06.03 Comprehensive Plan Update - Laserfiche WebLink

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ECONOMIC DEVELOPMENT INTENT Have a well-balanced local economy that builds on Pequot Lakes'existing business community, attrarts 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 infrastructure. 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 generetes 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 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 developed with full municipal utilities, the development has evolved to be based primarily along the major transportation corridors. Since the close proximity of businesses in the downtown provides a direct interaction amongst patrons,the existing development provides a solid base to build on and an opportunity for additional growth. In 2009,the city established a"Grow Zone"throughout the downtown commercial areas.In searching for a way to reduce regulations and streamline the permitting process for businesses,an alternative set of standards were developed for this area. Instead of the standard zoning approach, which prohibits any use not specifically allowed,the Grow Zone standards instead allow nearly all uses and focus instead on the form new construction takes. Where this form is compatible with the existing development pattern, not only does it add to the "destination effect" of the downtown, but approvals can be made very quickly. Property owners seeking to make improvements to a property within the Grow Zone may choose to either utilize the Grow Zone standards or stick with the traditional approach. Comprehensive Plan Update-November 2018 12 � P a g e