EDA Packet 10.17.17 - Laserfiche WebLink

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rf CITY pF ]HU PST. 1908 The City should continue to identify strengths and opportunities in addition to identifying, minimizing and eliminating barriers to new business development. The City should continue this effort by asking existing business owners to identify barriers and opportunities though outreach surveys Identifying Target Business Market A target market should be identified based on the City's strengths and weaknesses. Criteria such as size, type and quality of the business, in addition to the types of jobs and services it provides should all be considered when attracting new business. The City's abundant and adaptable range of development opportunities are one of its greatest strengths, therefore the City will target diverse business markets that will allow the City to grow economically and offer a wide range of services to its residents. One overarching parameter the City values is the quality of a business and the services it provides. Separate parameters may be established for each market sector including office, retail, industrial and medical, which will guide development towards a level of quality deemed acceptable by the City. So far, the EDA has discouraged the development of typical large, "big box," style retailers, but has encouraged the development of smaller neighborhood style shopping centers. This has prevented development from being forced prematurely, and positions the City to welcome a diverse array businesses. The EDA has also recommended that the City provide locations for many of the small home based businesses that are located in some areas of rural Hugo. The EDA has encouraged the City to attract a diversity of businesses that will allow residents to get the services they desire in the community. Guide Land Use for Target Business Market The Land Use Plan Chapter identifies locations for future industrial, retail, and office development. The land use plan should be used to guide new businesses to suitable land for new business development. Land is identified within the land use plan where businesses are likely to succeed with good access to transportation, utilities, and proximity to the workforce. The City's website is intended to become a resource for potential business owners who may wish to locate on developed property. On the website, available commercial land in the City will be listed, and through the listings, property owners may be contacted about available space for sale or lease. The City should provide areas for office and medical development that are distinct from retail areas. Due to the City's support of life -cycle housing, additional housing options are being provided for the senior population, which in turn is creating a demand for additional medical development. In addition, much of the new single-family residential development in the City is affordable only to those earning higher incomes. Many of the professionals now living in the City are creating a demand for professional office and service space. Identifying specific areas for medical and office development will also preserve prime retail space along high traffic corridors for retail development. The land use plan includes a category for "business park" development that will be well suited for office, medical, and light industrial uses along key transportation corridors. Market the City The City should market its strengths and opportunities to desirable businesses through communication and marketing strategies. Simply making the information available to the business community is the first and most important step. The City should prepare annual economic reports of activity within the City, and make them readily available to developers. The City should also continuously update its Economic Development webpage with current and relevant information about activity and incentives and provide helpful community profiles that speak to the development community. Information such as demographic data, community characteristics, and information about the City's workforce, traffic counts, and listings of available land or buildings should be communicated within attractive narratives and graphics. The City of Hugo is commonly described as "an urban environment in a rural setting' which holds many strengths identified by its business community. Branding the City for its strengths, story and success will retain the attention of the development community. The information should be distributed wherever possible, and the City should source creative outlets to market to desirable businesses. The City should continue to cooperate and share information with partners such as the Hugo Business Association (HBA), the White Bear Area Chamber of Commerce, and the state Department of Employment and Economic Development. The City should continue to work with surrounding communities and with Washington County to encourage the creation of an east metro economic development strategy. Establish Financial Incentives to Attract New Business Development The City should evaluate all incentives available for use by the City. Policies should be implemented for the use of incentives, including the use of the City's Tax Increment Financing Policy. The City should evaluate other costs associated with the development or operation of businesses within Hugo. Costs should be compared to other cities and the fee structures or other costs should be reformulated where possible to remain competitive. DRAFT 2040 Comprehensive Plan Update — Economic Development HUG16015 - September 15, 2017