HomeMy WebLinkAboutItem 4City of Lakeville
Community & Economic Development
Memorandum
To: Economic Development Commission
From: David Olson, Community and Economic Development Director
Copy: Justin Miller, City Administrator
Kati Bachmayer, Economic Development Specialist
Date: January 28, 2020
Subject: Strategic Plan Summary 2020-2023
Attached is the one-page summary of the 2020-2023 Strategic Plan for Economic Development as
prepared by Rapp and Associates. The following four Strategic Priorities for the Draft 2020-2023 Plan
were discussed and agreed to by EDC Members at the November 26 Work Session and the City
Council at their December 9 Work Session:
• Business Retention, Expansion and Diversification
• Maximize and Market Our Competitive Edge
• Housing to Support Economic Goals
• Workforce Availability and Utilization
Since the November EDC and December City Council Work Sessions, City staff and Rapp and
Associates staff have worked together to develop draft Desired Outcomes, Key Outcome Indicators,
Targets, and Strategic Initiatives for each of the proposed Strategic Priorities listed above. This one-
page summary will become the framework for the new Strategic Plan. Staff is requesting that the EDC
members discuss and indicate whether they concur with the Draft Summary.
Once a majority of EDC Members indicate they concur with the draft summary, the plan is to bring the
full 2020-2023 Strategic Plan for Economic Development back to the EDC at the February 25 meeting.
Upon receiving a formal recommendation from the EDC, the Plan would be forwarded to the City
Council for approval in March.
Action Requested: Provide comments and recommendations on the Draft 2020-2023 Strategic Plan
Summary.
Lakeville Economic Development Commission
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
a) Create business retention
program w/ Chamber/CVB
b) Establish a Lakeville
business expansion program
c) Develop a business cluster
strategy
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 - Expansion and
relocation reports by
industry cluster
Increase of at least one
business in each industry
cluster annually
Maximize and
Market Our
Competitive Edge
Be the community of
choice
- Competitive data
on development
decisions (win %)
=/> ___ % wins each year of
qualified leads on 3 high
priority nodes/clusters
a) Develop & enhance data
analytics capacity and
capabilities
b) Refresh business
marketing & branding
strategy
c) Establish a benchmark
comparison system
Enhanced recognition
of brand
- Contacts/ inquiries
that result in action
-Click /conversion
rate
=/>__% can articulate brand
elements/qualities
Infrastructure that
leverages economic
development
- Infrastructure
projects
programmed in CIP
EDC priority infrastructure
projects are programmed
in 2020-23
Housing to Support
Economic Goals
Adequate housing to
support job base
-__% jobs/resident
- workforce housing
units
Reduce workforce housing
gap identified in Dakota
County CDA Housing Needs
Assessment by 2023 by _%
a) Coordinate economic
development efforts related
to CMU process
b) Articulate objectives for
workforce housing
c) Facilitate housing barrier
removal
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
Corridor Mixed Use
designation adopted by fall
2020
Workforce
Availability and
Utilization
Existing jobs match
skills available
-Import/export
-Migration
__% of jobs performed by
Lakeville residents by ___
a) Collaborate with Lakeville
Works initiatives
b) Review City programs and
policies for consistency with
workforce housing
requirements
c) Align efforts with higher ed
providers
Job availability
matches demand
-Job openings
-Time to fill
=/< ___% job vacancy rate in
city, reported annually