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I ECONOMIC DEVELOPMENT 2 INTENT 3 Have a well-balanced local economy that builds on Pequot Lakes' Pat—al —d„i#exical-ame—tip-existing business 4 communitv, attracts outside investment, encourages entrepreneurs, promotes_the creation of diverse jobs at 5 different pay scales, and serves the consumer and service needs of Pequot Lakes' residents and the surrounding 6 neighborhoods. 7 BACKGROUND 8 Sipr_e the early railread days, Pequet Lakes 10 1--lies h I c y 11 lapgeF empleyee base kvithiR this cemmutep shed, the viability ef a bFeade� a po 13 D ,+ 2 R@Wr@l revitalizatieR and exp@RsieR GF . 14 and . 15 The railroad stop was the original catalyst for economic growth in Pequot Lakes. Businesses established within 16 walking distance of the station and were then surrounded by neighborhoods built on the traditional grid system of 17 the time As transportation switched to the automobile highway-oriented development began to be established 18 along the main roads in and out of town. Most of this was commercial in nature with a uniquely small-town flavor. 19 In time a business park was established off of the highway to provide for more intensive commercial and industrial 20 operations within the City. In the years since the Comprehensive Plan was last undated, these three areas have 21 continued to mature in distinct patterns. 22 Business Park 23 The growing capacity within the community provided an opportunity for Pequot Lakes to establish a ;�dust~ia; 24 park using a grant and loan package from the Federal government.Although slow to establish at first,the 25 park has gradually expanded as local businesses have relocated for more space and new enterprises have opened. 26 The industries in the park provide the area with a degree of economic stability that comes with having year-round 27 jobs and products that are exported from the area. In 2008, the City modified its land use regulations to provide 28 more development flexibility within the park (smaller lots and increased coverage limits) to get higher utilization 29 =ou of the existing infrastructure investments and entice development of the remaining undeveloped 30 properties. Options for expanding the park are under consideration specifically for filling a need for larger, non- 31 serviced Intl. 32 Downtown 33 In 2009,the city established a"Grow Zone"throughout the downtown commercial areas. In searching for a way to 34 reduce regulations and streamline the permitting process for businesses, an alternative set of standards were 35 developed for this area. Instead of the standard zoning approach,which prohibits any use not specifically allowed, 36 the Grow Zone standards instead allow nearly all uses and focus instead on the form new construction takes. 37 Where this form is compatible with the existing development pattern, not only does it add to the "destination 101 Page