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Business Attraction <br /> Business attraction focuses on identifying companies from outside the area and enticing <br /> them to expand or relocate into a community. The goal is simple and straightforward; to <br /> secure new jobs and investment that off sets business closures. It is glamorous work, <br /> frequently commanding the most recognition of economic development efforts in the <br /> media. However, it is extremely expensive and it offers relatively low return on the <br /> economic 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 allocated <br /> toward business attraction, we would recommend that you focus more on response <br /> capacity than lead generation. With that in mind, here are some activities recommended <br /> for Arden Hills. <br /> 20) Information Assembly and Readiness. <br /> Having accurate and up to date information is critical for program success. Ther,&are <br /> two places where a community can obtain a competitive'advantage in economic <br /> development; with the accuracy of their data and the speed of their responses. We <br /> would recommend that focusing on this capacity be a higher emphasis,at this time as <br /> opposed to actively marketing the community. This information should be readily <br /> highlighted on the City's new business section of the web_page. <br /> 21) Network Development. <br /> The development of a strong, strategic network is essential for the near term marketing <br /> success of Arden Hills. A substantial amount of lead generation occurs from the State <br /> Department of Commerce. Lesser amounts of leads are generated from the utility <br /> company and others coe f <br /> mrom the development community These three sources <br /> should be the primary source of lead generation for the Arden Hills in the near future (1- <br /> 3 years). Leveraging these sources can occur in two ways. The simplest is <br /> introductory meetings conducted by the city's economic development staff with the <br /> leaders in those three sources listed previously. City staff should have an entertainment <br /> budget that allows them to take these people out for lunch or after business meetings as <br /> they develop relationships with these individuals. A more aggressive approach is to <br /> hold "Arden Hills Day" and to have these people into your community for a four hour tour <br /> and luncheon that Would be catered at City Hall. The goal here is to make sure that <br /> product knowledge and personal relationships are as strong as can be in order to have <br /> those people who influence investment decisions consider Arden Hills when <br /> opportunities arise in the future. <br /> 22) Incentive Policy. <br /> The community would be well served to draft an incentive policy guiding the productive <br /> use of incentives in Arden Hills. This should be conducted by the EDC in partnership <br /> with an outside consultant. As this document is completed it is then presented to <br /> council for approval and handed back to the EDC for implementation. Although it is a <br /> document in writing, it is critically important that the EDC and City Council understand <br /> that the incentive policy is a fluid document open for interpretation on a project by project <br /> basis. <br /> Working Copy— Not for Circulation 7 <br />