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1 ECONOMIC DEVELOPMENT 2 INTENT 3 Have a well-balanced local economy that builds on Pequot Lakes' existing business community, attracts outside 4 investment, encourages entrepreneurs, promotes the creation of diverse jobs at different pay scales, and serves 5 the consumer and service needs of Pequot Lakes' residents and the surrounding neighborhoods. Pequot Lakes is a 6 community that has reached a level of maturity in its development. Growth is needed to avoid stagnation, but the 7 cif is in a comfortable position where it can shun a growth-at-all-costs approach and instead embrace businesses 8 that add to the overall prosperity of the community. This will mean an emphasis on getting a higher return on 9 existing infrastructure investments and a decreased emphasis on efforts to induce new growth horizontally. 10 BACKGROUND 11 The railroad stop was the original catalyst for economic growth in Pequot Lakes. Businesses established within 12 walking distance of the station and were then surrounded by neighborhoods built on the traditional grid system of 13 the time. As transportation switched to the automobile, highway-oriented development began to be established 14 along the main roads in and out of town. Most of this was commercial in nature with a uniquely small-town flavor. 15 In time,a business park was established off of the highway to provide for more intensive commercial and industrial 16 operations within the City. In the years since the Comprehensive Plan was last updated, these three areas have 17 continued to mature in distinct patterns. 18 Business Park 19 The growing capacity within the community provided an opportunity for Pequot Lakes to establish a business park 20 using a grant and loan package from the Federal government. Although slow to establish at first, the park has 21 gradually expanded as local businesses have relocated for more space and new enterprises have opened. The 22 industries in the park provide the area with a degree of economic stability that comes with having year-round jobs 23 and products that are exported from the area. In 2008, the City modified its land use regulations to provide more 24 development flexibility within the park (smaller lots and increased coverage limits) to get higher utilization out of 25 the existing infrastructure investments and entice development of the remaining undeveloped properties. 26 An analysis of the industrial park investment(See Appendix) demonstrates that the park could not have been built 27 without significant assistance from the federal government. This has some dramatic implications for both future 28 expansion and the ongoing maintenance of the existing park. To expand the park with near-term tax revenues 29 would require significant additional federal investment,which is uncertain to happen.And as the park ages and the 30 infrastructure requires more maintenance, there is the very likely possibility that it will cost more to service the 31 park than it generates in tax revenue.To ensure this does not happen,the development pattern in the park needs 32 to evolve to be more efficient, and expansion options need to be minimalist (without major infrastructure) or put 33 on hold until the imbalances in the current park are corrected. 34 35 Downtown 36 The downtown area was the original commercial center of the community. Based around the location of the old 37 railroad stop, it has the traditional grid pattern of development.While the entire area has been developed with full 101 Page