Laserfiche WebLink
• <br />• <br />• <br />identifying the right types of residential uses for this area, and the types of <br />businesses that will prosper in this location. <br />A special success story for Town Center in Lino Lakes is approval of the YMCA. <br />Improved analysis makes economic development evaluations more thorough, and <br />helps council base our decision on a contribution to the overall balance in Lino <br />Lakes. The YMCA was a project recommended in the 2020 Vision, supported by <br />the Quality of Life Survey and various marketing surveys. The Y was important <br />as well because of its impact on economic development. We expect the Y will <br />help draw a customer base for the rest of Town Center. We were able to bring the <br />Y in at a tax cost to the citizens of approximately $ 22/HH a year for 3-5 years. <br />We expect that the offsetting tax revenues from the additional commercial <br />development will start coming in within 3-5 years. What's different than before is <br />that we close the loop in this planning effort. We invested in the future, but we <br />know when we expect that investment to start paying off, and will watch for it. <br />THE TOWN CENTER IS ONE QUALITY PROJECT for the citizens of Lino <br />Lakes. <br />It's interesting to note that when the Economic Development Department was <br />organized about 6 years ago, their costs were limited to 4% of the city's overall <br />operating budget. Today, their costs are approximately 3.5% They are the only <br />department for which we track expenditures to revenues as a department. For an <br />investment equalling 3.5% of the budget, we expect economic development <br />revenues to continue to expand by $8 million per year for the next 5 years. <br />EXCELLENT RETURN ON INVESTMENT. <br />11 <br />