HomeMy WebLinkAboutItem 4
City of Lakeville
Community & Economic Development
Memorandum
To: Mayor and City Council
Economic Development Commission
From: David L. Olson, Community and Economic Development Director
Copy: Justin Miller, City Administrator
Kati Bachmayer, Economic Development Specialist
Craig Rapp, Rapp Consulting Group
Heather Johnston, Rapp Consulting Group
Date: December 6, 2019
Subject: Draft EDC Strategic Plan Summary 2020-2023
The EDC began the process of updating the Strategic Plan for Economic Development with a half day
work session on October 29 that was facilitated by Craig Rapp and Heather Johnston with Rapp
Consulting Group. The EDC held a second work session on November 26. These work sessions were
preceded by a Strengths, Weaknesses, Opportunities, and Threats (SWOT) survey completed by EDC
Members and City staff. The result of these work sessions is attached in the form of a one-page draft
summary.
The draft summary includes four strategic priorities that are very similar to the priorities that are
included in the 2017-2019 Strategic Plan. In addition to the strategic priorities, the summary also
includes Desired Outcomes, Key Outcome Indicators (KOI) and Targets. Mr. Rapp and Ms. Johnston
will present the draft summary to the City Council at the Work Session. EDC Members have also been
invited to attend the Work Session.
The Council is encouraged to provide input and ask questions regarding the draft summary. The EDC
will be reviewing the Council’s input and will attempt to finalize the new Strategic Plan at the January
28 Meeting. The Plan will be brought back to the City Council for consideration in February.
City of Lakeville Economic Development Strategic
Plan Summary 2020-2023
STRATEGIC
PRIORITY
DESIRED
OUTCOME
KEY OUTCOME
INDICATOR (KOI) TARGET STRATEGIC
INITIATIVES
Business Retention,
Expansion and
Diversification
Limit loss of
existing business
- Lakeville business
inventory
- Building permits
No net loss in businesses
January 2020-December
2023
Lakeville is the first
choice for
expansion
- Expansion and
relocation lists
90% of current businesses
expand in Lakeville rather
than relocate in 2020-2023
Diverse industry
base represented
in community
- Expansion and
relocation reports by
industry cluster
Increase of at least one
business in each cluster
annually
Maximize and
Market Our
Competitive Edge
Be the community
of choice
- Competitive data on
development
decisions
=/> ___ % wins each year of
qualified leads
Enhanced
recognition of
brand
- Contacts/ inquiries
that result in action
__% annual increase in
number of business inquiries
Advocacy for
infrastructure that
supports econ dev
- Infrastructure
projects related to
econ dev
EDC provides comment and
advocacy on identified
priority projects
Housing to Support
Economic Goals
Adequate housing
to support job
base
-__% jobs/resident
- workforce housing
units
Reduce gap in workforce
housing identified in Dakota
County CDA Housing Needs
Assessment by 2023
Housing that
stimulates
commercial
development
-Housing units in
target areas
-Commercial district
comparisons
_#_ units developed in
targeted commercial areas
by 2023
Policy guidance in
place to achieve
housing goals
-policy/development
alignment
CMU adopted by fall 2020
Workforce
Availability and
Utilization
Jobs match
existing skills
-Import/export
-Migration
__% of jobs performed by
Lakeville residents by ___
Job availability
matches demand
-Job openings
-Time to fill
=/< ___% vacancy rate in city,
reported annually
Clear pathway to a
career in Lakeville
-employer surveys
-applicant feedback
=/> __% report a career
pathways by 2023