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I <br />4 <br />Chapter xx — Economic Development <br />Introduction <br />In 2004, the City reorganized its Economic Development Authority (EDA) into a seven <br />member advisory group including the Mayor and one City Council member. As an <br />advisory commission to the City Council, the EDA is responsible for attracting economic <br />growth and development, retaining businesses, and assisting with the expansion of <br />existing businesses within the community. The EDA recommends economic <br />development policies and economic financing incentives to the Council, and works to <br />promote the City. The EDA has prepared this long-range strategic plan for economic <br />development within the City. <br />Purpose <br />The purpose of this plan is to expand and enhance the City's commercial and industrial <br />base. The City's goal is to establish a healthy, thriving business community that will <br />maintain and enhance the City's high quality of life. An expanded business community <br />will provide an expanded tax base, increased local employment, a greater variety of jobs, <br />and a full range of goods and services for its citizens. <br />Goal: Identify Opportunities and Barriers. <br />Since 1999, the City's Bald Eagle Industrial Park has seen steady development. Today, <br />nearly all the property within the industrial park has been developed. Multiple quality <br />businesses have located in the industrial park, bringing diverse, quality jobs to the City. <br />Business owners that have selected to move their business into the industrial park have <br />identified a number of advantages to locating a business in Hugo, including: <br />• Location and transportation connections, including Hwy 61, the BNSF <br />railroad, and the close proximity of I-35E. <br />• Access to major markets and to available infrastructure within the Twin <br />Cities area <br />• Well educated, skilled, and rapidly expanding labor force <br />• Natural resources <br />• Schools <br />• Diversity of housing options <br />• Low crime <br />• Available land <br />• Financial incentives, including Tax Increment Financing <br />• Constructed local infrastructure including roads and utilities <br />• Helpful, Effective, and Supportive City Council and City staff <br />Since 2005, the City has welcomed a number of new commercial retail, service and <br />medical businesses to the community, bringing important goods and services to the <br />