4A - Economic Development (part 2)

Home Browse Search

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 range of commercial ventures has increased. During the population surge of the 1990's and early 21S` 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 Pequot Lakes to establish an industrial 15 park using a grant and loan package from the Federal government.Although slow to establish at first,the park has 16 gradually expanded as local businesses have relocated for more space and new enterprises have opened. The 17 industries in the park provide the area with a degree of economic stability that comes with having year-round jobs 18 and products that are exported from the area. In 2008,the City modified its land use regulations to provide more 19 development flexibility within the park(smaller lots and increased coverage limits)to get higher utilization our of 20 the existing infrastructure investments and entice development of the remaining undeveloped properties. Options 21 for expanding the park are under consideration. 22 In 2009,the city established a"Grow Zone"throughout the downtown commercial areas.In searching for a way to 23 reduce regulations and streamline the permitting process for businesses, an alternative set of standards were 24 developed for this area. Instead of the standard zoning approach,which prohibits any use not specifically allowed, 25 the Grow Zone standards instead allow nearly all uses and focus instead on the form new construction takes. 26 Where this form is compatible with the existing development pattern, not only does it add to the "destination 27 effect' of the downtown, but approvals can be made very quickly. Property owners seeking to make 28 improvements to a property within the Grow Zone may choose one or the other standard. 29 Business inventory. 30 CURRENT TRENDS 31 As a neighborhood center, the Pequot Lakes economy is impacted by a number of factors beyond its ability to 32 control or even influence.The most pressing factors,created by the national recession, have changed dramatically 33 in just the last two years. It now appears that, for Pequot Lakes as well as other similar communities across the 34 country,the recent period of rapid growth has come to an end.Although it is not clear what will follow,there are 35 some realities that are starting to emerge as critical to the City's future economic development potential. 101 Page