PRESS RELEASE

For Immediate Release Tuesday, January 21, 2009

Contact: Noel LaBine 763-477-3086

Annual Meeting held at the Montrose Community Center
on Jan. 16, 2009

The Wright County Economic Development Partnership held its annual meeting at the Montrose Community Center on January 16 th . This event featured a buffet breakfast, presentation of business & citizen's awards, and a guest speaker, Toby Madden. About 75 people were there to enjoy the ceremonies.

A brief business meeting was held that included reinstating four board members; Tom Dobson of Annandale State Bank, Keith Franklin of Franklin Outdoor Advertising, Jaime Simonsen of North Hennepin Community College, and Tim Zipoy of Central MN Jobs & Training. Also, two new board members were added to the Board of Directors: Brian Streich of PALO Companies of Cokato, and Wayne Bauernschmitt of Wright Hennepin Electric. Election of officers resulted in Wayne Elam of Vantage Point Partners becoming the new Chair, Tom Dobson of Annandale Bank retaining the Secretary/ Treasurer Position, and Marc Weigle of the City of St. Michael becoming the Vice Chair.

Award presentations were held after a breif business meeting. Awards were given out to Mike O'Brien for Outstanding Member of the Year, Acoustigreen of Delano for Outstanding Start-up Entrepreneur of the Year, Allison Moser of Buffalo for Outstanding Citizen of the Year and Sil-Pro of Delano for Outstanding High-Economic Vitality Business of the Year.

The event was graced with a high-energy presentation by Toby Madden of the Federal Reserve Bank. Of course everyone wanted to hear about the economy, and Toby Madden surprised everyone by saying that the recession we are in is not even an average recession. The last two recessions have been very mild recessions and it has been a long time since we have had an average recession. This could become an average recession, but is not there, yet. One of the ways that the Federal Reserve gauges what is going on with the economy is to do surveys. The most recent surveys indicate that about 67% of the banks and businesses are reporting no restrictions in credit; the money is flowing like it needs to. However, about 33% are reporting restrictions in credit; or there is a deterioration of finances.

When the audience in attendance was surveyed about their perspective about the economy in Wright County , about 60% indicated that they believe the economy will stay the same in 2009. About 20% thought it would get better, and about 20% thought it would get worse. Toby Madden said this was the most optimistic group that he had spoken to in awhile, so the economy in Wright County is probably better off than the economy is in other parts of Minnesota . Interestingly, Madden said that the editor of The Gazette , Gerald Fitzgerald, did a study that reveals the middle income person in Minnesota is much better off today than they were 30 years ago. Another ray of hope is that we can trust that expansion will come after the recession, so this is a time of a lot of opportunity to prepare for the future. Lastly, spending more time and money on retraining those people laid off, will go a long way toward improving our future economy.

The Partnership exists to enhance the business climate of Wright County and help create more jobs in Wright County . The strategies the Partnership uses to achieve its mission include being an information resource and finding technical assistance; aiding business development through Business Retention & Expansion visits, providing financing resources, and providing business information and training through seminars and workshops. Also, the Partnership markets Wright County to business site locators, and maintains an excellent website, which includes a listing of commercial and industrial property available in Wright County (see www.wrightpartnership.org ). The Partnership also assists with Workforce Development and has gathered economic statistical information, which is available on its website.