A strong, diversified tax base is essential to ensuring the community's long-term economic vitality.
FIVE-YEAR GOAL: Develop and implement a strategy to expand and diversify the City’s business base through current business retention and new business developments.
TWO-YEAR OBJECTIVE:
n Schedule periodic meetings with existing Prior Lake businesses in partnership with Chambers of Commerce, Economic Development Authority Advisory Committee and SCALE to facilitate retention and expansion.
n Assist entrepreneurs with business start-up and expansion.
n Attract businesses from outside of the community.
FIVE-YEAR GOAL: Ensure that land is available and designated in the Comprehensive Plan and Zoning Ordinance for current and future business development within the City and the orderly annexation area.
TWO-YEAR OBJECTIVE:
n Regularly update the Comprehensive Plan and the McComb Study to assure adequate land inventory is retained for business and economic development.
n Maintain a buildable lot inventory for commercial, industrial, residential and public purposes equal to at least two years’ development volume.
FIVE-YEAR GOAL: Develop and identify potential partners for “south of the river” economic development coalition.
TWO-YEAR OBJECTIVE:
n With the Scott County Association for Leadership and Efficiency (SCALE) and other local economic development and business entities, establish the Scott County Economic Development Coalition or similar County-based economic development organization.
FIVE-YEAR GOAL: Adopt streamlined zoning approval and building permit processes and regulations without sacrificing the quality and effectiveness of City standards.
TWO-YEAR OBJECTIVE:
n Make improvements to the zoning approval process/regulations.
n Make improvements to the building approval process.
FIVE-YEAR GOAL: Adopt streamlined zoning approval and building permit processes and regulations without sacrificing the quality and effectiveness of city standards.
TWO-YEAR OBJECTIVES:
n Make improvements to the zoning approval process and regulations.
n Make improvements to the building approval process.
FIVE-YEAR GOAL: Support transportation corridors that enhance economic development.
TWO-YEAR OBJECTIVE:
n Identify areas for future business development and plan and coordinate future roadway improvements in and around those areas.
FIVE-YEAR GOAL: Develop and implement financing tools, resources and partnerships for economic and business development.
TWO-YEAR OBJECTIVES:
n Annually review and monitor the City’s tax increment finance policy and business subsidy policy to evaluate the prudence and effectiveness of each.
n Explore joint ventures, investments, partnerships and funding with other agencies, entities, businesses, school districts and government.
n Consider an Economic Development Authority levy to assist with economic development and redevelopment funding.
FIVE-YEAR GOAL: Identify and evaluate older commercial, industrial and residential properties for business development/redevelopment potential.
n Annex property as it becomes available and rezone as appropriate.
n Evaluate how to most cost effectively redevelop the property.
n Facilitate redevelopment in accordance with the objective to provide diversified employment close to employee’s houses.
