Mountain Iron Economic Development Strategy

1
Mountain Iron Economic Development Strategy

• Vision Review
• Planners Assessment Review
• Section Summaries and Actions
• Summary of April 15, 2009 EDA Meeting

2
Vision Statement

• The Mountain Iron EDA will improve the quality of
  life for city residents by providing an
  attractive business environment and an attractive
  place to live
• The EDA leads the Citys efforts to provide
  quality commercial, industrial, and residential
  development and
• Mountain Iron will be a recognized leader in
  renewable and green energy production and
  development of supporting industries.

3
Vision Statement

• (1) Declares purpose of EDA to improve
  opportunities for the Citys residents and
  businesses.
• (2) Reasserts existing mission to lead Citys
  efforts in business and residential development.
• (3) Highlights future direction and goals for
  leadership in the emerging renewable and green
  energy industry.

4
Planners Assessment

• The Mtn. Iron EDA has been a positive, proactive
  force in guiding local economic development
  efforts.
• The City has successfully employed an assortment
  of direct and indirect business assistance
  activities and economic development programs and
  policies.
• The City continues to successfully leverage
  assistance from state and regional funding
  programs.
• The City has been positioning itself as a leader
  in the renewable energy industry through a
  variety of projects, programs, and marketing.
  This strategy is very close to delivering some
  high profile projects for the City. The City
  should continue this strategy.
• The EDA is leading the Citys efforts in housing
  development. The EDA needs to review its housing
  efforts to consider addressing quality affordable
  workforce housing.
• The EDA needs to expand its efforts in assisting
  existing businesses.

5
Housing

• Range Readiness estimates 150-200 new housing
  units will be needed in the Quad Cities region in
  next 5 years.
• Entry level home is around 125 K
• Moderate level home is 125-175 K

6
Housing

• ARDC will complete a local and Quad Cities
  jobs/housing balance analysis.
• Jobs/housing balance analysis compares number of
  jobs in community v. number of housing units.
• Combine this with Range Readiness Assessment to
  judge local housing market.

7
Housing Recommendation

• Authority and City Staff should meet with Range
  Readiness Housing Expeditor to discuss
  partnerships to develop mixed workforce housing
  and market rate housing projects.

8
Range Readiness
9
Existing Business Recommendations

• Many of the Authoritys current programs and
  policies can be applied to assist existing
  businesses.
• Authority should develop and conduct local
  business survey to assess plans for changes or
  expansions, attitudes toward local govt, business
  needs in infrastructure, workforce, and other
  local factors, and general profiles.
• ARDC will create survey outline.

10
Land Inventory Recommendations

• Inventory will use Laurentian GIS Collaborative
  data.
• Plan will include base map and inventory list.
• City will be able to update information and make
  project specific maps using Laurentian GIS portal.

11
Land Price Schedule

• EDA currently uses a land price schedule as a
  reference
• Reevaluate use of schedule
• Update to 2009 and update regularly after that.
• Consider discarding schedule and selling land
  based on appraised value.

12
Existing Land Schedule
13
Performance Measures

• Criteria for Selecting Successful Indicators
• Validity well grounded in sound data and
  accurately depicts a real situation
• Relevance appropriate for an important to the
  community's important issues
• Consistency and reliability data can be
  researched reliably over a period of time
• Measurability data can be obtained for the
  community
• Clarity unambiguous understandable by a diverse
  group of people
• Comprehensiveness represent many parts of an
  issue and reduces the need for an excessive
  number of indicators
• Cost-effectiveness data collection is not overly
  expensive
• Attractiveness to the media the press is likely
  to embrace it

14
Performance Measures

• Measure Authoritys activities
• Number, type, and funding amount Authority
  investments or assistance
• Amount of proposed and actual private sector
  investment leveraged by Authority funds or
  assistance.
• Amount of proposed and actual public sector
  investment leverage by Authority funds or
  assistance.
• Number of proposed and actual jobs created and
  retained as a result of Authority investment or
  assistance.

15
Performance Measures

• Measure non-Authority activities
• Approximate number, type, and amount of state and
  federal funding related to general EDS priorities
• Approximate amount of private and public sector
  funding leveraged as a result of state and
  federal funding related to general EDS priorities
• Approximate number of jobs created and retained
  as a result of state and federal funding related
  to EDS priorities

16
Performance Measures

• Measure general demographic and economic data.
• Positive changes in unemployment rates, median
  household income, and population and household
  numbers will be the primary indicators.
• Information on major layoff and job creation
  actions will be reported.

17
Next Steps

• ARDC will write a draft document with draft land
  inventory and map.