4A - Economic Development (part 1)

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1 ECONOMIC DEVELOPMENT 2 INTENT 3 Have a well-balanced local economy that builds on Pequot Lakes' natural and historical amenities, attracts outside 4 investment, encourages the creation of diverse jobs at different pay scales, and serves the consumer and service 5 needs of Pequot Lakes' residents and the surrounding neighborhoods. 6 BACKGROUND 7 Since the early railroad days, Pequot Lakes has been a neighborhood center. It has provided consumer goods and 8 services to residents within its commuter-shed -the area in which employees live and commute to work in Pequot 9 Lakes-which includes much of Breezy Point, Ideal Corners, Loon Lake and Jenkins.As the population has expanded 10 to provide more consumers and a larger employee base within this commuter-shed, the viability of a broader 11 I range of commercial ventures has increased. During the population surge of the 1990's and early 21St Century, 12 Pequot Lakes experienced tremendous economic growth with a natural revitalization and expansion of its retail 13 and service areas. 14 The growing capacity within the community provided an opportunity for ^dd t^Rally 'R t4 w.,a 19904- Pequot 15 Lakes to establishe4 an industrial park using a grant and loan package from the Federal government.Although slow 16 to establish at first, the park has gradually expanded as local businesses have relocated for more space and new 17 enterprises have opened.Fapidly ;r the IaSt few ears vi*" derma^d f^"spaGe ^„tpaGi ,,, supply. The industries in 18 the park kavfLprovide44 the area with a degree of economic stability that comes€rem with having year-round jobs 19 and products that are exported from the area. TheFe is geReRll g Qty lead,,... that e)(PaR6ieR of 20 the paFk is ReeessaFy. In 2008, the City modified its land use regulations to provide more development flexibility 21 within the park (smaller lots and increased coverage limits) to get higher utilization iii - of) the existing 22 infrastructure investments and entice development of the remaining undeveloped properties. Options for 23 expanding the park are under consideration. 24 In 2009,the city established a"Grow Zone"throughout the downtown commercial areas. In searching for a way to 25 reduce regulations and streamline the permitting process for businesses, an alternative set of standards were 26 developed for this area. Instead of the standard zoning approach,which prohibits any use not specifically allowed, 27 the Grow Zone standards instead allow nearly all uses and focus instead on the form new construction takes. 28 Where this form is compatible with the existing development pattern, not only does it add to the "destination 29 effect" of the downtown, but approvals can be made very quickly. Property owners seeking to make 30 improvements to a property within the Grow Zone may choose one or the other standard. 31 32 eFAPI9YeF6 iR the City of lReq at I ake-6. _ 35 • HuRt T..eb..,.legies (MaRWf@et6iFiRg GtSF 129 . Pl9Y.,e 101 Page