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and opportunities of infill, higher densities, and redevelopment can be complex and <br />costly for local units of government. <br />• An aging multifamily housing stock, including the large number of rental apartments built <br />in the 1960s and 1970s, is ready for reinvestment to both retain structural integrity and <br />meet the housing preferences of today's households. Many of these units have aged <br />into affordability but are at risk of functional obsolescence. <br />• Light rail, commuter rail and bus rapid transit lines are changing the landscape by <br />attracting new real estate development in station areas and creating more choices for <br />how people move about the region. <br />In today's economy, regions are the primary drivers of economic growth. Our region competes <br />economically with other regions across the nation and the globe. To thrive in this competitive <br />environment, our region's public jurisdictions and private interests must work together. <br />• From 2000 to 2010, the region saw its first decade with net job loss since the Great <br />Depression, losing 63,000 jobs over the decade. While our region was not alone losing <br />jobs, regional leaders responded by strengthening our focus on a shared economic <br />competitiveness strategy and creating the regional economic development partnership <br />GREATER MSP. <br />• In the next 20 years, employers will face a retirement boom. Workforce turnover, skilled <br />workforce preparedness and succession planning will be major challenges for employers <br />— not just for the Twin Cities, but for the nation as a whole. While the Council does not <br />play a role in education, it recognizes that a skilled, educated workforce is a key factor in <br />maintaining a competitive region. <br />The opportunity of a regional approach <br />As a region, we can react to these challenges, or we can plan for these challenges. The <br />coordinated regional planning approach underlying the Metropolitan Council and <br />institutionalized in the Metropolitan Land Planning Act uniquely equips our region to transform <br />challenges into opportunities to thrive. <br />In the late 1960s when the Metropolitan Council was created, community leaders saw <br />value in collaborating to solve regional issues. At that time, the Minneapolis -Saint Paul <br />region was facing tough challenges resulting from rapid population growth and unimpeded <br />urban sprawl: <br />• Rapid growth was threatening ecosystems and natural areas better suited for <br />preservation as parks and open space. <br />• Inadequately treated wastewater was emptying into lakes, rivers and waterways. <br />• The Twin Cities' privately -owned bus company was rapidly deteriorating, a victim of <br />rising fares, declining ridership and an aging bus fleet. <br />• Growing fiscal disparities were making it difficult for communities with inadequate tax <br />capacity to fund essential services. <br />The Minnesota Legislature took unprecedented action to address these challenges. In 1967, the <br />Legislature created the Metropolitan Council and gave it responsibilities for planning and <br />coordinating the region's growth and setting policies to deal with regional issues. On signing the <br />DRAFT FOR PUBLIC COMMENT <br />Last revised: February 21, 2014 4 <br />