05-18-10 EDC Meeting - Laserfiche WebLink

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1 1. Are located in areas with existing infrastructure or for projects that do not require the extension of 2 municipal utilities. 3 2. Redevelop blighted or underutilized properties. 4 3. Do not compete with businesses established within the community. 5 4. Have a high potential to induce economic activity within the community beyond the operation of the 6 enterprise receiving the subsidy. 7 5. Are scaled to utilize local services, such as a local attorney, insurance agent, printer, accountant, etc... 8 Business chains that would routinely handle professional services outside of the community in a corporate 9 framework are not good candidates for tax subsidies. 10 Businesses that meet these guidelines should be given strong consideration if tax subsidy is needed to it POLICIES 12 The following policies are proposed to guide future economic growth and development in Pequot Lakes: 13 Strive to maintain long-term stability in the City's rate of taxation. Business growth and creation in Pequot is 14 going to depend on the City's long-term competitiveness. It is enticing to spend money today to induce near-term 15 growth. However, when that growth does not create long-term revenues to handle ongoing maintenance 16 expenses, the subsequent rising tax rate hurts business. Pequot Lakes must take a long-term look at its tax and 17 expense structure and ensure businesses a solid and stable investment environment. 18 Maintain the downtown area as the center for economic activity in Pequot Lakes.As many cities struggle to keep 19 their downtown areas strong and vital, Pequot Lakes has an advantage in that its downtown already has a healthy 20 mix of retail and professional businesses clustered together. The City must keep the agglomeration of its 21 businesses and seek to infill and redevelop commercial properties as they become available.The City also needs to 22 work to systematically reconnect and rehabilitate the neighborhoods surrounding the core downtown so as to 23 further strengthen the businesses there. 24 Make the area's natural, scenic, and recreational amenities the Pequot Lakes brand. The primary reason that 25 people choose to live,work and visit the Pequot Lakes area is the natural,scenic beauty and the many recreational 26 opportunities. Pequot is in a unique position to retain that powerful brand and use it to not only enhance the 27 ( quality of life for residents but provide long-term business opportunities for compatible enterprises. 28 Streamline the regulatory process to provide business owners with flexibility while ensure new enterprises build 29 on the community's assets and enhance its brand. The City's regulatory framework needs to protect existing 30 investments while at the same time encouraging the expansion and redevelopment of key commercial areas.The 31 City's ordinances need to be continually re-evaluated to ensure that they clearly and aggressively promote the 32 vision of this plan while eliminating needless and counterproductive regulation. Regulations must be clear to 33 understand and approval processes should be as streamlined and user-friendly as possible. 34 Strive to have the business park fully utilized.The long-term maintenance costs of the industrial park need to be 35 met by increased development — and more intensive development — within the business park. Storm sewer 36 systems are designed to handle an overall impervious coverage amount of 95%and the sanitary sewer and water 37 systems also have excess capacity. It is critical,for the long-term economic health of the community,that the City 38 continues to seek ways to obtain a higher return on the existing business park properties. 20IPage