I think as a business move, it's a good idea. Really, they make a good point about how people generally won't take a business person from a place called "Coon Rapids" seriously.
I'm not saying that the pejudices about the name are justified, just that they're there.
And hell, if the city decides to keep it's name or change it, it's no big deal. Maybe a bit of time and money on the voting and paperwork, but think of all of the money that the stationary companies would make in the area!
