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~~ ���~��1�o����� �������������7� <br /> 1 ��x���o���o�xnv~ ��0�~ n~/���on�ou~x� n <br /> 2 INTENT <br /> 3 Have avveD'ba|anced local economy that builds on Peqvot Lakes' existing business community, attracts outside <br /> 4 investment encourages entrepreneurs, promotes the creation of diverse jobs at different pay scales, and serves <br /> S the consumer and service needs of Pequot Lakes'residents and the surrounding neighborhoods. <br /> G BACKGROUND <br /> 7 The railroad stop was the nr|g|nm| catalyst for economic growth in Pequot Lakes. Businesses established within <br /> D walking distance of the station and were then surrounded by neighborhoods built on the traditional grid system of <br /> 9 the time. As transportation switched to the automobile, highway-oriented development began to be established <br /> 10 along the main roads in and out of town. Most of this was commercial in nature with a uniquely small-town flavor. <br /> 11 In time,a business park was established off of the highway to provide for more intensive commercial and industrial <br /> 12 operations within the City. In the years since the Comprehensive Plan was last updated, these three ovwes have <br /> 13 continued tu mature in distinct patterns. <br /> 14 Business Par� <br /> 15 The growing capacity within the community provided an opportunity for Pequot Lakes to establish a business park <br /> 16 using o grant and loan package from the Federal government. Although slow to establish at first, the park has <br /> 17 gradually expanded as local businesses have relocated for more space and new enterprises have opened. The � <br /> 18 industries in the park provide the area with a degree of economic stability that comes with having year-round jobs <br /> 19 and products that are exported from the area. In 2008,the City modified its land use regulations to provide more <br /> 20 development flexibility within the park(smaller lots and increased coverage limits)to get higher utilization out of <br /> 21 the existing infrastructure investments and entice development of the remaining undeveloped properties.Options <br /> 22 for expanding the park are under consideration,specifically for filling a need for larger,non-serviced lots. <br /> 2] <br /> 24 While it t be true that th i itself had more bottom-line revenue than ex aart of the cost of the nnrk <br /> ' <br /> 25 aFeder i the sale of the lots did not cover the cost of land u1sition and construction. <br /> 26 <br /> 27 ` Revenue from Assessments and Lots Sales: 1 030M0 <br /> � <br /> 28 Revenue Shortfall freal valuell <br /> ZS alue <br /> ]0 less <br /> 31 <br /> n the <br /> ould <br /> kbe much rester than 510 <br /> � zO \ P age <br /> � <br />