4A - Economic Development (part 2)

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1 Businesses in Pequot Lakes sell goods and services to people around the world. However, most of the transactions 2 that take place are done locally, for people that live locally. Growing the market of potential consumers involves 3 different strategies for local,regional and distant markets. 4 For local markets, Pequot Lakes has its greatest competitive advantage in being a convenient.As convenience for 5 local consumers is increased, more people will opt to shop locally. Increasing convenience means paying attention 6 to the form and function of the public spaces within Pequot's commercial areas. It also means housing approaches 7 that locate new residents in and within walking distance of businesses. 8 Attracting consumers from the region comes with paying attention to those unique experiences and offerings that 9 Pequot Lakes has, or can grow. With many options in the regional marketplace, Pequot Lakes needs to be a 10 "destination"in order to stand out.This means having an agglomeration of businesses that,while competitive, rely 11 on each other and their collective draw for attracting consumers. The destination effect is enhanced by paying 12 attention to how businesses are spatially located, how their design interacts with their neighbors and how they 13 improve the public realm. 14 Distant markets — those beyond the immediate region — are within reach of Pequot Lakes due to quality 15 transportation systems, excellent broadband connectivity and adequate telecommunications systems. Continued 16 improvements to all of these systems will enhance the community's competitiveness and allow local businesses 17 access to unlimited markets. 18 POLICIES 19 The following policies are proposed to guide future economic growth and development in Pequot Lakes: 20 Assist local businesses with leveraging capital.To maintain a sustainable local economy,the City of Pequot Lakes 21 needs to create an environment for businesses to establish, grow and prosper. The City needs to help new 22 businesses and businesses in transition leverage capital.The availability of capital is the most important factor in 23 creating and expanding a business. There are numerous opportunities open to the City to free up capital for 24 businesses or to connect businesses with sources of funding, from tax increment financing (TIF) to revolving loan 25 funds and community development corporations.The City should consider these and other mechanisms as part of 26 an economic development strategy. 27 Partner with local economic development agencies to support and enhance businesses.The City needs to assist 28 in energizing the local business spirit. An entrepreneurial spirit in a city is a contagious thing. If the City continues 29 to show a dedication to business, our partners in the Chamber of Commerce and the Pequot Lakes Economic 30 Development Organization will help promote it.City officials need to be active in business networks reinforcing the 31 idea that local economic advances will come largely through local cooperation. 32 Ensure a skilled and educated local workforce.The City should also work to enhance the local work force. Human 33 capital is vital to the success of Pequot Lakes in this modern age of business. This starts with an educated 34 workforce, which will serve as the framework for all economic development endeavors. Emphasis needs to be 35 placed on a good school system in order to build the human capital needed for a successful economy. 36 Partnerships with the local school district and the Central Lakes College can help the City capitalize on these 37 institutions. Once you have an educated workforce, there are more opportunities for the local economy to be 38 innovative and sustainable. _ 131 Page