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automobiles to deliver their patrons, so current business models will be challenged. Nearly <br /> 40% of Pequot's residents are seasonal and there is still a large transient population during <br /> tourist season, all of whom will have their mobility decisions challenged. While it is true that <br /> higher energy prices present tremendous opportunities, those will only be realized with a <br /> change from the status quo. <br /> To be successful in this new age, the City must reorient its initiatives to focus on obtaining a higher <br /> return on the public's investments. Nowhere is the disparity greater between the City's financial <br /> obligations and the revenue generated by those investments than the neighborhoods surrounding the <br /> historic downtown. <br /> Revitalizing the downtown of Pequot Lakes and the neighborhoods that surround it is critical to <br /> the long-term financial health of the City. <br /> This plan is an update of an earlier effort that was never formally adopted but was instrumental in <br /> shaping City policy over the past six years. It details the rational and strategy for renewing downtown <br /> Pequot Lakes and the surrounding neighborhoods. It is a practical plan that is in touch with the new <br /> realities facing the City. <br /> And in that context, it is important to note that the difficult economy can actually assist us in our <br /> revitalization efforts. For example, the typical family spends$7,000 per year for each automobile they <br /> utilize.Where Pequot Lakes can offer a family a high quality of life that only requires them to own one <br /> car, the resulting savings can pay for a $108,000 mortgage. By focusing on this hypothetical family—and <br /> what would allow them want to live in the downtown neighborhoods of Pequot Lakes without needing <br /> that second car—we can start to see a path to renewed private-sector investment. <br /> Pequot Lakes is already a great place to live, with a downtown area that has much to offer. Building <br /> on this will not be difficult in a physical sense. Our greatest challenge is not physical, however, but <br /> social. We must collectively adapt to the changing world around us, acknowledging that we can't bring <br /> back what we never really had. Instead, we must realize that we have the capacity—here in Pequot <br /> Lakes—to build a future that is even better than what we dreamed at the height of our"prosperity". <br /> This is our challenge. <br /> Pequot Lakes Downtown Plan—Updated November 2011 3 <br />