06.03 Comprehensive Plan Update - Housing & Economic Development

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ECONOMIC DEVELOPMENT INTENT Have a well-balanced local economy that builds on Pequot Lakes' existing business community,attracts outside investment, encourages entrepreneurs, promotes the creation of diverse jobs and serves the consumer and service needs of Pequot Lakes' residents and the surrounding neighborhoods. Pequot Lakes is a well-established community.Growth is needed to avoid stagnation and the city needs to get a higher utilization on public investments by encouraging development within the existing infrastrudure. BACKGROUND The railroad stop was the original catalyst for economic growth in Pequot Lakes. Businesses established within walking distance of the station and were then surrounded by neighborhoods built on the traditional grid system of the time. As transportation switched to the automobile, highway-oriented development began to be established along the main roads in and out of town. Most of this was commercial in nature with a uniquely small-town flavor. In time, a business park was established off of the highway to provide for more intensive commercial and industrial operations within the City. In the years since the Comprehensive Plan was last updated, these three areas have continued to mature in distinct patterns. Business Park The City of Pequot Lakes embarked on a business/industrial park due to the economic diversification,job opportunities, and tax base it would offer. The park was completed to aid in attracting and retaining manufacturing and other businesses. Pequot Lakes Business Park was established in 1996 and expanded in 2003. The park includes 33 lots and more than 60 acres. In 2017, a survey was completed of the � existing companies in the business park. There are currently 17 operating companies that employ 229 people,and generates approximately$145,000 annually in property taxes for local governmental units. The growing capacity within the community provided an opportunity for Pequot Lakes to establish a business park using a grant and loan package from the Federal government,in addition to other funding sources. The industries in the park provide the area with a degree of economic stability that comes with , having year-round jobs and products that are exported from the area. In 2008,the City modified its land use regulations to provide more development flexibility within the park (smaller lots and increased coverage limits) to get higher utilization out of the existing infrastructure investments and entice i development of the remaining undeveloped properties. Downtown ,' The downtown area was the original commercial center of the community. Based around the location of � the old railroad stop, it has the traditional grid pattern of development.While the entire area has been i 7