04-20-10 EDC Meeting - Laserfiche WebLink

Home Browse Search

1 Ensure that expansion of the City's commercial zoning districts are tied to the cost-effective expansion of 2 utilities. Development on the highway corridor misdirects investments that are critically needed in the downtown 3 and business park areas. In addition, development along the highway corridors impedes safe vehicle travel, 4 degrades highway capacity and is expensive to provide service to. Businesses in these areas may find 5 comparatively cheap land prices, but that reflects the difficulty in sustaining a business in an isolated location. New 6 commercial zones must be reserved for areas in the community that will immediately utilize the community's 7 existing investments in major infrastructure. 8 Promote an excellent school district and housing policies that cater to a diverse workforce. The success of 9 businesses in the community will depend on people choosing to move to, live in and invest in Pequot Lakes. A 10 healthy school and desirable workforce housing are two of the most critical components necessary to attract 11 workers and investment.To the extent possible,the City of Pequot Lakes needs to support the local school district 12 and work to implement a robust housing strategy for the urban neighborhoods of Pequot Lakes. 13 Assist local businesses with leveraging capital.To maintain a sustainable local economy,the City of Pequot Lakes 14 should create an environment for businesses to establish, grow and prosper. The City needs to help new 15 businesses and businesses in transition leverage capital.The availability of capital is the most important factor in 16 creating and expanding a business.There are opportunities open to the City to free up capital for businesses or to 17 connect businesses with sources of funding, from tax increment financing (TIF) to revolving loan funds and 18 community development corporations.The City should consider these and other emerging mechanisms as part of 19 an economic development strategy. 20 Partner with local economic development agencies to support and enhance businesses.The City should assist in 21 energizing the local business spirit. An entrepreneurial spirit in a city is a contagious thing. If the City continues to 22 show a dedication to business, our partners in the Chamber of Commerce and the Brainerd Lakes Area Economic 23 Development Corporation will help promote it. City officials need to be active in business networks reinforcing the 24 idea that local economic advances will come largely through local cooperation. 25 26 Y Minnesota Department of Tourism, 2000 27 Data obtained from the Minnesota Department of Trade and Economic Development Community Profile a 28 Growing Rural Economic Succez, MN Planning,July 2001 4- 29 - - - - - - - .. b g_ 30 U.S. Ccrsus Bur au, 2000 Census, 31 32 ACTIONS 33 SHORT-TERM ACTIONS (WITHIN 1 YEAR): 34 ❑ Develop a Tax Increment Financing(TIF)policy that has a connection to land use objectives. 20 IPage