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Economic Development Commission Minutes <br /> May 18, 2010 <br /> Page 2 of 3 <br /> BACKGROUND: <br /> No comments. <br /> BUSINESS PARK: <br /> Line 22, page 10, "slow to establish" gives negative tone; Business Parks are a long term <br /> investment. The Pequot Lakes Business Park moved rapidly and is without inventory to <br /> offer. The Park has gradually expanded, rather than slow to establish. Also, stating there <br /> were monies from the Federal government is technically correct although there were <br /> several partners such as rural utilities through Arvig that were used. There should not be <br /> so much emphasis on Federal government sources. Most Business Parks cannot be built <br /> without creative funding programs. The statement should reflect jobs and economic <br /> growth not return on investment. <br /> Line 33,page 10, "it will cost more to service the park than it generates in tax revenue". <br /> The motivation shouldn't be to sell lots but what is the best use of the land -jobs and <br /> economic growth. It is a 20 to 30 year project, not just the sale of the lot. <br /> Expansion has to provide substantial amount of jobs. Make sure you can afford the <br /> economic development. <br /> The group discussed whether or not it was better to have one business with 200 jobs or 20 <br /> businesses adding 2 jobs. Diversity in jobs is safer for the economy. <br /> TAX BASE DISTRIBUTION: <br /> Page 12: The most tax base is paid on residential properties rather than on commercial. <br /> EMPLOYMENT: <br /> Page 12: Approximately 1/3 of the jobs in Pequot Lakes are held by individuals not <br /> living in Pequot. Those people take their dollars elsewhere to be spent. How valuable is <br /> a job that doesn't bring dollars to the community. <br /> It is the Planning Commissions vision to work on infill and smaller density projects with <br /> regard to business development. <br /> The focus has been on the Business Park and to create jobs. The City may need to focus <br /> on new things to drive jobs and businesses in town without building the next park <br /> tomorrow. Focus on infill. No one is saying not to build a new park, but maybe focus on <br /> new ideas. <br /> 2 <br />