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ECONOMIC DEVELOPMENT <br /> INTENT <br /> Have a well-balanced local economy that builds on Pequot Lakes' existing business community, attracts outside <br /> investment,encourages entrepreneurs, promotes the creation of diverse jobs and serves the consumer and service <br /> needs of Pequot Lakes'residents and the surrounding neighborhoods.Pequot Lakes is a well-established community. <br /> Growth is needed to avoid stagnation and the city needs to get a higher utilization on public investments by <br /> encouraging development within the existing infrastructure. <br /> BACKGROUND <br /> The railroad stop was the original catalyst for economic growth in Pequot Lakes. Businesses established within <br /> walking distance of the station and were then surrounded by neighborhoods built on the traditional grid system of <br /> the time. As transportation switched to the automobile, highway-oriented development began to be established <br /> along the main roads in and out of town. Most of this was commercial in nature with a uniquely small-town flavor. <br /> In time,a business park was established off of the highway to provide for more intensive commercial and industrial <br /> operations within the City. In the years since the Comprehensive Plan was last updated, these three areas have <br /> continued to mature in distinct patterns. <br /> Business Park <br /> . , <br /> , <br /> If��e C,ily ut f�et�ot Lake�ernbarked on a business/indu�ti�idl �a� t�k due to the econoniic diver�ificatior���b u��rtunitizs� <br /> and tax base it would offer. The park was completed to aid in attracting and retainin�manufacturing and other <br /> businesses. Pequot Lakes Business Park was established in 1996 and expanded in 2003. The park includes 33 lots and <br /> more than 60 acres. In 2017 a survev was completed of the existing companies in the business park. There are currently <br /> 17 operatin�companies that employ 229 people andgenerates approximately$145 000 annually in propertV taxes for <br /> local�overnmental units. <br /> The�rowin�capacity within the cornmunity proyided an opportunity for Pequot Lakes to establish a business park using a <br /> 9 <br />