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1 If Pequot Lakes is going to remain competitive, it needs to be easy to do business in town. In the past, some of the 2 processes and regulations inherited or developed locally created unnecessary obstacles for businesses and did not 3 provide enough value to justify their application. That has started to change with recent initiatives, and further 4 unwinding is necessary. 5 It is important, however, to maintain a common set of standards in order to protect existing investments.The City 6 should not adopt the standards of neighboring communities in a "race to the bottom" approach to deregulation. 7 Pequot is a unique community with an approach to economic growth and development that differs significantly 8 from the area communities of Brainerd, Baxter, Nisswa, Breezy Point and Jenkins5. The City needs to have high 9 standards that fit with the community and then focus on how those standards are applied and what can be done 10 to streamline the approval process. 11 Grow the Market 12 Businesses in Pequot Lakes sell goods and services to people around the world. However, there are a significant 13 number of transactions that take place locally, serving people that live locally. Growing the market of potential 14 consumers involves different strategies for local, regional and distant markets. 15 For local markets, Pequot Lakes has its greatest competitive advantage in being a convenient location. As 16 convenience for local consumers is increased, more people will opt to shop locally. Increasing convenience means 17 paying attention to the form and function of the public spaces within Pequot's commercial areas. It also means 18 housing approaches that locate new residents within walking distance of businesses. 19 Attracting consumers from the region comes with paying attention to those unique experiences and offerings that 20 Pequot Lakes has, or can grow. With many options in the regional marketplace, Pequot Lakes needs to be a 21 "destination" in order to stand out.This means having an agglomeration of businesses that,while competitive, rely 22 on each other and their collective draw for attracting consumers. The destination effect is enhanced by paying 23 attention to how businesses are spatially located, how their design interacts with their neighbors and how they 24 improve the public realm. 25 Distant markets — those beyond the immediate region — are within reach of Pequot Lakes due to quality 26 transportation systems, excellent broadband connectivity and adequate telecommunications systems. Continued 27 improvements to all of these systems will enhance the community's competitiveness and allow local businesses 28 access to unlimited markets. 29 FINANCIAL INCENTIVES 30 Financial incentives are an important economic development tool for the City to use.The City has designated the 31 entire city as potentially eligible for Tax Increment Financing(TIF).The City needs to be deliberative in which types 32 of projects it provides financial incentives to. As a guideline, financial incentives should only be considered for 33 projects that: 5 The "DNA" of Pequot Lakes — the framework upon which the city is built — is different than any of the other communities in the immediate area. Baxter and Breezy Point are exclusively auto-oriented communities, lacking the downtown created around the historic railroad stop as in Pequot Lakes. While Nisswa and Brainerd have this traditional pattern, it differs significantly from Pequot Lakes. Brainerd's development is on a different scale and has a different character due to transportation choices made within its traditional neighborhoods. Nisswa has maintained the historic character of its downtown, but it is not set up to connect that area to the surrounding neighborhoods.As such, development in Pequot Lakes is more diverse and less seasonal than that in Nisswa. 191 Page