07-20-10 EDC Meeting - Laserfiche WebLink

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I. INTRODUCTION AND STATEMENT OF INTENTION 'MN In the last 20 years,the City of Eagan has emerged as a major location for manufacturing, professional service, and retail business. The strong economic growth that started in the 1970's and continues today is due largely to the following factors: • Convenient vehicular access created by TH 77 (Cedar Freeway), Interstate 494 and Interstate 35E • Convenient access to Minneapolis-St. Paul International Airport Convenient access to both major downtown areas of Minneapolis and St. Paul • A local street network which allows a high level of access and mobility • A community planned to create the least amount of incompatible land uses between commercial-industrial areas and residential neighborhoods • A plentiful supply of vacant commercial and industrial land • A positive community attitude regarding commercial-industrial growth Much of the past two decades' growth has occurred with little effort financial incentive from the City of Eagan. In the next two decades it is expected that developable commercial-industrial land will grow scarce. It is also expected that some businesses will look for growth and expansion opportunities within the community. Other communities will offer competitive locations for those businesses. For these reasons,the City of Eagan needs to concentrate economic development efforts and work to further coordinate local businesses and governmental actions. Public-private partnerships are the most effective method to address difficult economic development and land use issues. The City of Eagan currently participates in a number of collaborative efforts to promote development and encourage retention. This involvement in economic development partnerships with private business and other agencies will focus on three areas: • Information and Contacts - The City plays a major role in supplying information about development opportunities, programs and partners. The City's role as an information clearinghouse and facilitator will continue to increase as the emphasis shifts from new development to redevelopment and infill development. A good working relationship with the Chamber of Commerce and local real estate, finance and development professionals creates an efficient economic development process. • Business Retention -A fundamental role of the City is to provide adequate roads, infrastructure and police and fire protection for businesses and residents. By continuing to maintain a high level of service the City can ensure that these elements will enhance the local business climate. The City can also work with the Chamber of Commerce and local businesses as partners to address local, regional and statewide issues pertaining to business retention and viability. --� This may include business or sector specific actions, assistance with development and or renovation issues, and acting as an advocate for local businesses. D a o 4 d