Annual Meeting Wrapup

Capital Campaign Update: Partnership, Progress, Prosperity

The Corridor’s goal for the current FY2021-FY2025 capital campaign was $3.5 million over five years, giving the organization an operating budget of $700,000 per year. Dalziel announced that the Corridor exceeded the goal:

• 88 investors for a five-year total of $3,583,013
• 46 Five-Year Pledges for $1,770,500
• 31 Economic Support investors at $355,930 per year
• 8 In-Kind Pledges

Corridor Progress

Dalziel updated investors on progress made on the four goals in the Corridor’s Case for Investment.

Goal 1: Business Retention, Expansion & Attraction

• 1 active Business Expansion project
• 5 active Business Attraction projects
• 76 small businesses assisted with federal, state and local COVID relief programs

Goal 2: Workforce & Housing

• Significant housing projects in all four counties, most recently a 64-unit apartment building in Estherville
• Investing in GetALakesLife.com
• Competitive program for service clubs
• Capturing of employer-specific recruitment videos
• Testing targeted digital advertising

Goal 3: Support for Entrepreneurs & High-Growth Businesses

• 57 entrepreneurs/startups assisted in the past year
• $150,000 grant from Iowa Economic Development Authority (IEDA) to build Startup Skillup

Goal 4: Organizational Development & Investor Relations

• Storytelling through the newsletter, monthly radio interviews in each county, press releases and blog posts

Board Recognition

After a recap of Corridor statistics, Board Chair Deb Satern thanked three former board members whose terms ended June 2020:

•  Penny Clayton, City of Estherville, served from July 2014 to June 2020
• Sean Sherrod, Polaris Industries, served from July 2016 to June 2020
• Jon Wilcke, MetaBank, served from July 2015 to June 2020

BEST of Iowa

Following the close of the official Annual Meeting agenda, Business Retention and Workforce Partnership Coordinator Joanne Follon gave an update on Business Expansion and Strategic Trends (BEST) of Iowa Interviews. So far this year, Follon has made 14 visits to businesses in the Corridor. These interviews give Corridor staff the chance to sit down and really listen to what existing businesses need and determine best routes to help. Some current business trends include increases in efficiency, increased use of technology, workforce needs and supply chain problems.

Speaker: Brian Miller, Plant Manager, Brownmed