06-12-2003 Long Range Planning Commission Minutes

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recreational value,Pequot Lakes can capitalize on neighboring resorts.This is especially critical in light of the decline of Pequot's resort industries. • Transportation Improvements. Proposed improvements to Trunk Highway 371 that would result in a high-speed,four-lane highway all the way to Minneapolis/St.Paul opens up many opportunities for Pequot Lakes. The increased accessibility will enhance industrial/manufacturing opportunities. It will present unique challenges and opportunities to retail and service areas, especially when the impacts of a bypass or the impacts of access management techniques are fully accounted for. The highway is a great piece of infrastructure for getting to Pequot Lakes,but it also provides easy access through the City to points beyond. Enhancing Pequot's position as a neighborhood center and a destination will be critical to sustaining commercial development. Pequot Lakes has five dominant and distinct local economic sectors. They are Industrial, Professional/Service,Retail,Extractive Uses,and Transient Merchants. There still is some agricultural use,resort-type development and a number of home-occupations that are individually important,although they do not factor significantly into the overall local economy. Each of these major sectors has its own mix of businesses,customers,and reasons for locating in Pequot Lakes. In order to establish a stable economy,it is best to have a good balance of these businesses that can be sustained long-term. ➢ Industrial. Industrial uses are located primarily in the industrial park,although there are a few that have located outside,including Hunt Technologies. Primarily these types of businesses locate in Pequot Lakes due to the availability of vacant land,especially land served by municipal utilities. There is an agglomeration effect that takes place when like industries cluster together,and that has served to enhance Pequot's industrial park as it has grown. Accessibility also plays a role. Despite the lack of rail access,expansion of Highway 371,especially if direct access to the industrial park can be provided with the improvements,will increase the desirability of Pequot Lakes as an industrial/manufacturing location. Industrial and manufacturing development is some of the most coveted development in rural communities. These businesses export most of their products,so they area source of outside revenue. They provide stable,often well paying and year-round employment. Each industrial employee added in the City will have a multiplier effect as they spend their take-home pay,which is money coming primarily from outside the City,on local goods and services and thus multiply the benefit of each imported dollar. This type of development is often hard to attract,however. Large investments in industrial buildings and equipment are not made on a whim. Typically these types of investments are made on a 20-year to 40-year vision. For that kind of investment,there needs to be a stable work-force,ample housing opportunities, good schools and multiple recreation options in addition to the standards of cheap land and infrastructure.