EDA Packet 12.19.17 - Laserfiche WebLink

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Opportunities and Barriers to Economic Development Since 1999, Hugo has welcomed a variety of new industrial, commercial retail, service and medical businesses to the community. Areas like the Bald Eagle Industrial park have experienced steady development and have brought diverse quality jobs to the City. Today, nearly all the property within the park has been developed, and existing businesses continue to locate and expand. The commercial industry has also found success in Hugo while providing important goods and services to the community. This is due to a number of advantages to locating in Hugo, identified by the business community, which include: • Location and transportation connections, including Highway 61, the BNSF railroad, and the close proximity of I -35E. • Access to major markets and to available infrastructure within the Twin Cities area • Well educated, skilled, and rapidly expanding labor force • Low tax rates • Financial incentives, including Tax Increment Financing • Constructed local infrastructure including roads and utilities • Helpful, effective, and supportive City Council and City staff • Natural resources HUGO 2040 COMPREHENSIVE PLAN UPDATE • Schools • Low crime • Diversity of housing options In 2010, The City completed a Business Retention and Expansion program (BR&E) in partnership with the University of Minnesota Extension Services. The program included business visits that surveyed a variety of retail, service, and industrial businesses in the community. A total of 38 businesses participated in the program. Overall, the survey results indicated that businesses in Hugo are hopeful for the future. The results also identified several reasons for ocating businesses into the City including: • Available land • A rapidly growing population with attractive demographics • Improvements to the CSAH 8 corridor • High quality, well planned, and attractive developments • Lack of other similar businesses within close proximity 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. Attracting Diverse Business Markets 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. 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. 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. 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. ECONOMIC COMPETITIVENESS 104