Agenda - Economic Development Authority - 02/11/2021

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Economic Development Authority (EDA) Meeting Date: 02/11/2021 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development Title: Consider Renewal of Anoka County Regional Economic Development Partnership (ACRED) 4. 1. Purpose/Background: The purpose of this case is to consider a continued financial partnership in ACRED. The EDA will receive an update by Jacquel Hajder, Anoka County Economic Development Specialist. Anoka County Regional Economic Development Partnership - Anoka County along with its 21 communities, Connexus Energy and MetroNorth Chamber of Commerce have identified the need for a regional economic development focus. A research study was completed by a Consultant, Ady Advantage, in December 2017 (`the Study") for a market research analysis and evaluation of business opportunities, targets, and strategies for economic development within Anoka County. After a year of research, Ady provided a 200+page report with many goals and action steps to help the region grow to its full economic potential. The County hired an Economic Development Specialist (Jacquel Hajder) to tackle these goals and help many of the municipalities with their economic development needs/strategies. The City of Ramsey has entered into a Memorandum of Understanding (MOU) setting up a framework for participating entities, to further the goals of the economic development collaboration by: (a) outlining general objectives, (b) defining mutual responsibilities, and (c) setting goals, timelines, communication, and other details necessary to achieve the desired outcomes. The cost of this partnership to the City is $1,506.00 annually. Notification: N/A Observations/Alternatives: Jacquel Hajder, Anoka County Economic Development Specialist, will provide a brief presentation highlighting what ACRED worked on this past year and what is on the agenda moving forward. The City of Ramsey has worked closely with ACRED to market City owned properties on MNCAR, to process CARES Acts grants for Ramsey businesses, identify and submit site selection for regional RFP's, provide business leads, and participation with in -person and web based marketing activities highlighting the City of Ramsey and Anoka County. Staff believes that the continued investment of $1,506 is worthwhile and does not recommending opting out of the Voluntary Cost Share Agreement. Funding Source: Originally, the cost for cities in Anoka County was $0.057 per person of population which amounted to $1.506.00. However, this amount has not changed since its inception in 2018 and the cost for the upcoming year remains at $1,506 annually. The City has historically used the EDA Budget for this expense. Recommendation: