02-16-10 EDC Meeting - Laserfiche WebLink

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1 from rural to urban/suburban areas, policymakers are questioning the wisdom of future infrastructure 2 Investments in less populated areas. While there will likely be some money available from state and 3 federal sources,the City of Pequot Lakes needs to prepare for the day when their support Is negligible. 4 • More connected world.From the Internet to cellular phones,our ability to communicate with each other 5 has vastly expanded.Where Pequot Lakes was once remote and isolated, it now has excellent city-wide 6 broadband service, with competition that drives further Innovation and service improvements. Is now 7 connected tc into-net:one! commerce in ways previously un!rnagir—blc.This z, :` ... _ _--:-'•" 8 La• ..- _ . _* give 2e-vo-t Le'. cs an advantage, but does presents a new opportunity that can be 9 capitalized on. 10 • Increased technology advancements. Along with Improvements in communication, other technological 11 advancements continue benefit Pequot Lakes businesses. The ability to attract and retain an educated 12 workforce,the ability to collaborate with partners across the globe and the options for researching new, 13 innovative approaches are all enhanced by continued Improvements in technology.It is clear that the next 14 era,however it manifests itself,will be lead by those able to best utilize new advancements in technology. 15 It Is likely that the future of Pequot Lakes will be oriented primarily towards touism, tourist support industries; 16 businesses that sell goods and services to the local market and businesses that utilize technology to create and/or 17 distribute goods and services beyond the area. To a lesser extent, tourism and tourism-support industries will 18 continue to play a role. Notably absent from this list are the Industries of growth (land development, real estate, 19 title closing,surveying and engineering, etc..)which,while import to a functioning local economy, are unlikely to 20 be the dominant industries they were over the past two decades. 21 OPPORTUNITIES AND CHALLENGES 22 23 PRINCIPLES 24 -S m ctimoc business c�.vner-s-wan the local governm :t to "get out of the-way". At other times, these same 25 I it rh yid als-lo t-e--the!ccal gc:rrnmer.t tc tci c a ggr csck'c a ctian-t- re , ' .. , :wt -A healthy,ongoing 26 public/private partnership between the City of Pequot Lakes and the businesses located inside the city limits must 27 be based on an understanding that each has a part in the process.All must work together. 28 4-the--oca! government c!'d everything' perfoct!, mart; `�usi;.csscs would-still ft:H. Conversely, if the local 29 I pevern4lent made ell-the wrong decisions, there will Lc sor.f businesses t ..' ' F _ e` - • ` enge. 30 What the city government of Pequot Lakes can do to Is to create a framework for growth that provides the widest 31 variety of local entrepreneurs the greatest chance for success. 32 To do this,the City must focus on the following three principles: 33 1. Improve businesses competitiveness by reducing the tax burden. 34 2. Induce business growth by streamlining the regulatory process. 35 I 3. Improve business opportunity by growing the market of people wanting good and services from the 36 businesses of Pequot Lakes. 37 Reduce the Tax Burden 12 I Page