Agenda - Economic Development Authority - 04/11/2024

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4. 2. Economic Development Authority (EDA) Meeting Date: 04/11/2024 Primary Strategic Plan Initiative: Promote economic growth and development. Title: Select 2024 Ramsey Business of the Year Purpose/Background: The purpose of this case is to select the 2024 Ramsey Business of the Year, an annual selection made by the EDA. The nomination letter and benefits for the 2024 Business of the Year winner are attached. The Ramsey Business of the Year is chosen from a list of 3-6 nominees (known as the "small list"). The purpose of the small list is to narrow down the voting / analysis process to a smaller pool of nominees for efficiency. The "small list" of candidates is derived from a "large list." Nominees are asked to answer a set of questions that demonstrate their exemplary standing in each of these four categories: • Length of tenure in the City of Ramsey • Number of employees / job creation • Community involvement • Innovation and uniqueness Both the 'small' and 'large' lists are attached. Notification: None required Time Frame/Observations/Alternatives: We have updated the responses from all five nominees, each with their own areas of excellence. The City of Ramsey is fortunate to have many great nominees for 2024 Business of the Year. The EDA should review the responses and select a 2024 Business of the Year. The nominees that have completed questionnaires include (years on the short list): Dynamic Group (8) Global Glove (3) Intech (1) Martin Marietta (1) (Formerly Commercial Asphalt / Barton Sand and Gravel) RM Golf Carts (1) *It should be noted that MultiSource Manufacturing was moved from the "Large List" to the "Short list" for 2024. Staff reached out to them to get a questionnaire filled out for consideration this year. MultiSource Manufacturing communicated that they appreciated the nomination but are unable to complete a questionnaire and participate for the 2024 selection. Their complete response is included on the questionnaire summary document attached to this case. Staff recommends that we keep MultiSource Manufacturing on the "Short list" for 2025. Each business has its own merits and reasons that it could be selected as the 2024 Business of the Year. The EDA also has the discretion to move businesses up from the Large List to the Small List and to add others to the large list for consideration in future years. Based on the 46,000 expansion by Soderholm and Associates / Water Control Systems and 2024 being their 50th anniversary, Staff recommends that they be added to the Large or Short list for future consideration.