05-12-2012 EDC Meeting - Laserfiche WebLink

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Small Business Incentive May 15, 2012 Page 2 PRIORITIZING AND STRUCTURE OPTIONS • RETAIL • MEDICAL • WEALTH CREATING JOBS • TOURISM BUS TOURS (SHOPPING) The EDC discussed the following: • "Under what circumstances and where do we offer the incentives?" • "How will existing retailers feel if incentives are offered to new retailers?" February 15,2011 EDC Meeting Work Session on Smaller Incentive Program The following were discussion points: • The EDC needs to develop a purpose for the subsidy, such as jobs, use of infrastructure, services or a combination of them. We can have spaces and programs, but we still need people with capital,places to invest it, for them to have a business plan with good management skills and a market to sell the product. • Where do we get the people? What do we have here to entice someone to come into the area? • By offering a subsidy, we are not going to change the market and revolutionize the Pequot Lakes community. • It is about business; people have to look at the opportunity and perceive there is an opportunity before they invest their capital. Waiving of fees will make them choose between communities. • Once there are potential projects, incentives and financing can impact investments. • Really good ideas came out of the brainstorming session. We should narrow our focus to a specific location, such as a small business subsidy in the downtown area, filling in the infrastructure. It is underutilized. If that model works,we could expand it to other parts of the city. • Retail and service in the downtown are not going to succeed without the industrial capacity first. Hesitant to not include the Business Park area.