3 - Comprehensive Plan Discussion (2)

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the sanitary sewer and water systems also have excess capacity. It is critical,for the long-term economic health of the community that the City continues to seek ways to obtain a higher return on the existing business park properties. Proposed Strategies for Implementation: • Waive survey requirements for lot subdivisions. • Create incentives to have more intensive use -encourage subdivisions of property. • The character of the Industrial Park has already evolved since its establishment, evidenced by the reference to it, in the idea description, as a business park. Consider contributing to Pequot Lakes being a destination by allowing recreational /entertainment uses of this area such as a movie theatre, roller skating rink, etc. These amenities have to potential to draw people from a wide area. Ensure that expansion of the City's commercial zoning districts are tied to the cost-effective expansion of utilities. Development on the highway corridor misdirects investments that are critically needed in the downtown and business park areas. In addition, development along the highway corridors impedes safe vehicle travel, degrades highway capacity and is expensive to provide service to. Businesses in these areas may find comparatively cheap land prices, but that reflects the difficulty in sustaining a business in an isolated location. New commercial zones must be reserved for areas in the community that will immediately utilize the community's existing investments in major infrastructure. Proposed Strategies for Implementation: • Promote an excellent school district and housing policies that cater to a diverse workforce.The success of businesses in the community will depend on people choosing to move to, live in and invest in Pequot Lakes.A healthy school and desirable workforce housing are two of the most critical components necessary to attract workers and investment.To the extent possible,the City of Pequot Lakes needs to support the local school district and work to implement a robust housing strategy for the urban neighborhoods of Pequot Lakes. Proposed Strategies for Implementation: • Redeveloping local neighborhoods with sense of place standards, such as sidewalks, tree lined boulevards, when reconstruction occurs will help accomplish this. Assist local businesses with leveraging capital.To maintain a sustainable local economy,the City of Pequot Lakes should create an environment for businesses to establish,grow and prosper. The City needs to help new businesses and businesses in transition leverage capital.The availability of capital is the most important factor in creating and expanding a business.There are opportunities open to the City to free up capital for businesses or to connect businesses with sources of funding,from tax increment financing (TIF)to revolving loan funds and community development corporations.The City Should consider these and other emerging mechanisms as part of an economic development strategy.