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Economic Development Commission Minutes May 18, 2010 Page 2 of 3 ------------------------- - - - - -- BACKGROUND: No comments. BUSINESS PARK: Line 22, page 10, "slow to establish" gives negative tone; Business Parks are a long term investment. The Pequot Lakes Business Park moved rapidly and is without inventory to offer. The Park has gradually expanded, rather than slow to establish. Also, stating there were monies from the Federal government is technically correct although there were several partners such as rural utilities through Arvig that were used. There should not be so much emphasis on Federal government sources. Most Business Parks cannot be built without creative funding programs. The statement should reflect jobs and economic growth not return on investment. Line 33, page 10, "it will cost more to service the park than it generates in tax revenue ". The motivation shouldn't be to sell lots but what is the best use of the land - jobs and economic growth. It is a 20 to 30 year project, not just the sale of the lot. Expansion has to provide substantial amount of jobs. Make sure you can afford the economic development. The group discussed whether or not it was better to have one business with 200 jobs or 20 businesses adding 2 jobs. Diversity in jobs is safer for the economy. TAX BASE DISTRIBUTION: Page 12: The most tax base is paid on residential properties rather than on commercial. EMPLOYMENT: Page 12: Approximately 1/3 of the jobs in Pequot Lakes are held by individuals not living in Pequot. Those people take their dollars elsewhere to be spent. How valuable is a job that doesn't bring dollars to the community. It is the Planning Commissions vision to work on infill and smaller density projects with regard to business development. The focus has been on the Business Park and to create jobs. The City may need to focus on new things to drive jobs and businesses in town without building the next park tomorrow. Focus on infill. No one is saying not to build a new park, but maybe focus on new ideas. 2