2040 Comprehensive Plan: Envision Shakopee

ISSUES&OPPORTUNITIES

ISSUES » » Lack of economic diversity exposing the city to market fluctuations from key industries. » » Mismatch between job growth and available housing, limiting expansion opportunities for existing firms, and requiring long commutes by both residents and workers. OPPORTUNITIES » » Strong industrial growth can be positioned to continue to grow and attract new firms. » » Available land and redevelopment sites can be used for expanded housing options to fill market demand by workers. » » Under-utilized assets like downtown could attract new office development and higher-paying jobs that match residents’ skill sets.

Community priorities and existing market conditions drove the development of four goals for Economic Competitiveness in Shakopee: Retain and Expand Shakopee’s Industrial Base » » Shakopee’s industrial development has been the foundation of its economic success in recent decades. Continued investment by existing businesses will be a vital part of the Shakopee economy in the future. Retaining existing firms by stabilizing the local market and expanding their activities to include a wider set of occupations will leverage what Shakopee already has in order to benefit both workers and residents. Attract New Industrial Users » » Shakopee’s industrial base has grown in recent years by the successful attraction of new industrial users. Maintaining and building on the city’s success in attracting industrial businesses should be a priority, leveraging Shakopee’s regional reputation as a center for industrial growth and expansion and harnessing national trends in advanced manufacturing growth. Support the Diversity of Shakopee’s Business Mix » » In light of Shakopee’s manufacturing success, the City has the opportunity to further diversify its economy to lessen the impact of economic downturns, support high-paying employment opportunities for a variety of residents and newcomers, and bring vibrancy and vitality to underdeveloped areas. Despite limited office demand, the city can encourage targeted investments that will bring high-paying jobs and create a vibrant environment for residents and workers. Leverage Downtown for Economic Development » » Shakopee’s historic, river-adjacent Downtown is a unique asset in the region. Increasingly, employers are seeking to locate in amenity-rich locations as a way to attract and retain talent. The city should leverage its downtown and continue investing in Downtown Shakopee as a place for people to live and work.

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