3A - Economic Development - Laserfiche WebLink

Home Browse Search

_ 1 Maintain the downtown area as the center for economic activity in Pequot Lakes.As many cities struggle to keep 2 their downtown areas strong and vital, Pequot Lakes has an advantage in that its downtown already has a healthy 3 mix of retail and professional businesses clustered together. The City must keep the agglomeration of its 4 businesses and seek to infill and redevelop commercial properties as they become available.The City also needs to 5 work to systematically reconnect and rehabilitate the neighborhoods surrounding the core downtown so as to 6 further strengthen the businesses there. 7 Make the area's natural, scenic, and recreational amenities the Pequot Lakes brand. The primary reason that 8 people choose to live,work and visit the Pequot Lakes area is the natural, scenic beauty and the many recreational 9 opportunities. Pequot is in a unique position to retain that powerful brand and use it to not only enhance the 10 quality of life for residents but provide long-term business opportunities for compatible enterprises. 11 Streamline the regulatory process to provide business owners with flexibility while ensure new enterprises build 12 on the community's assets and enhance its brand. The City's regulatory framework needs to protect existing 13 investments while at the same time encouraging the expansion and redevelopment of key commercial areas. The 14 City's ordinances need to be continually re-evaluated to ensure that they clearly and aggressively promote the 15 vision of this plan while eliminating needless and counterproductive regulation. Regulations must be clear to 16 understand and approval processes should be as streamlined and user-friendly as possible. 17 Strive to have the business park fully utilized.The long-term maintenance costs of the industrial park need to be 18 met by increased development — and more intensive development — within the business park. Storm sewer 19 systems are designed to handle an overall impervious coverage amount of 95% and the sanitary sewer and water 20 systems also have excess capacity. It is critical, for the long-term economic health of the community,that the City 21 continues to seek ways to obtain a higher return on the existing business park properties. 22 Ensure that expansion of the City's commercial zoning districts are tied to the cost-effective expansion of 23 utilities. Development on the highway corridor misdirects investments that are critically needed in the downtown 24 and business park areas. In addition, development along the highway corridors impedes safe vehicle travel, 25 degrades highway capacity and is expensive to provide service to. Businesses in these areas may find 26 comparatively cheap land prices, but that reflects the difficulty in sustaining a business in an isolated location. New 27 commercial zones must be reserved for areas in the community that will immediately utilize the community's 28 existing investments in major infrastructure. 29 Promote an excellent school district and housing policies that cater to a diverse workforce. The success of 30 businesses in the community will depend on people choosing to move to, live in and invest in Pequot Lakes. A 31 healthy school and desirable workforce housing are two of the most critical components necessary to attract 32 workers and investment.To the extent possible, the City of Pequot Lakes needs to support the local school district 33 and work to implement a robust housing strategy for the urban neighborhoods of Pequot Lakes. 34 Assist local businesses with leveraging capital.To maintain a sustainable local economy, the City of Pequot Lakes 35 should create an environment for businesses to establish, grow and prosper. The City needs to help new 36 businesses and businesses in transition leverage capital. The availability of capital is the most important factor in 37 creating and expanding a business.There are opportunities open to the City to free up capital for businesses or to 38 connect businesses with sources of funding, from tax increment financing (TIF) to revolving loan funds and 39 community development corporations.The City should consider these and other emerging mechanisms as part of 40 an economic development strategy. 171 Page