from the utility company and <br /> others come from the development community. These three sources <br /> should be the primary source of lead generation for the Arden Hills in <br /> the near future (1-3 years). Leveraging these sources can occur in <br /> Strategic Plan for Economic Development Page 12 of 20 <br /> \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\AH Strategic Plan-Final 5-16-07.doc <br />