09/22/2008 Council Packet - Laserfiche WebLink

Home Search

Chapter 5: Economic Development Frequently Asked Questions Why do we need an Economic Development Plan? The City of Lino Lakes has many competitive economic advantages, including access to both I -35W and I- 35E, land availability, natural amenities, and a highly educated population. The City needs an Economic Development Plan to capitalize on these advantages and ensure continued economic growth in the City. Increased commercial and industrial development will diversify the City's tax base, decreasing the tax burden on residential properties. An increased tax base will also allow the City of Lino Lakes to provide the level of services residents expect. What does the Economic Development Chapter include? This chapter discusses the role employment plays in achieving an economically healthy city and livable community. It discusses the City's goals and policies to guide future economic development efforts, examines the regional and local market for economic growth, and the current employment and economic conditions in the city. The chapter also reviews recent economic development activities that have helped to diversify the City's tax base, including the Apollo Business Park, the Clearwater Creek Development Center, and the Town Center. These areas will continue to spur economic growth in the community. The plan concludes with a variety of economic development tools and techniques the city can use to provide additional employment and economic development opportunities in the city. How will economic development activities affect the City's tax base? The community needs a good variety of residential, commercial, and industrial uses for a strong tax base. Increased commercial and industrial development can reduce the tax burden on residential properties.