This Week in the Corridor
A financial lesson from a 19-year-old
Over the past 12 years, I've had two jobs. My daughter, Carson, has four this summer.

That's right, four jobs. Quatro trabajos. She works full-time at a resort, holds a pair of online gigs for her university and a local ag company, and once a week cares for a high-octane 4-year-old.

In business terms, we would say that Carson has multiple revenue streams. She's diversified. Should the college deal dry up or the toddler toddle off with another nanny, she'll still be able to pay the note on her new set of wheels.

The Iowa Lakes Corridor Development Corporation is trying to follow Carson's lead.

Last week's newsletter laid out the five principles framing our budget decisions in FY 2021. The fifth and final is that the Corridor "will continuously seek new partners and revenue sources with a goal that 33 percent or more of annual revenue will derive from fees for service, real estate, lending, grants, and other sources by FY 2025."

Historically, economic development organizations have relied on membership dues to fund operations. They ask and public- and private-sector partners deliver.

But some organizations change things up. Across the state and country, you will find economic development groups that own property, lend money, charge consulting fees, or sell advertising and job listings.

We've considered these options and more at the Corridor, but so far we've deferred. The reasons are multiple. First, we respect private business. With excellent landlords in the region, should we really build a warehouse and go in search of tenants? Is there a need for another lender, given that some of the state's best banks are headquartered here?

As for consulting fees, we believe every business person with a vision, from a kid opening to a body shop to a site selector searching out a 100,000 SF factory, should have ready access to information. That's a big part of what our investors are paying us to provide.

So, our services have remained free.

The unnerving aspect of our model is that we begin each new planning cycle at zero. That makes the new initiative or the strategic hire - particularly the strategic hire - risky. It also amplifies our vulnerability to economic downturns and political whims.

Our board has indicated that diversification is needed. It's now up to staff members to find new revenue. Over the next few years, we will search out areas where the Corridor's value proposition is suitably unique to warrant reasonable fees or commissions and assess other ways that we can prime the cash flow pump. In so doing, we will show respect and appreciation for our investing members who have been so consistently generous.
Featured Real Estate
Site: 4th Avenue West

Location: 4th Avenue West
Spencer, IA 51301
11 acres

Sale Price: $390,000
(in three parcels)

For more information visit the Corridor website!
Around the Corridor
Note: Walmart will be requiring shoppers to wear face coverings starting on Monday, July 20th. Read more.
Groundbreaking ceremony held for the new Storm Lake Early Elementary building

Members of the Storm Lake School Board broke ground at the new site of the Early Elementary Building located on the west end of town. Superintendent Dr. Stacey Cole is excited to see the project finally taking shape. The school is scheduled to open in the middle of the 2021-2022 School year.

The kids are alright

Iowa ranks in the top 10 for the well-being of children, according to the measures by the Annie E. Casey foundation. Emmet County has decreased the percentage of children living in poverty from a high of 21% in 2013 to 14% currently.

Home Base Iowa virtual Career Fair for veterans and spouses

Iowa businesses would like to discuss employment opportunities with you during the Home Base Iowa Virtual Career Fair on August 6th, 2020. They will have several businesses from across the state in attendance who are seeking to hire Veterans within their companies. 

Read more & Register
Iowa STEM Teachers Externships

You're invited to the 2020 STEM Teacher Externships Forum on Tuesday, July 21st from 8:30 am - 12:00 pm via Zoom. Learn about how teachers will be taking the experience back to their classrooms and much more. Use the link below to register.

Learn more & Register
Hooked on savings!

Don't miss Storm Lake's Ridiculous Days July 16th - July 18th. Prices are being slashed at your favorite local retail stores.
Board of Directors
Thank you to these individuals committed to economic development in our region by being apart of the Iowa Lakes Corridor
Susan Zulk
Spencer Hospital, Clay County
"Thanks to the Corridor investors and professional staff for providing valuable information to existing businesses to help them grow, while also working to secure leads and attract new companies to our region. I’m excited that the Corridor has identified a need for attracting a diverse population to our region, which will add new citizens with fresh ideas to our region and will enhance our labor pool."
Burlin Matthews
Clay County Board of Supervisors
"Prior to joining the Board I had very limited information on what the Corridor was doing for the four county region. It seemed to be an expensive organization to be investing in with limited information available. As a board member, I learned the Corridor is actively assisting each of the counties with a multitude of prospects, programs and ideas for ongoing economic development. It is an extremely wise investment for each of our counties and communities."
Investor Spotlight
Each week we want to feature and thank the businesses and individuals that have committed to economic development and growth in our communities. To learn more about these investors and others, visit our  Business Directory !
Graves Construction Co., Inc.
Sector: Engineering/Design & Construction
Location: Spencer
Description: Graves Construction is managed by a fourth generation of the Graves family and continues to focus on bridge and concrete box culvert projects primarily in the states of Iowa and South Dakota and farming interests in northwest Iowa.
Great Lakes Communication Corp.
Sector: Communications & Utilities
Location: Spencer
Description: Great Lakes Communication Corp. (GLCC), with headquarters in Spencer, IA, is a leading Iowa telecommunications company. GLCC is always on the leading edge of business technology, but what sets us apart is our commitment to quality. We remain accessible and accountable to our customers and we support the communities we service.
Jobs in the Iowa Lakes Corridor
Post your jobs where quality candidates are already looking:

See current job openings here.
Job Title
Custodial/Maintenance Worker
Extrusion Operator
Molder Operator
Business Development Manager

Pure Fishing
Pure Fishing

Questions? Want to be featured in next week's newsletter?
Contact the Iowa Lakes Corridor at ,
or call us at 712.264.3474.