3 - Comprehensive Plan Discussion

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• The public could be educated through informational articles in the newspaper, the Mayor's Column, the city newsletter or on the city website. ECONOMIC DEVELOPMENT POLICIES The following policies are proposed to guide future economic growth and development in Pequot Lakes: Strive to maintain long-term stability in the City's rate of taxation. Business growth and creation in Pequot is going to depend on the City's long-term competitiveness. It is enticing to spend money today to induce near-term growth. However,when that growth does not create long-term revenues to handle ongoing maintenance expenses,the subsequent rising tax rate hurts business. Pequot Lakes must take a long-term look at its tax and expense structure and ensure businesses a solid and stable investment environment. Proposed Strategies for Implementation: • Modify ordinances to increase density in the downtown area. • Limit fringe development and the extension of services that have high long-term cossts. Make use of existing infrastructure first. • Make better use of the lots in the industrial park. Need to get revenue for that infrastructure. • Stop taking over new roads that do not have a high enough return on investment. • Find a mechanism to encourage subdivision and additional, intensive development within the industrial park. • Change the city's policies for accepting a new road into the city inventory. • The EDC should be asked to comment on the Economic Development section. Maintain the downtown area as the center for economic activity in Pequot Lakes.As many cities struggle to keep their downtown areas strong and vital, Pequot Lakes has an advantage in that its downtown already has a healthy mix of retail and professional businesses clustered together.The City must keep the agglomeration of its businesses and seek to infill and redevelop commercial properties as they become available.The City also needs to work to systematically reconnect and rehabilitate the neighborhoods surrounding the core downtown so as to further strengthen the businesses there. Proposed Strategies for Implementation: • Infill is vital where we have existing infrastructure. We get way more bang for our buck by development in the downtown with exponential benefits to the tax base and community as a whole. • Encourage development of apartments above business structures in the downtown. Increases density and provides customers easy access to businesses. • Consider reducing city fees for setting up a business in the downtown area.