Discover the Difference 2012 Annual Report for Greater Mankato Growth, Inc. With information included on: Greater Mankato Growth Greater Mankato Convention & Visitors Bureau, LLC City Center Partnership, LLC DiscoverSpotlight the on Difference Success Greater Mankato Growth, Inc. Major Milestones Dear Business Colleagues: Q4 2007 •Greater Mankato Growth, Inc. established through a merger of 2012 marked the fifth year of Greater Mankato Growth, Inc. Greater Mankato Chamber of Commerce and Greater Mankato Economic Development •Greater Mankato Convention & Visitors Bureau created as an In October 2007, our business community took the bold step of LLC of Greater Mankato Growth, Inc. merging the Greater Mankato Chamber of Commerce and Greater •Envision 2020 Implementation Team convened Mankato Economic Development Corporation to create a new 2008 integrated organizaiton - Greater Mankato Growth, Inc. At the same •City Center Business Association convened (predecessor to City Center Partnership) time, the Greater Mankato Convention & Visitors Bureau (now “Visit •Young Professionals program established Mankato”) was established as an LLC of Greater Mankato Growth, •1st Greater Mankato Campus & Community Fair with area Inc., to focus specifically on marketing the area as a visitor destination. colleges •Minnesota Valley Business Greater Mankato Growth Special In 2011 the City Center Partnership, LLC, which concentrates on the Section started with The Free Press development of our downtown, was also formally established as an 2009 LLC of Greater Mankato Growth, Inc. While these organizations are •1st Minnesota Marketplace for Entrepreneurs designed to operate with a sense of autonomy, by being organized •GMG Talent Initiatives receive MN Community Pride Award under the same corporate structure, we are able to provide better for Education and Lifelong Learning •1st Alive After 5 held by City Center Partnership and more efficient service to the business community and the •Regional Economic Development Alliance established marketplace. •GMG Talent Initiatives receive “Rockstars at Work” Next Generation Community Impact Award This Difference of our Organizations clearly delivers results. In the 2010 •GMG Board establishes new strategic framework focusing on pages that follow you will see details on our successes of 2012. And, Advancing Business for a Stronger Community because it’s our 5th year, to the right we have also highlighted the through eight areas of work major milestones since the creation of Greater Mankato Growth Inc. •1st Greater Mankato Day at the Capitol event •25th Greater Mankato Leadership Institute class graduated •Greater Mankato Elections website with online candidate While our three organizations do make an impact, we certainly profiles and bios launched cannot take all the credit for Greater Mankato’s overall economic •1st Tour of Manufacturing of South Central MN vitality. The Difference of our Markeptlace is what makes •1st Mankato Marathon by the Greater Mankato CVB Greater Mankato a place where busiensses and individuals can find 2011 •New GMG Membership Structure for 2012 developed, giving success. On pages 11 and 12, you will see concrete members a choice of benefits measureables of our economic success in 2012. •1st CityArt Walking Sculpture Tour by City Center Partnership •1st Alive After 5 held by City Center Partnership •City Center Partnership formally established as an LLC of Our Greater Mankato business community is a tremendous driver Greater Mankato Growth, Inc. of this marketplace’s success and the accomplishments of Greater •Greater Mankato Leadership Delegation (70 participants) Mankato Growth, Inc. Because of the Difference YOU Make, makes Inter-City Leadership Visit to Charlottesville, Virginia the next five years promise to bring even more successes in 2012 Advancing Business for a Stronger Community. •New Destination Marketing Strategy planning started by Greater Mankato Convention & Visitors Bureau Regards, •Greater Mankato Talent Supply & Demand Study released at Talent Symposium •New 3 Year Public Affairs strategy and investment announced •New enhanced greatermankato.com website, with new online property listing tool launched •Front Street Connectivity Plan initiated by City Center Partnership Gregory Kutcher, M.D. Jonathan G. Zierdt •1st Kiwanis Holiday Lights Parade organized by Greater Chair, Board of Directors President & CEO Mankato Young Professionals 1 Differencence of our Organizations Financial Performance Greater Mankato Growth, Inc.’s funding comes from business members (80%) and community partners (20%). The Greater Mankato Convention & Visitors Bureau is funded primarily through lodging taxes levied by the City of Mankato. The City Center Partnership receives funding from the cities of Mankato and North Mankato, as well as investing business partners. Each organization may receive additional funding through sponsorships and advertising. All three of our organizations take seriously their responsibility to serve as responsible stewards of the funds entrusted to us. Greater Manakto Growth, Inc. 2010 2011 2012* Assets $ 1,463,340 $ 1,390,359 $ 1,458,435 Liabilities $ 330,198 $ 361,274 $ 353,587 Greater Mankato Convention & Visitors Bureau, LLC 2010 2011 2012* Assets $ 346,385 $ 330,394 $ 318,640 Liabilities $ 33,543 $ 30,879 $ 22,494 City Center Partnership, LLC 2011 2012* Assets $ 163,349 $ 126,327 Liabilities $ 80,606 $ 67,869 *Pre-audited Existing Areas of Work Business Greater Mankato Growth offers programs and Support Civic services in eight strategic areas. The degree to which New Business Engagement each of these eight areas directly benefits each Growth individual business may vary. But all have a positive impact on your business and others by enhancing the economic vitality of our marketplace. Visitor Your Business Attraction & Promotion Servicing Business Community Talent Marketing Development Public Affairs 2 Difference of our Organizations Existing Business Support Greater Mankato Growth is dedicated to working with businesses throughout their development, providing services and information to drive business success and making them aware of the abundant amenities and activities available throughout our marketplace. • Up-to-date information for businesses provided through eNews, Minnesota Valley Business and the business area of our website greatermankatobusiness.com. • 55 existing business support visits made to area companies as part of the state-wide Grow Minnesota! program, with 13 of the companies visited completing, announcing or planning expansions. • 65 companies received direct business development assistance from the GMG business development team. 17 business development opportunities came to fruition, which were advanced with assistance from GMG. • Renewable Energy Supply Group that includes over 30 companies, met at participating company locations bi-monthly to encourage local supply chain activity and business expansion for all. • GMG hosted a variety of listening and input sessions for the new Chancellor of the Minnesota Colleges & Universities, the new DEED Commissioner and the Minnesota Public Utilities Commissioner and staff throughout the year. These sessions provided our businesses with the opportunity to provide direct feedback, input and recommendations to these key state leaders. • Greater Mankato Business Awards & Hall of Fame held in November, with businesses and individuals honored by Greater Mankato Growth and LLCs the Greater Mankato Convention & Visitors Bureau and City Center Partnership • 67 organizations marked major milestones (groundbreakings, expansions, new businesses, etc.), with participation from the Greater Mankato Growth Ambassadors. Business Awards & Hall of Fame Grow Minnesota Visits 3 Difference of our Organizations New Business Growth Greater Mankato Growth is committed to attracting and helping new businesses start and locate in our region, resulting in a stronger, increasingly diversified business climate. • Online resources continually enhanced to provide information to site selectors and businesses looking at site options for building or expansion. • 20 new business development prospects were responded to and provided with information by GMG about our marketplace. One prospect later announced their plans to develop a business in the region. • Area cities and counties continued collaborating through the Regional Economic Development Alliance (REDA), enabling GMG to position the marketplace collectively in the business development arena. • Effort started to capitalize on our unique combination of regional assets, including talent, community livability and business resources that are attractive to particular types of businesses. • Pipeline Report updated monthly to benchmark and track business expansion activity in the marketplace. • 141 businesses located or expanded in the Greater Mankato MSA resulting in an addition of 2.5M square feet (45/141 reported) and more than $224M in project costs (81/141 reported). • 43 entrepreneurs served through the Greater Mankato Business Accelerator, a program that connects new and emerging businesses with the resources they need to succeed, by working cooperatively with area organizations with services for entrepreneurs (501 clients served since 2006). • Collaborated with the University of Minnesota, Southern Minnesota Initiative Foundation, the Small Business Development Center and others to build and deliver Southern Minnesota Sourcelink, a tool that connects entrepreneurs to resources