2018-2019 REDA Annual Review

REGIONAL ECONOMIC DEVELOPMENT ALLIANCE

ANNUAL REVIEW

2 0 1 8 -2 0 1 9

INDIVIDUAL REGIONAL STRENGTHS S U CCESS

Individual Strengths.

Regional Success.

CONTENTS INTRO DUCTIO N LETTER

04 THE TEAM

05 PA RTNERS

06 K E Y S U CC E SS E S

07 ECO NOMIC LA NDSCA P E

08-09 ST R AT E G I C AC T I V I T I E S

1 0 -1 1 R E G I O N A L M A R K E T P L AC E P R O M OT I O N S

1 2 -1 5

N o te: Al l i nfor mation p resented in th is repo r t i s fo r th e pe r i od of July 1, 2018 - Jul y 3 0, 2 019 u n les s oth e r w ise noted.

OBJECTIVE To retain and grow the primary economic base of the Greater Mankato Regional Marketplace through business retention, new enterprise, emerging business development and new business development.

PURPOSE It has become broadly accepted, embraced and understood that economic prosperity and activities do not stop at jurisdictional boundaries. Rather our economic and community prosperity lies in the success of our collective and immediate marketplace.

For this reason, the parties wish to facilitate economic development of the communities that make up the greater Mankato regional marketplace. This endeavor will offer a “forum to strategically facilitate regional assets and opportunities” for the purpose of business development, and will enable us to enhance and develop our future economic prosperity.

GUIDING PRINCIPLES • Economic prosperity

• Direct technical assistance

• Atmosphere of cooperation

• Efficient and effective delivery

• Unique strengths and characteristics

• Supportive Actions

4

LETTER OF INTRODUCTION The Regional Economic Development Alliance (REDA) of local elected officials, business leaders and Greater Mankato Growth staff is a true collective working toward a common vision. This marks ten years of successful collaboration between our partners, who utilize individual strengths to work toward regional objectives. I hope you agree; this is a true testament to this region’s ability to remain vibrant, prosperous and diverse.

Our unique regional model utilizing REDA for outreach has been attracting attention throughout the state and beyond. We are extremely fortunate to have engaged partners at our table for this level of collaboration. For this, thanks are extended to each of our partners for their ongoing willingness to work together to continue to grow our regional economy and strengthen the appeal of south-central Minnesota as a prosperous economic center.

The latest renewal of our Joint Services Agreement has been refined to more accurately reflect the operations of our alliance. Additionally, it will also allow marketplace enhancements as the Advisory Committee identifies and prioritizes special projects and opportunities going forward.

This annual report highlights the ongoing prosperity of the Greater Mankato region. A shining example of this is our job growth which continues on an upward trend, despite workforce challenges that are facing every economic region. Addressing this need remains a priority for the Greater Mankato Growth, Inc. Board of Directors as they strive to support all the REDA partners.

Within this annual report you will find the metrics measuring our regional economy as we continue to grow together. You will see examples of the work Greater Mankato Growth has completed on behalf of, for and in cooperation with our partners. The robust marketing efforts being utilized in direct outreach and through the digital campaigns presenting our region are also featured for review.

Please take this as an opportunity to celebrate the continued successes of REDA as we set the stage for the next decade of growth for our regional economic center!

Mark Dehen Chair, Regional Economic Development Alliance

Bob Hoffman Interim CEO, Greater Mankato Growth, Inc.

5

THE TEAM

At Greater Mankato Growth, we work for all of the participating communities of the Regional Economic Development Alliance every day. Think of the staff listed here as an extension of the participating communities, additional staff that are experts in the niche of economic development. They work to provide data, connect resources and retain and attract vital businesses across the region. Because the staff works with many communities, businesses and organizations, they have a pulse on what is happening across the marketplace and can leverage resources and knowledge for the benefit of all.

Affiliated staff members contribute to Regional Economic Development Alliance and participate on an as-needed basis with the group.

J oh n Co n s i d i n e I II

B r i dget N o r land

Ji m Santo r i

AFFILIATED STAFF

AFFILIATED STAFF

IN HONOR OF OUR FRIEND, MENTOR & COLLEAGUE

Pa t r i c k B a ke r

Sam Z i eg ler

Jo nat han G . Zie rdt

Director of Regional Business Intelligence

Vice President and Director of Government & Institutional Affairs

Director of Marketing & Communications

Director of GreenSeam

Business Development Director

Former President & CEO, Greater Mankato Growth, Inc. August 18, 1966 - March 27, 2019

6

PARTNERS Regional Economic Development Alliance has been comprised of five cities and two counties with Greater Mankato Growth serving as the facilitator. All partners and representatives are committed to serving all of the cities in the Mankato - North Mankato Metropolitan Statistical Area (MSA).

Ad v i s or y Com mit tee CHAIR: Mark Dehen VICE CHAIR: Jessica Hatanpa President & CEO: Jonathan Zierdt Interim CEO: Bob Hoffman

M A N K ATO

Elected Official: Jessica Hatanpa, Council Member Staff Representative: Pat Hentges, City Manager Affiliated Staff: Paul Vogel, Director of Community Development Kristin Prososki, Economic Development Specialist

EAGLE LA KE

LA KE C RYSTA L

Elected Official: Jim Beal, EDA Commissioner Staff Representative: Jennifer Bromeland, City Administrator

Elected Official: Brad Ahrenstorff, Mayor Staff Representative: Taylor Gronau, City Administrator

N ORTH MA NKATO

SAINT PETER

Elected Official: Mark Dehen, Mayor Staff Representative: John Harrenstein, City Administrator Affiliated Staff: Mike Fischer, City Planner

Elected Official: John Kvamme, Council Member Staff Representative: Todd Prafke, City Administrator Affiliated Staff: Russ Wille, Director of Community Development

BL UE E A RT H COUN T Y

N I CO LLET CO UNTY

Elected Official: Mark Piepho, Commissioner Staff Representative: Bob Meyer, County Administrator

Elected Official: Jack Kolars, Commissioner Staff Representative: Ryan Krosch, County Administrator

Region Nine Development Commission serves as a regional liaison.

Regional Econom ic Develo p men t A llia n ce A n n u a l Review

7

KEY SUCCESSES

171

GREATERMANKATOBLOG.COM RECEIVED

VISITS TO EXISTING & NEW BUSINESSES

+442

43

NEW BUSINESS CONTACTS (RFPS, NEW TO MARKET, PROSPECTS)

13,072 PAGEVIEWS

NEW JOBS IN THE MSA FROM 2017-2018

5 SITE VISITS BY DEVELOPERS

OR BUSINESSES CONSIDERING INVESTMENTS WITHIN THE REGION

11.5% - 2ND HIGHEST JOB

21.1% - 3RD HIGHEST GDP

GROWTH OVER THE LAST 8 YEARS (AMONG METROS OF SIMILAR SIZE)

GROWTH OVER THE LAST 8 YEARS (AMONG METROS OF SIMILAR SIZE)

CONFIRMED NORTH MANKATO SHOVEL-READY SITE WAS A FINALIST FOR A FORTUNE 100

86

- ATTENDANCE HIGH IN THE LAST YEAR AT ONE MILLION CUPS

DATA CENTER

89 JOBS

CREATED TO DATE BY ASSISTING FEDERATED INSURANCE IN ACQUISITION OF FORMER VERIZON CALL CENTER (200 PROJECTED)

2.53% PER CAPITA PERSONAL

INCOME GROWTH RATE FROM 2016-2017 (U.S. AVG.)

PROMOTED THE ONE MILLION CUPS ENTREPRENEURIAL EVENT ON RADIO, POSTERS IN AREA BUSINESSES AND BLOG POSTS, RESULTING IN 166%

3 COMMUNITIES REVIEWED FOR BUILDING VACANCY (MANKATO, NORTH MANKATO AND SAINT PETER)

INCREASE IN ATTENDANCE

107

NEW BUILDING & RENOVATION PROJECTS

8 For more critical business information, follow Business Development on our blog:

ECONOMIC LANDSCAPE

greatermankatoblog.com

Featured in the Mankato Free Press 'Meet Your Area Business People' Insert

Comparing Greater Mankato to Similar Metros

METROPOLITAN AREA

2018

Sumter, SC Metro Area

106,512

Sebring, FL Metro Area

105,424

Decatur, IL Metro Area

104,712

Bay City, MI Metro Area

103,923

reater Mankato Growth regularly reviews economic metrics which provide insight into the region’s economic performance. To gain more valuable understanding, it is helpful to have context of how the Greater Mankato region (comprised of Blue Earth and Nicollet Counties) is performing compared to similar metropolitan areas.

Fond du Lac, WI Metro Area

103,066

Gettysburg, PA Metro Area

102,811

Ithaca, NY Metro Area

102,793

Lima, OH Metro Area

102,663

Gadsden, AL Metro Area

102,501

Grand Forks, ND-MN Metro Area

102,299

Greater Mankato, MN Metro Area

101,647

But which metropolitan areas are appropriate for such a comparison? There are two obvious choices: those with a similar population and those with a similar geography (upper Midwest: Minnesota, North Dakota, South Dakota, Iowa and Wisconsin). The third set of similar metros Greater Mankato Growth regularly conducts a comparison analysis is of those metros who have a similar percentage of 18-24 year olds. The five postsecondary institutions in the region create a concentration of “college age” residents that have a significant impact in several ways on our economy.

Victoria, TX Metro Area

99,619

Hot Springs, AR Metro Area

99,154

Cheyenne, WY Metro Area

98,976

Fairbanks, AK Metro Area

98,971

Ames, IA Metro Area

98,105

Manhattan, KS Metro Area

97,980

Rome, GA Metro Area

97,927

Cumberland, MD-WV Metro Area

97,915

Cape Girardeau, MO-IL Metro Area

96,982

Dubuque, IA Metro Area

96,854

G

Let’s take a closer look at one of these cohorts of metropolitan areas: those with a similar population of Greater Mankato (population: 101,647). For this comparison, we look at the ten metropolitan areas above and the ten just below the Mankato-North Mankato Metropolitan Statistical Area (MSA). We used the 2018 U.S. Census estimates to determine which metros have the closest population. The gray metropolitan areas are those just higher in population, while the red metropolitan areas are just below.

Since 2010, Greater Mankato grew by 4,802 residents.

That’s a growth rate of 4.96% over eight years. This is a testament to our region’s diverse economy. We experience sustainable and methodical growth, where other metropolitan areas are subject to the booms and busts of dominant industries. The 4.96% growth rate places Greater Mankato 6th in population growth among our cohort of 20 other metropolitan areas.

Our actual annual growth rate has varied from -0.28% to 0.98% over the last eight years. In the last three years it has outpaced even more in our cohort, making us the 2nd fastest growing metro.

Several of the comparable sized metros seem to be in decline. Five out of the ten metros with a population just higher than Greater Mankato have a negative growth rate. We’ll be passing them soon.

GROSS DOMESTIC PRODUCT Gross Domestic Product (GDP) is the value of products and services produced within a certain geography. It measures a region’s economic value and is a strong indicator of it’s economic health.

Greater Mankato has had the 3rd highest GDP growth compared to similar sized metropolitan areas since 2010.

Even in the last year, Greater Mankato’s economic value has increased by $123.8 million (2.7%). That is the 4th highest among similar sized metropolitan areas.

REAL GDP IN MILLIONS METROPOLITAN AREA

2010

2017

JOBS

10-17% GROWTH

2018

8 YR JOB GROWTH RATE

POPULATION

2018

(2010-18)

8 YR GROWTH RATE (2010-18)

Dubuque, IA

4,349.1

5,304.0

21.96%

60,700

9.37%

96,854

3.12%

Grand Forks, ND-MN

4,031.9

4,915.1

21.91%

55,800

4.89%

102,299

3.72%

Greater Mankato, MN

3,891.2

4,713.5

21.13%

58,200

11.49%

101,647

4.96%

Ames, IA

3,707.1

4,460.7

20.33%

53,500

14.32%

98,105

9.43%

Fond du Lac, WI

3,794.2

4,387.8

15.64%

48,700

8.22%

103,066

1.46%

Gettysburg, PA

2,675.0

2,998.8

12.10%

35,100

9.01%

102,811

1.32%

Victoria, TX

4,082.9

4,544.7

11.31%

41,900

6.62%

99,619

5.87%

Manhattan, KS

2,972.3

3,308.0

11.29%

42,600

3.90%

97,980

5.04%

Sumter, SC

3,028.4

3,367.5

11.20%

40,400

10.99%

106,512

-1.02%

Rome, GA

3,224.9

3,426.2

6.24%

41,500

7.24%

97,927

1.56%

Cape Girardeau, MO-IL

3,591.9

3,735.9

4.01%

44,800

2.05%

96,982

0.55%

Cheyenne, WY

4,638.3

4,819.8

3.91%

46,700

7.85%

98,976

7.31%

Ithaca, NY

4,346.2

4,390.9

1.03%

64,600

10.05%

102,793

1.05%

Gadsden, AL

2,610.8

2,606.2

-0.18%

38,000

7.95%

102,501

-1.87%

Hot Springs, AR

2,799.0

2,789.5

-0.34%

38,800

4.30%

99,154

3.21%

Cumberland, MD-WV

2,864.5

2,824.1

-1.41%

39,100

-1.76%

97,915

-5.07%

Sebring, FL

1,852.2

1,810.5

-2.25%

25,900

10.21%

105,424

6.88%

Fairbanks, AK

4,935.1

4,736.5

-4.02%

37,500

-3.35%

98,971

0.72%

Lima, OH

4,947.7

4,695.2

-5.10%

53,100

2.91%

102,663

-3.48%

Bay City, MI

3,012.8

2,851.2

-5.36%

35,400

-2.48%

103,923

-3.49%

Decatur, AL

4,969.7

4,653.9

-6.35%

55,600

4.51%

104,712

-5.48%

JOBS

ECONOMIC OUTLOOK

Another important metric to look at is job creation. From 2010 to 2018, Greater Mankato has had the 2nd highest job creation rate among similar sized metropolitan areas. The annual average rate of job growth among our counterparts has been 0.76% over the last eight years. Meanwhile, Greater Mankato’s average rate of growth is nearly double that at 1.37%.

Our region is in a unique economic position. Many metropolitan areas our size are struggling to grow and are under performing in key metrics. Because of Greater Mankato’s diverse economy, where no one industry comprises more than 18% of the economy, our sustainable and methodical growth makes us one of the safest bets.

by John F. Considine III, Director of Regional Business Intelligence, Greater Mankato Growth

STRATEGIC ACTIVITIES

Over the last year, Greater Mankato Growth staff represented and advocated for Regional Economic Development Alliance participants via these events, programs and initiatives. The following pages provide some highlights from the past year.

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In-depth meeting with Alumacraft & Saint Peter Offered to assist Eagle Lake on promoting the redevelopment of two parcels on Parkway Avenue Provided Lake Crystal EDA with the framework for an economic development plan Assisted the City of Mankato in the pursuit of a Child Care Grant from the Southern Minnesota Initiative Foundation Created an infographic to show the economic impact of City Art. Provided City of Mankato insights from a Business Walk for their Site Plan Review committee to review for Front Street Parking discussion Provided the City of Mankato with a letter of support to DEED for the Bridge Plaza redevelopment grant Connected the Free Press to the City of Mankato and other local experts on a story related to Opportunity Zones Provided the Cities of Mankato and North Mankato with a potential vendor for their procurement process if they wish to study pedestrian activity Provided REDA partners information on One Million Cups entrepreneurial program Completed vacancy inventories for the Cities of Mankato, North Mankato, and Saint Peter Assisted City of North Mankato in identifying vendors for an in-depth market analysis Attended Blue Earth County Mayors and Clerks meeting to connect with smaller communities, resulting in assistance to three communities Updated the REDA Partners Industrial Park land inventory Provided marketplace information specific to Saint Peter Participation in the recruitment of a hotel to Saint Peter Passed along financial resources for renewable energy to Saint Peter Passed along financial resources for housing to Saint Peter Worked with Nicollet County on their Comprehensive Plan update

REGIONAL WORK 1.

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Food Security Summit in Minneapolis Hosted community meet of Small Business Innovation Research program (SBIR) Inter-City Leadership Visit to Arkansas Presented to League of Minnesota Cities Conducted 15 MnDOT visits with manufacturers Planned to co-host a MN Supplier Match industry roundtable with the MN Chamber of Commerce Promoted the One Million Cups entrepreneurial monthly event on radio, posters in area businesses, and blog posts, resulting in 166% increase in attendance Met with Minnesota State University, Mankato College of Business to discuss workforce retention concepts Provided DEED with list of major employer companies for the new commissioner to meet Served as a judge for Minnesota State University, Mankato’s Big Idea’s Challenge Provided an introduction to a consultant representing a private equity group looking to invest with public partners on community projects including housing Promoted an entrepreneurial event hosted by the Center of Innovation and Entrepreneurship Provided marketplace information to Xcel Energy Inventoried tech companies within the region Attended Kauffmann Foundation conference on Innovation In the last year, provided marketplace insight to KEYC News 12 on the Greater Mankato area ten times Promoted the Mankato Area Foundation’s Vitality Fund during three business walks Compiled regional strategic plan for REDA Assisted in South Central College Strategic Planning Hosted visit from DEED Commissioner Steve Grove and community leaders Attended South Central Business Development Network meetings each month Record attendance at March One Million Cups event (86) Tour of Manufacturing - elevated the profile of manufacturing across the marketplace, held each October with record participation

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Hosted a community meeting for Federated Insurance Attended Minnesota Ventures Conference Assisted developer in concept of hospitality industry Met with Landline Company and provided marketplace insight to their strategic investment Surveyed area travel agents for Sun Country airlines to get market insight on local travel patterns Confirmed North Mankato shovel ready site was a finalist for a Fortune 100 data center. This was Project Pine, which began in 2016 and landed January 2019 in Becker, Minnesota.

Referred Southern Minnesota Inspection to the Small Business Development Center for marketing and growth courses in business planning Met with American Engineering Testing to discuss business development resources with a focus on workforce development Coordinated ribbon cutting for Federated Insurance new facility with the City of Mankato Met with area nonprofits at a Clove meeting to present Greater Mankato Growth Assisted new daycare in exploring Opportunity Zone funding Assisted Mico with a letter of support for an international business transaction Provided Coldwell Banker Fisher Group employment growth information Assisted a solar garden developer, in connecting to resources and provided critical business information Project Film – RFI for a specialty plastics firm Awards and Accolades rack cards Met with Coloplast and provided workforce recruitment strategies which were implemented Provided a manufacturing service provider valuable connections within the marketplace Connected an entrepreneur to a mentor for building their business Assisted an entrepreneur with critical business information for starting a new book store Provided connections to a landscaping and winter services business RFP from local DEED representative for 100k sq. ft. warehouse Met with Senneca Holdings to provide critical business information and contacts for the landing in Mankato Provided area employer wage scales for the Greater Mankato area Provided wage information to existing manufacturer investing into a new site Assisted area manufacturing owner in acquisition of business, which was covered in Forbes Assisted entrepreneur in connecting to area resources including the Small Business Development Center Assisted major employer by providing area wage information for future hiring Provided letter of support for Gateway West Development Connected young entrepreneurs to the Small Business Development Center Involved with SelectUSA Familiarization (FAM) Tour in Chicago, IL with DEED Presented numerous RFPS from Community Venture Netowrk (CVN) Attended number of OZ presentations and updates Gave tours to CVN president and investors from the Cities Participated in Minnesota Marketing Partnership events and plans Assistance to a Metalworking firm locating in Saint Peter Assistance to the Food Co-Op in Saint Peter

Greater Mankato Growth's John Considine with Consulates General of Mexico and Spain at the Familiarization Tour in Chicago.

12

REGIONAL MARKETPLACE PROMOTION The Greater Mankato Growth Marketing staff and the Business Development staff work together like a well-oiled machine – making sure we continue to communicate the most accurate and timely economic development information, relevant to the alliance partners as well as our entire region.

Given the annual website statistics on the opposing page, we see that our business and economic development content remains viable and sought after. The word is spreading!

Our viewers and colleagues trust and depend on us to provide employment numbers, business updates and assets, as well as many other metrics and newsworthy accolades.

They are finding the information they seek, resulting in return visits and an increased number of users.

G R E ATER M A NK ATO G ROW TH BLOG :

60

BUSINESS DEVELOPMENT BLOG POSTS

13,072 PAGEVIEWS

7,697 USERS

"Mankato offers the Southern Minnesota culture and charm we love! The city also has a strong focus on community engagement and involvement, which was important to us."

- Julie Rethemeier Federated Insurance

13 WEBSITE STATISTICS GRE ATER M ANK ATO GROW TH WEBSITE:

287,406 PAGEVIEWS

149,059

100,086 USERS

SESSIONS

GREENSE A M WEBSITE:

9,733 SESSIONS

22,161 PAGEVIEWS

7,014 USERS

MORE M ANK ATO WEBSITE:

61,580 PAGEVIEWS

38,098 USERS

INDUSTRY CLUSTER RECRUITMENT This campaign uses ads on LinkedIn that include a clickable video screenshot or a series of photos in a carousel format. This fairly-new format allows multiple photos to be showcased which helps to improve the post's engagement rates. This campaign will continue throughout the end of the year with more topics that highlight our region, including clean energy, quality of life, entrepreneur-friendliness and more.

All of these ads are close to or exceed the LinkedIn average click-through rate of 0.26%.

VIDEO #1 Run Dates: May 1 - May 30, 2019 Impressions: 8,902 Clicks: 20

CTR: 0.25%

YOUNG PROFESSIONALS Run Dates: May 15 - June 15, 2019 Impressions: 2,895 Clicks: 95

CTR: 3.28%

FIBER NETWORKS Run Dates: June 1 - June 30, 2019 Impressions: 9,937 Clicks: 20

CTR: 0.20%

LABOR FORCE Run Dates: June 15 - July 15, 2019 Impressions: 10,992 Clicks: 50

CTR: 0.45%

VIDEO #2 Run Dates: July 1 - July 30, 2019 Impressions: 7,830 Clicks: 71

CTR: 0.91%

DIVERSITY Run Dates: July 15 - Aug. 15, 2019 Impressions: 6,328 Clicks: 35

CTR: 0.28%

15 ADVERTISING MARKETING

Is your business growing?

DIRECTLY ROOTED IN THE GREENSEAM GREATER MANKATO, MINNESOTA More than 800 Ag-Related Businesses More than $10 BILLION Value Added Explore the variety of ag-related businesses by visiting greenseam.org/business-directory

#1 COMMUNITY

LEADING MINNESOTA IN JOB GROWTH

GREATER MANKATO

Greater Mankato Growth can provide you the most recent wage data, demographic reports and resource guidance to help you invest with confidence.

>> 26,000 College Students >> YOUNGEST County in Minnesota >> More than $0.5 BILLION in Capital Investment GreenSeam, LLC is a business unit of Greater Mankato Growth, Inc.

THRIVING IN THE NORTH

Advertisement placed on page 47 in Minnesota’s ‘Thriving in the North’ annual publication.

greatermankatobusiness.com

SITE SELECTOR MAGAZINE

Advertisement placed in the February 2019 issue.

FREE PRESS

Advertisement placed in the Mankato Free Press 'Meet Your Area Business People' insert.

Contact John Considine (the “RBI Guy”) Director of Regional Business Intelligence at jconsidine@greatermankato.com 507.385.6640

CURRENT PUBLICATIONS Many print and digital marketing pieces are used to promote the region's assets. These tools are utilized by area realtors, developers and businesses for everything from employee retention and recruitment to attracting national retailers.

STRATEGIC PLAN FOR ECONOMIC DEVELOPMENT

Compilation of all the strategic plans for our REDA partners aggregating the regional impacts while highlighting specific differentiations of each community. This was presented to regional site consultants and was integral to the June 2019 Select USA meeting in Washington with global investors.

greatermankatobusiness.com

Information you need to

INVEST with CONFIDENCE

Mankato • North Mankato 2019

city center marketplace analysis

greater ma n ka to b u s in es s .co m

CITY CENTER MARKETPLACE ANALYSIS

City Center Mankato has attracted significant investment in the past decade. This marketplace analysis has been shared with numerous City Center businesses on "Business Walks."

Compiled and created by Greater Mankato Growth Published: September 2019 greatermankatobusiness.com