EDA Packet 06.20.17 - Laserfiche WebLink

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Panelists pointed out that the U.S. is overly retailed — there's about 25 square feet of retail floor area per capita in the U.S. while Europe has about two square feet per capita. • The number of medical/dental uses is impressive and provides a foundation for other related uses. Panelists were surprised that a pharmacy was lacking and predicted that one or more will be coming soon. • Data centers may be an economic development opportunity for the City. Although they may provide relatively few jobs, they contribute favorably to the tax base. • Small manufacturing startups are typically looking for existing buildings rather than development opportunities. As they grow, development or expansion opportunities become more important. It is essential for the City to "know its inventory" for industrial and manufacturing sites that can be marketed to potential users. • The economics of housing often make new market rate rental projects difficult in many settings. In these places, the market simply cannot bear the rents needed to induce the construction of new rental housing. A city's willingness to explore public/private initiatives, such as low income housing tax credits and tax increment financing or consider fee waivers when appropriate, may be necessary to spur the development of new housing options. Cities that do upfront research, market analysis and take other steps to streamline the development approval process tend to be more successful in attracting development investment for new rental housing. • Mixed use development, with housing as an integral part, may be a desirable use in the downtown area. In order for mixed use to be successful, all elements - housing, retail and commercial — must work from a market perspective. In all likelihood, this will be a horizontal project. Vertical mixed use, especially in a setting like Hugo, is very difficult to accomplish from an economic standpoint. • Ownership forms of multifamily housing are still difficult to accomplish. While there may be a demand for common interest community attached housing products, current laws regarding ongoing liability for construction defects has effectively chilled this market. Changes to State law are needed and in the works which may increase opportunities for this type of development in the future. • Opportunities for more affordable small lot single family or bungalow type developments require public participation to be feasible. The new single family and one level ownership living offered in the City are not affordable to young families and the New Generation. This type of housing may require financial support from the City or funding from other public sources available at Metropolitan Council, Washington County or Minnesota Housing. Focusing on existing home renovation programs could help provide more affordable options for young families as homes become available as well. 2