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<br />will see success when earlier efforts are sustained, perfected and <br />streamlined. <br /> <br />. <br /> <br />Business Attraction <br /> <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 /> <br />far/v: Years 1-2 <br /> <br />20) Information Assembly and Readiness. <br /> <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 readily highlighted on the City's new business section of the <br />web page. <br /> <br />. <br /> <br />21) Network Development, <br /> <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 />shouid be the primary source of lead generation for the Arden H ills in <br />the near future (1-3 years). Leveraging these sources can occur in <br />two ways. The simplest is introductory meetings conducted by the <br />city's economic development staff with the leaders in those three <br />SOurces listed previously. City staff should have an entertainment <br /> <br />Strategic Plan for Economic Development Page 20 of 25 <br />Final Draft - Readv for Release Subject to Council Approval and Adoption <br /> <br />. <br />