A strong, diversified tax base is essential to ensuring the community’s long-term economic vitality. Prior Lake encourages high quality residential and business development.

GOAL: Develop and implement a strategy to expand and diversify the City’s business tax base through current business retention and new business developments.

OBJECTIVES:

Identify what the City has to offer that is unique and market it.

Provide an exit survey to businesses leaving the City to learn what the city can do better.

Market to CEOs, CFOs, and VPs living in Prior Lake to move their businesses here.

Prepare a business development plan for City Council consideration.

Focus on getting businesses that bring jobs for residents of the City and Office Park (campus) uses.

Complete Maxfield Research Economic Development Study.

Utilize the Economic Development Advisory Committee (EDAC) to conduct periodic meetings with existing Prior Lake businesses.

Utilize EDAC to assist entrepreneurs with business start-up and expansion information.

Utilize EDAC to help attract businesses from outside of the community.

GOAL: Identify and evaluate older commercial, industrial and residential properties for business development/redevelopment potential.

OBJECTIVES:

Focus on downtown, 13/42, Jeffers Waterfront, Summit Preserve, Gateway, South Lake Village and Vierling.

Annex property as it becomes available and rezone as appropriate.

Evaluate how to most cost effectively redevelop annexed property.

Facilitate redevelopment in accordance with the objective to provide diversified employment close to employee’s houses.

GOAL: Remove obstacles to economic development.

OBJECTIVES:

Adopt streamlined zoning approval and building permit processes and regulations to establish a reputation that Prior Lake provides customer- and business-friendly development without sacrificing the quality and effectiveness of City standards.

Make zoning in the 13/42 area consistent.

GOAL: Ensure that land is available and designated in the Comprehensive Plan and Zoning Ordinance for current and future business (commercial and industrial) development within the City and the orderly annexation area.

OBJECTIVES:

Revisit the Comprehensive Plan to address changes in population projections and the market.

Regularly update the Comprehensive Plan to assure adequate land inventory is retained for the business and economic development market Prior Lake is most likely to serve.

Maintain a buildable lot inventory for commercial, industrial, residential and public purposes equal to at least two years development volume.

GOAL: Develop and implement financing tools, resources and partnerships to facilitate economic and business development.

OBJECTIVES:

Bring in network infrastructure and use fiber optic as an incentive for technology businesses to come here.

Adjust committees to align with 2030 goals and objectives.

Periodically review and monitor the City’s tax increment finance policy and business subsidy policy to evaluate the prudence and effectiveness of each.

Explore joint ventures, investments, partnerships and funding with other agencies, entities, businesses, school districts and government.

Consider an Economic Development Authority levy to assist with economic development and redevelopment funding.

GOAL: Work with the SCALE Unified Land Use and Transportation Coalition to support development and improvement of transportation corridors that enhance economic development.

OBJECTIVES:

Work to achieve goal that 50% of all Scott County residents will work within Scott County.

Identify areas for future business development; plan and coordinate future roadway improvements in and around those areas.

Work with SCALE to identify the number and type of jobs in Prior Lake.