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City of Mounds View Staff Report Economic Development/Community Development Issues March 14, 1997 Page 4 1111 E. Leakage of Dollars and Loss of Economic Activity There is currently a leakage of dollars leaving the community. This is due to lack of services and the concentration of big box developments in neighboring communities where services are clustered. We are currently living in a society of convenience. People spent their dollars outside the community because the services they demand are located in the same geographic location. The big box concentration of development provides them with one destination to meet the majority of their needs. To attract this type of development takes large amounts of contiguous commercial land. Unfortunately, the opportunities for new large developments are very limited in Mounds View. Focused plans that are supported by the decision makers in the community will help to capture and maximize the limited commercial opportunities that are available in the City. By supporting land use choices that create a destination, we can provide attract developments that will result in new dollars coming in from outside the community. This type of development will aid in supporting the success of commercial businesses already present in the community. 111 IV. Mounds View's Largest Economic Opportunity-Highway 10 A. Current Opportunities Several opportunities for redevelopment are present which, if capitalized, will improve the economic base and image of the City. These areas should be the focus for the City. The largest area of opportunity that will have a significant impact on the City's tax capacity is Highway 10. The market drives development and new investment. City staff is being approached all the time with regards to potentials on Highway 10. This interest is precipitated by the demands of the market. What the market is demanding does not match with current zoning and comprehensive plans that the community developed many years ago. Unfortunately the market is cyclical and can not wait for a community to engage in a long term planning process. They will go elsewhere and the opportunities for property will decline. Where are the opportunities? Vacant Land O'Neil Property, Wmiecki/Iones Property and City Owned Property. Blighted properties with no desire or capital by current ownership to improve Pleasant Wood Apts (Red Oak), Auto Central, Simons, Pak Co. Improvements to existing properties • Mermaid and Moundsview Square.