City Council
MEETING DATE: 3/28/2018
TITLE:
Title
Economic Development Strategic Plan
End
FROM:
Stone James, Economic Development Director
RECOMMENDATION:
Recommendation
This item is provided for information, discussion and direction only.
Body
BACKGROUND:
The Economic Development Department's ("EDD") goal is to create a robust and vibrant local economy; enhance the physical (built) environment, and improve the quality of life for community stakeholders. EDD achieves this goal many ways, including the strengthening of new and existing partnerships, creating new business and development opportunities, and influencing the direction of private-sector investment in ways that will produce sustained economic growth. EDD works to attract, retain, and grow both existing and new businesses. These activities include expansion of job opportunities, enhancing public amenities, and improving the number and quality of in-demand goods and services.
The attached S.W.O.T. analysis discusses the City's strengths, weaknesses, opportunities, and threats (or challenges) affecting current and future economic development efforts.
A description of those four areas includes:
- Strengths - Characteristics that give us an advantage over others.
- Weaknesses - Characteristics that are a disadvantage relative to others.
- Opportunities - Factors (generally external) that could be leveraged to our advantage.
- Threats - Challenges in the environment that could hinder our efforts.
Based on this S.W.O.T. analysis, and the attached strategic initiatives overview ("Strategic Initiatives"), a strategic plan has been developed to achieve the economic growth City Council, City staff, and the City stakeholders both want and need. This strategic plan identifies short- and long-term objectives that capitalize on strengths & opportunities and addresses, to the degree possible, the negative impact of weaknesses & threats. While economic development plans often have a primary focus on attracting tax-generating businesses to help fund local city services, it is also important to look at job generation and expansion of the customer base for local businesses.
DISCUSSION:
An Economic Development Strategic Plan, based on the recent S.W.O.T. analysis and Strategic Initiatives, identifies measures that can improve Cathedral City's business climate and support economic growth.
Steps to achieve EDD's objectives will be outlined and balanced with available resources. The plan is flexible and should be reviewed each year to capitalize on new opportunities, and changes in the economy, resources, and/or City priorities. A continued focus on the development of the Downtown and north of the I-10 is part of the plan, but does not exclude other commercial corridors or areas offering economic development.
To assist the Council in its discussion on this topic, both the S.W.O.T. analysis and the Strategic Initiatives is attached for consideration and discussion.
FISCAL IMPACT:
No immediate cost impact, although implementation of any measures in an adopted plan may need to be addressed in the next two-year budget cycle.
ATTACHMENTS:
1. Economic Development S.W.O.T. Analysis
2. Economic Development Strategic Initiatives Overview