This Week in the Corridor
Principled financial management
The Iowa Lakes Corridor Development Corporation’s new 5-year plan, Partnership, Progress, Prosperity: FY 2021-2025, could best be described with a bro-culture cliché: “Go big or go home.”

Through aggressive, results-driven business development, entrepreneurship, and workforce and housing programs, the Corridor expects to support the following:
  • 900 direct and 593 indirect jobs
  • $59 million in annual payroll
  • $500 million in capital investment
  • 50 start-ups creating up to 250 jobs
  • Net population growth
  • 300+ new housing units.

The first and most important element in the success of Partnership, Progress, Prosperity lies outside the Corridor office. It is the ingenuity, passion, and persistence of local business leaders. An economic development organization is always a second-string player; true credit for growth, to borrow from Teddy Roosevelt, goes to the men—and women—in the arena.

The global economy will also play a role. Booms bring smiles, busts break hearts, but never forget that great businesses are born in both. The news on our monitors should not dampen the enthusiasm in our hearts.

Besides, there are plenty of factors within the Corridor’s control. Among them is the effectiveness with which we deploy our financial resources, the lion’s share of which comes from our investing members. An upcoming newsletter will break down the percentage of dollars allocated to specific programming areas within our current budget. For now, I want to share the five principles that guided board and staff members during development of the budget and to explain as succinctly as possible the reasons behind the first four. Here we go

Principle 1: The Corridor will not spend more than it receives in income over the five years of the current strategic plan.  No organization can operate for long in the red and survive. As my dad, a former public hospital CEO, used to say, “No margin, no mission.”
Principle 2: The Corridor’s most valuable resource is people. The budget will provide for fair compensation package for all members of the team. Everyone is hunting for top talent. We need to hang on to ours.
Principle 3: The Corridor will eliminate debt associated with our resources campaign in advance of the term of loan. In FY 2020, at the CEO’s recommendation, the Corridor opened a line of credit to support the hiring of Convergent Nonprofit Solutions to coordinate the Partnership, Progress, Prosperity campaign. Proving the value of that decision, we are in great shape to pay off the loan early.
Principle 4: The Corridor budget will reflect the priorities announced in the campaign Case for Investment. We promised you, our investors, that your money would be used to assist existing businesses, recruit new companies, support entrepreneurs and small business owners, and deepen the labor pool. We will keep that commitment.
Principle 5: 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.

Number 5 warrants a bit more explanation. For that, we will wait until next week. In the interim, if you have questions about Corridor membership or governance, please connect with Kiley, 712.264.3474, kmiller@lakescorridor.com.

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
Dickinson County supervisors award bid to pave next segment of rail trail between Spirit Lake & Lake Park

The Dickinson County Board of Supervisors awarded a bid to pave the third phase of what's known as the "Tatonka Ska Trace" trail. This will extend the new trail further west out of Spirit Lake. The trail will go from Spirit Lake up to Highway 86.

BVU remembers philanthropist William W. Siebens for leadership, innovation

It is with great sadness that BVU mourns the passing of William "Bill" W. Siebens, namesake of the William W. Siebens American Heritage Lecture Series. Bill was a tireless benefactor and great friend of the University.

State awards $2.6 million in catalyst funding to rejuvenate downtowns across Iowa

The Iowa Economic Development Authority (IEDA) announced that $2.6 million in Community Catalyst Building Remediation grants have been awarded to 26 Iowa communities including Estherville. The grants, $100,000 per community, assist with the redevelopment, remediation or rehabilitation of buildings to stimulate economic growth and reinvestment.

Board of Directors
Thank you to these individuals committed to economic development in our region by being apart of the Iowa Lakes Corridor
Michael McKim
Safco Products Company, Dickinson County
"The Lakes Corridor brings a cohesive approach to economic development for our region. They pull together the experts, resources and information from across the gamut of our corner of Iowa and present it as a unified face to those seeking to do or expand businesses in the region. I am excited about the recent move of people working from home this could bode well for our area as people realize they don’t have to live in large metropolitan areas to have a successful career, but instead can have both quality of life in northwest Iowa and add value for their organizations wherever they are located."
Edwin Waleh
Heartland Team Solutions, Emmet County
"The impact of the Corridor will continue to help the four counties attract new businesses and even younger, diverse talents to Northwest Iowa. I am excited about future economic development in the region, especially technology. As industries come to the region it will help create job opportunities and boost the local economy. "
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 !
GrahamTire
Sector: Manufacturing
Location: Spencer
Description: Graham Tire is "Your Tire Store Next Door." Whether you are looking for passenger, performance, light truck/SUV, farm (ag), construction, commercial truck, or  Goodyear retread tires , their experts can help you make the right decision that is best for you and your vehicle.
GrapeTree Medical Staffing, LLC
Sector: Healthcare
Location: Milford
Description: GrapeTree provides full access to a range of flexible staffing solutions. For 20 years they have been helping facilities cover for planned staff vacations, unexpected absences, sick calls and changing census.
Jobs in the Iowa Lakes Corridor
Post your jobs where quality candidates are already looking: lakescorridor.com

See current job openings here.
vacancy_sign_desk.jpg
Job Title
Clinical Nurse Instructor
Client Care Leader
Custom Applicator &
Maintenance Assistant
Custom Applicator
Location Team Leader
SciMax Solutions Specialist
ACT Substance Use
Treatment Professional
Family Therapist
Outpatient Therapist
VP of Clinical Service
Employer
ILCC
MaxYield Cooperative
MaxYield Cooperative

MaxYield Cooperative
MaxYield Cooperative
Max Yield Cooperative
Seasons Center

Seasons Center
Seasons Center
Seasons Center
Date
7/8/2020
7/8/2020
7/8/2020

7/8/2020
7/8/2020
7/8/2020
7/9/2020

7/9/2020
7/9/2020
7/9/2020
Questions? Want to be featured in next week's newsletter?
Contact the Iowa Lakes Corridor at info@lakescorridor.com ,
or call us at 712.264.3474.