The Planning Commission in Minneapolis is considering an “Innovation District” designation in order to boost development within the city. Cam Gordon, City Council Member, has proposed two resolutions that are tied to the idea, including designating a section of Southeast Minneapolis near the University of Minnesota as the first district.
The commission will discuss the concept at it’s meeting on June 18th, but doesn’t plan to take any action as several other committees still need to review the plan.
According to Gordon’s resolution, an Innovation District is defined as “an economic development tool that utilizes partnerships with higher education institutions, businesses, and government to fuel job growth and redevelopment in targeted locations, based not he premise that collaboration and productivity result from proximity, and therefore job creation and innovation can be fostered through the intentional clustering of businesses, institutions, ideas and people.”
The Brookings Institution issued a report on the concept which is useful for marketing, fundraising and other purposes.
Being named an Innovation District is useful for marketing, fundraising and for other purposes, the resolution adds.