Envision Shakopee

SUPPORT THE DIVERSITY OF SHAKOPEE’S BUSINESS MIX Developing an Advanced Economy Corridor To diversify and strengthen Shakopee’s industrial economy, the City should develop an Advanced Economy Corridor – a designated economic development zone with the City of Shakopee, much like innovation districts seen in other regions of the country. Based on Shakopee’s particular success with attracting manufacturing and distribution, such a Corridor would be a marketable regional brand, facilitating affordable space for innovative industrial technologies, and aligning workforce development with new business practices. Taking advantage of existing warehouse corridor near Downtown, the City can focus resources, branding, and programmatic support to engage and cultivate industries specialized in advanced manufacturing. By providing an avenue for training and specialized, affordable space, the City can create a convergent environment where the lines between innovation in the field and implementation of this technology blur and the next generation of Shakopee’s industrial legacy is created. Leveraging assets to attract innovative advanced manufacturing An Advanced Economic Corridor can leverage the city’s assets of its existing large employers and employment clusters (e.g. St. Francis, Emerson, Shutterfly, Amazon, Entrust Datacard, etc.) as a way for spin-off employers and industries to collocate in Shakopee. Such an environment can provide training facilities for existing companies as well touchdown space for important suppliers or strategic industry partners. Planning and marketing the area To support growing companies, the corridor could grow out of the cluster of warehouses and existing buildings near Downtown, providing low-cost space for emerging companies and the benefits of being adjacent to Downtown and riverfront amenities.

RECOMMENDATIONS » Develop an Advanced Economy Corridor

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» Encourage co-working or shared working spaces » Incentivize development by allowing dense office product, use of financial incentives, and the targeted disposition of city-owned land

Once the city designates an area, it should develop site and business plans for the corridor. Components of these plans could include identifying and pursuing an industry, training, or academic anchor; a branding and marketing plan to advertise the area and its offering to prospective businesses and developers; and considerations for special incentives that support business recruitment and corridor activation. By designating this corridor, Shakopee will be marketing itself within the region as a place for advanced manufacturing innovation and an attractive, amenity-rich destination for employees. Learning from similar efforts While Shakopee’s corridor should be authentic to the city’s context and assets, the city can look to precedents in other Midwest cities where Advanced Economy Corridor concepts have been successful. Examples include I-69 Innovation Corridor in Indiana and the Uptown Innovation Corridor in Cincinnati, Ohio, which supports medical and research industries near Downtown Cincinnati.

ENVISION SHAKOPEE |SECTION II: ECONOMIC ENVIRONMENT