Agenda - Economic Development Authority - 02/14/2013

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PROGRAM STRUCTURE Why does the City have a retention and expansion program? Businesses pay a large portion of local property taxes, provide full time permanent jobs (with benefits), create wealth, support local nonprofit organizations and raise the standard of living for Ramsey residents. Therefore, businesses play a crucial role in the success of the City of Ramsey. A properly executed business retention and expansion program is a critical component of retaining and expanding businesses located in Ramsey. Outcomes of a successful businesses retention and expansion program include: establishing strong relationships, developing an open line of communication, expressing appreciation and most importantly creating trust. A business that trusts and respects the City of Ramsey is significantly more likely to remain located (or consider expansion) in Ramsey than a business that does not have trust or respect for the City. What is a business retention and expansion program? A business retention and expansion program is a systematic method of developing and maintaining relationships with businesses located in the City of Ramsey. Once every two years, the City of Ramsey visits with representatives of local businesses; known as a business visit. Typically, visits included 1-2 Staff members and 1-3 business representatives. Business representatives are provided with an opportunity to express concerns or questions they have regarding the City, Staff conducts an informal interview (see Appendix A), both parties review newsworthy items and most visits end with a tour of a businesses' operations. Commonly, business visits result in: • An improved relationship between the City and a particular business • A list of inquiries and suggestions a business may have regarding the City • The City attaining valuable business data • Identification of prospect expansion leads 2012 Business Retention & Expansion Program Page 2 of 12