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Chapter 5 <br />Economic Development <br />Economic development is vitally important in every city. Strategic <br />planning, strong partnerships and a clear understanding of the <br />City's goals are important when planning economic resiliency and <br />growth. The City of Hugo is devoted to the growth and expansion <br />of local businesses and industry in order to increase the local tax <br />base, increase local employment and provide a full range of services <br />to residents. The City has been proactive in creating economic <br />development opportunities within the community. Collaboration with <br />the City's Economic Development Association (EDA), Hugo Area <br />Business Association (HBA), and Washington County Community <br />Development Agency (CDA) inform this planning process and create <br />strong connections to the City's business owners. This chapter will <br />discuss the City's current business climate, identify strengths and <br />weaknesses, and outline a framework for guiding economic growth. <br />In 2004, the City organized its Economic Development Authority (EDA) <br />into a seven member advisory group including the Mayor and one City <br />Councilmember. As an advisory commission to the City Council, the <br />EDA is responsible for attracting economic growth and development, <br />retaining businesses, and assisting with the expansion of existing <br />businesses within the community. The EDA recommends economic <br />development policies and economic development financing incentives <br />to the Council. The EDA has prepared this long-range strategic plan <br />for economic development for the City. <br />JIPGO 2040 COMPREHENSIVE PLAN UPDATE DRAFT Dec 14-17 ECONOMIC COMPETITIVENESS 100 <br />for review only <br />