2014.09.09 EDA Agenda Packet - Laserfiche WebLink

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6.4. OPPORTUNITIES AND BARRIERS TO ECONOMIC DEVELOPMENT Since 1999, the City's Bald Eagle Industrial Park has seen steady development. Today, nearly all the property within the industrial park has been developed. Multiple quality businesses have located in the industrial park, bringing diverse, quality jobs to the City. Business owners that have selected to move their business into the industrial park have identified a number of advantages to locating a business in Hugo, including: • Location and transportation connections, including Highway 61, the BNSF railroad, and the close proximity of 1-35E. • Access to major markets and to available infrastructure within the Twin Cities area • Well educated, skilled, and rapidly expanding labor force • Natural resources • Schools • Diversity of housing options • Low crime Available land • Financial incentives, including Tax Increment Financing • Constructed local infrastructure including roads and utilities • Helpful, Effective, and Supportive City Council and City staff Since 2005, the City has welcomed a number of new commercial retail, service and medical businesses to the community, bringing important goods and services to the citizens. These new business owners have identified several reasons for locating commercial businesses into the City including: • A rapidly growing population with attractive demographics • Improvements to the CSAH 8 corridor • High quality, well planned, and attractive development • Lack of other similar businesses within close proximity • Available land The City should continue to identify strengths and opportunities. In addition, the City should identify barriers to new business development and seek ways to eliminate or minimize those barriers. The City should continue this effort by asking existing business owners to identify barriers and opportunities though an outreach survey. Chapter 6 1 6-3 Economic Development Plan amu" o