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1 For local markets, Pequot Lakes has its greatest competitive advantage in being a convenient location. As 2 convenience for local consumers is increased, more people will opt to shop locally. Increasing convenience means 3 paying attention to the form and function of the public spaces within Pequot's commercial areas. It also means 4 housing approaches that locate new residents within walking distance of businesses. 5 Attracting consumers from the region comes with paying attention to those unique experiences and offerings that 6 Pequot Lakes has, or can grow. With many options in the regional marketplace, Pequot Lakes needs to be a 7 "destination" in order to stand out.This means having an agglomeration of businesses that,while competitive, rely 8 on each other and their collective draw for attracting consumers. The destination effect is enhanced by paying 9 attention to how businesses are spatially located, how their design interacts with their neighbors and how they 10 improve the public realm. 11 Distant markets — those beyond the immediate region — are within reach of Pequot Lakes due to quality 12 transportation systems, excellent broadband connectivity and adequate telecommunications systems. Continued 13 improvements to all of these systems will enhance the community's competitiveness and allow local businesses 14 access to unlimited markets. 15 FINANCIAL INCENTIVES 16 Financial incentives are an important economic development tool for the City to use. The City has the ability to 17 utilize a number of incentives: ,«^a «"^ ^ «;~^ «•, ^«^.«: "•. ^';^;"'^ c^~Tax Increment Financing (TIF),. 18 tax abatement, revolving loan programs, direct grants, JCBZ designation and more. The City needs to be 19 deliberative in which types of projects it provides financial incentives to.As a guideline,financial incentives sheilld 20 eRly be GeRsi eFed F^~^~^j^^«°would best be used to support import-replacement enterprises that: 21 1. Are located in areas with existing infrastructure or for projects that do not require the extension of 22 municipal utilities. 23 2. Redevelop blighted or underutilized properties. 24 3. Do not compete with businesses established within the community. 25 4. Have a high potential to induce economic activity within the community beyond the operation of the 26 enterprise receiving the subsidy. 27 5. Are scaled to utilize local services, such as a local attorney, insurance agent, printer, accountant, etc... 28 Business chains that would routinely handle professional services outside of the community in a corporate 29 framework are not good candidates for tax subsidies. 30 Businesses that meet these guidelines should be given strong consideration if a short-term tax subsidy is needed to 31 facilitate their move to or expansion within the community. 32 POLICIES 33 The following policies are proposed to guide future economic growth and development in Pequot Lakes: 34 Strive to maintain long-term stability in the City's rate of taxation. Business growth and creation in Pequot is 35 going to depend on the City's long-term competitiveness. It is enticing to spend money today to induce near-term 36 growth. However, when that growth does not create long-term revenues to handle ongoing maintenance 37 expenses, the subsequent rising tax rate hurts business. Pequot Lakes must take a long-term look at its tax and 38 expense structure and ensure businesses a solid and stable investment environment. 161 Page