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I To do this,the City must focus on the following three principles: 2 1. Improve businesses competitiveness by reducing the tax burden. 3 2. Encourage business development by streamlining the regulatory process. 4 3. Improve business opportunity by growing the market of customers wanting good and services from the 5 businesses of Pequot Lakes. 6 Reduce the Tax Burden 7 The city tax rate is a function of the size of the tax base and the amount of government spending.Over the long 8 term,the City controls the amount of spending, but can only influence the size of the tax base.While sometimes 9 the City needs to make strategic investments to grow the tax base,those investments need to have a clear return 10 if the public spending is designed to reduce the overall tax rate. it Since the City has an implied obligation to maintain existing infrastructure systems,the way for the City of Pequot 12 Lakes to control the tax burden over the long-term is to make better use of those infrastructure investments.This 13 means encouraging new investment in areas where infrastructure already exists. 14 Streamline the Regulatory Process 15 If Pequot Lakes is going to remain competitive,it needs to be easy to do business in town.In the past,some of the 16 processes and regulations inherited or developed locally created unnecessary obstacles for businesses and did not 17 provide enough value to justify their application.That has started to change with recent initiatives, and further 18 unwinding is necessary. 19 It is important,however,to maintain a common set of standards in order to protect existing investments.The City 20 should not adopt the standards of neighboring communities in a"race to the bottom"approach to deregulation. 21 Pequot is a unique community with an approach to economic growth and development that differs significantly 22 from the area communities of Brainerd, Baxter, Nisswa, Breezy Point and Jenkins 5. The City needs to have high 23 standards that fit with the community and then focus on how those standards are applied and what can be done "4 to streamline the approval process. 25 Grow the Market 26 Businesses in Pequot Lakes sell goods and services to people around the world. However,there are a significant 27 number of transactions that take place locally,serving people that live locally.Growing the market of potential 28 consumers involves different strategies for local,regional and distant markets. 29 For local markets, Pequot Lakes has its greatest competitive advantage in being a convenient location. As 30 convenience for local consumers is increased,more people will opt to shop locally.Increasing convenience means 31 paying attention to the form and function of the public spaces within Pequot's commercial areas. It also means 32 housing approaches that locate new residents within walking distance of businesses. 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. DRAFT-November 2010 20 1 P a g e