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1 Distant markets — those beyond the immediate region — are within reach of Pequot Lakes due to quality 2 transportation systems, excellent broadband connectivity and adequate telecommunications systems. Continued 3 improvements to all of these systems will enhance the community's competitiveness and allow local businesses 4 access to unlimited markets. 5 FINANCIAL INCENTIVES 6 Financial incentives are an important economic development tool for the City to use.The City has designated the 7 entire city as potentially eligible for Tax Increment Financing(TIF).The City needs to be deliberative in which types 8 of projects it provides financial incentives to. As a guideline, financial incentives should only be considered for 9 projects that: 10 1. 11 POLICIES 12 The following policies are proposed to guide future economic growth and development in Pequot Lakes: 13 Strive to maintain long-term stability in the City's rate of taxation. Business growth and creation in Pequot is 14 going to depend on the City's long-term competitiveness. It is enticing to spend money today to induce near-term 15 growth. However, when that growth does not create long-term revenues to handle ongoing maintenance 16 expenses the subsequent rising tax rate hurts business. Pequot Lakes must take a long-term look at its tax and 17 expense structure and ensure businesses a solid and stable investment environment. _ 18 Maintain the downtown area as the center for economic activity in Pequot Lakes.As many cities struggle to keep 19 their downtown areas strong and vital, Pequot Lakes has an advantage in that its downtown already has a healthy 20 mix of retail and, professional, tr@RSieRt @Rd iRdustri;;l businesses clustered together. The City must keep the 21 agglomeration of its businesses and seek to infill and redevelop commercial properties as they become available. 22 The City also needs to work to systematically reconnect and rehabilitate the neighborhoods surrounding the core 23 downtown so as to further strengthen the businesses there. 24 Make the area's natural, scenic, and recreational amenities the Pequot Lakes brand. The primary reason tha' 25 peopie choose to live work and visit the Pequot Lakes area is the natural,scenic beauty and the many recre-__� 26 opportunities. Pe not is in a unique position to retain that powerful brand and use it to not o 27 quality of life for residents but provide long-term business oonortunities for com atible en 28 Streamline the regulatory process to provide business owners with flexibility uses build 29 on the community's assets and enhance its brand. The City's regulate protect existing 30 investments while at the same time encouraging the expansion and redet ley commercial areas.The r 31 City's ordinances need to be continually re-evaluated to ensure that they _env and aggressively promote the 32 vision of this plan while eliminating needless and counterproductive regulation. Regulations must be clear to 33 understand and approval processes should be as streamlined and user-friendly as possible. 34 Strive to have the business park fully utilized.The long-term maintenance costs of the industrial park need to be 35 met by increased development — and more intensive development — within the business park. Storm sewer 36 systems are designed to handle an overall impervious coverage amount of 95%and the sanitary sewer and water 37 systems also have excess capacity. It is critical,for the long-term economic health of the community,that the City 38 continues to seek ways to obtain a higher return on the existing business park properties. 191 Page