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EDC Minutes <br /> February 18,2020 <br /> Page 3 of 8 <br /> ----------------------------- <br /> recognizing for the past 5-10 years tenants have had a great deal and inventory <br /> is down rent is going up. He stated that this is causing tenants to say, well for <br /> those prices I might as well buy land and build my perfect building. <br /> He explained over the past couple of years potential buyers and tenants ask <br /> what is available in the whole market and rarely do they find more than three that <br /> fit exactly what they want. He then tells them to buy land and build what they <br /> want and they talk about it being too expensive. He stated that it is a circle that <br /> continues because of the inventory issue. Mr. Grotzke also explained they either <br /> do nothing or they start the long process in regards to construction and they are <br /> going that route because of the inventory issue. He explained that rents were low <br /> previously because of a good supply of inventory and now that rent is going up it <br /> is helping encourage people to start that construction process. He stated that it <br /> is a slow process. <br /> Mr. Grotzke explained to the Council that they will take their marketing and the <br /> City's marketing, put it together and push it out to a very broad market, both in <br /> business wise and location wise to help sell the Pequot lakes area and the <br /> opportunity that is here. He stated that when they put their packet together, it <br /> goes on their website, the MLS, and then other commercial websites they have <br /> available to them. He said there are many small sites that it could be put it on, <br /> then it gets fed tough feeds and sometimes you don't even know where this <br /> information ends up because it just keeps passing through the flow. He <br /> explained that they also market it directly to those they have worked with in the <br /> past that have looked at something like this. He said they will also go to those <br /> that have expressed interest in leasing or buying space because if they can't find <br /> it. <br /> Mr. Gortzke said that they will push it to a much broader, probably multi-state <br /> area. He discussed that if businesses are looking to expand and can get the <br /> workforce that they need they will relocate. He also said sometimes it is just <br /> lower cost and better living up here and people are interested in coming up here <br /> for that. He told the EDC that today was really just a chance to find out who you <br /> are, what your desires are for the land, and that gives him a chance to go back <br /> and think of if they have the ability to help Pequot Lakes fill that land and grow <br /> that development. <br /> Mark Jurchen discussed the Heart of the Good Life Development video and how <br /> that talks about what Pequot Lakes is looking for and backs up what Chair <br /> Lindholm had discussed earlier. He talked about having good tenants and high <br /> standards on how the Development looks. Mr. Grotzke said it was a great video <br /> and he wanted to make sure that the video and the marketing matched what <br /> Pequot Lakes actual desires. Discussion ensued about possible infrastructure <br /> and services in the Heart of the Good Life Development. <br /> Commissioner Holley summed up what they are looking for in the Development <br /> as upscale businesses not warehouses that create a good tax base to bring foot <br />