06-12-2003 Long Range Planning Commission Minutes

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ECONOMIC DEVELOPMENT ACTION PLAN Intent To have a well-balanced local economy that builds on Pequot Lakes'natural and historical amenities,attracts outside investment,encourages the creation of diverse jobs at different pay scales and serves the consumer and service needs of Pequot Lakes residents and the surrounding neighborhoods. Background Since the early railroad days,Pequot Lakes has been a neighborhood center. It has provided consumer goods and services to residents within its commuter-shed,which includes much of Breezy Point,Ideal Corners,Loon Lake and Jenkins. As the population has expanded to provide more consumers and a larger employee base within this commuter-shed,the viability of a broader range of commercial ventures has increased. During the population surge of the 1990's,Pequot Lakes experienced tremendous economic growth with a natural revitalization/expansion of its retail and service areas. Additionally,in the mid-1990's,Pequot Lakes established an industrial park. Although slow to establish at first,the park has expanded rapidly in the last few years with demand for space outpacing supply. The industries in the park have provided the area with the economic stability that comes from having year-round jobs and products that are exported from the area. There is general consensus amongst City leaders that expansion of the park is necessary. The neighborhood center of Pequot Lakes is a center for jobs. According to the 2000 census,the five largest employers in the City of Pequot Lakes were: - U.S.Link(service sector,234 employees) - Pequot Lakes Public Schools(public sector,200 employees) - Hunt Technologies(manufacturing sector, 125 employees) - Pequot Tool(manufacturing sector,67 employees) - TDS Telecom(service sector,38 employees) Other large employers include Northern Food King IGA(34 employees),Lakes State Bank(31 employees),Echo Publishing and Printing(29 employees),Landecker and Associates(22 employees),United Building Center(18 employees)and the City of Pequot Lakes(14 employees). Combined,these local businesses employ over 800 people —far more workers than the City of Pequot Lakes population could currently provide. As a neighborhood center,the Pequot Lakes economy is impacted by a number of factors - beyond its ability to control or influence. Those include: • The Rise of Brainerd/Baxter as a Powerful Regional Trade Center. Just ten years ago,a trip from Pequot Lakes to the nearest regional center meant a three- hour round trip drive to St.Cloud. The explosive growth of the Brainerd/Baxter regional center,particularly the consumer and industrial growth relating to the Data obtained from MN Department of Trade and Economic Development Community Profile