02-28-24 EDC Agenda Packet - Laserfiche WebLink

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City of Arden Hills – 2040 Comprehensive Plan Approved: November 2019 8-1 8. ECONOMIC DEVELOPMENT AND REDEVELOPMENT Goal: Promote the development, redevelopment, and maintenance of a viable, innovative, and diverse business environment serving Arden Hills and the metropolitan area. To achieve this economic development and redevelopment goal, the following policies are proposed: o Work to create and strengthen existing partnerships between public and private agencies and institutions. o Engage the private sector to encourage development and redevelopment projects that are beneficial to the City and identify incentives or programs where applicable that promote private sector investment. o Encourage communication and cooperation between businesses, educational institutions, and the public sector. o Promote business retention and expansion to enhance the existing economic base and provide applicable and appropriate resources. o Capitalize on existing community strengths, such as location, freeway access, and a well-educated population. o Identify marketing and promotion tools and techniques to attract commercial, office, residential, and industrial uses. o Identify incentives or programs that provide housing choice. Arden Hills has a strong local economy supported by a mix of size and types of businesses with an educated population, desirable residential neighborhoods, a central location in the north part of the metropolitan area, and relatively easy access to the freeway system. With more than 11,000 jobs in 2017, Arden Hills has more jobs than residents. While the City places a high value on its residential neighborhoods, the business community is an important component to the City’s long-term success. The long-term economic health of Arden Hills is not without its challenges. While the City’s economic base is relatively strong, the City recognizes the need to maintain and enhance the economic base over the long-term. Except for the TCAAP redevelopment, the City has few vacant commercial or industrial properties remaining. Furthermore, some of the commercial and industrial buildings may not be cost-effective to convert to other uses and consequently may be nearing obsolescence. Redevelopment in certain parts of the City is almost certain to occur. Economic development and redevelopment is linked to the other chapters of this Comprehensive Plan. Land use, housing, transportation, and public amenities impact the City’s ability to retain its economic base and attract desired development.