Agenda - Economic Development Authority - 01/11/2024

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Economic Development Authority (EDA) Meeting Date: 01/11/2024 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development 4. 2. Title: Consider Renewal of MOU with Anoka County Regional Economic Development Partnership (ACRED) Purpose/Background: The purpose of this case is to consider a continued financial partnership in ACRED. The EDA will receive an update by Gregory Frahm -Gilles, Anoka County Economic Development Director. Anoka County Regional Economic Development Partnership - Anoka County along with its 21 communities, Connexus Energy and Metro North 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. Gregory Frahm -Gilles, Economic Development Director has been charged to tackle these goals and help many of the municipalities with their economic development needs/strategies. In 2019, the City of Ramsey 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. This MOU is expiring and the one-year renewal is attached to this case for consideration. The City entered into a VCSA lin 2022 that does not need to be renewed annually. In the event that the City no longer wishes to participate it simply needs to provide 30 days notice to opt out. The 2024 cost of the ACRED partnership to the City is $1,637.00 which is an increase of $11 dollars compared to last year. The increase is due to the increase in the Ramsey's population and is consistent with the executed VCSA formula. Notification: N/A Observations/Alternatives: Gregory Frahm -Gilles, Anoka County Economic Development Director, 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, 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. All 21 Anoka County cities have committed to this partnership in the past. Staff believes that the investment of $1,637.00 is worthwhile and does not recommend opting out of the Voluntary Cost Share Agreement. An invoice will be provided later in 2024 and the action below would provide a recommendation to the City Council to pay the future invoice in an amount not to exceed $1,637.00. Alternatives: 1) EDA recommend to the City Council a One Year Extension of the MOU with Anoka County Economic