08/28/2000 Council Packet - Laserfiche WebLink

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Commercial In recent years the city has turned its focus to the development of commercial business in the Town Center in Lino Lakes. Commercial development refers to any nonindustrial development that is taxed at a C/I tax rate, i.e., professional offices, service businesses, entertainment, and retail. Retail development refers to that which provides consumer goods at retail prices (See Definitions; Attachment A). With population growth, the city is beginning to attract commercial developers to the commercial areas on 35W and 35E. The Town Center on 35W is the primary commercial area that has been designated as the future "downtown" Lino Lakes. Extensive planning since 1995, plus the city's purchase of land within one quadrant of the Town Center, has provided the momentum for development. Based on a concept of Traditional Neighborhood Development, the emphasis is on high density, mixed use that responds to pedestrians as well as the automobile. This "Main Street" concept has been gaining acceptance throughout the country as an alternative to standard suburban development catering to big box retail and oriented to the automobile. To date, two banks, two clinics, a convenience store /gas station, the Lino Lakes Civic Complex and a planned McDonald's have developed in the Town Center. A YMCA is slated for development in 2001. In addition, the four quadrants of 35E are beginning to attract development interest. One gas station /convenience store /restaurant has opened on the southwest quadrant and a Dairy Queen is planned. A bank is scheduled for construction on the southeast quadrant, opening up the area for additional commercial growth. With the increase in new residential development in east Lino Lakes, Hugo and Centerville, this interchange is likely to see significant development in three to five years. C. COMPREHENSIVE PLAN It was the intent of EDAC to incorporate the Lino Lakes draft Comprehensive Plan objectives for commercial and industrial land into the Economic Development Plan. This includes an aggressive economic development growth strategy that recognizes the relationship between housing growth and commercial /industrial growth and the need for diversity in housing. EDAC supports the draft Comprehensive Plan's assumptions that: • 17% of the future growth in Lino Lakes will be commercial /Industrial • 26% of future housing will be multi - family • 50% of multi - family housing will be rental • Commercial /industrial market valuation shall increase by an average of $8 million per year. • The commercial /industrial market valuation goal is 7% by 2005; 10% by 2010; and 15% by 2020. • The local tax rate goal is 20% by 2020. 3