City Council
MEETING DATE: 1/28/2017
TITLE:
Title
Economic Development Update
End
FROM:
Curt Watts, Economic Development Director
RECOMMENDATION:
Recommendation
This item is provided for information, discussion and direction only.
Body
BACKGROUND:
The overall goal of economic development is to create a healthy economy for the community by influencing the direction of private sector investment toward opportunities that can lead to sustained economic growth. Business attraction, retention and growth can be positively impacted by economic development efforts undertaken by the city with the ultimate goal of generating wealth to benefit the community and improve the overall quality of life for residents. This includes the expansion of local job opportunities, enhanced public amenities and convenient access to desired goods and services.
The City Council, at its September 14, 2016 meeting, received an Economic Development Update that included the attached SWOT Analysis describing the City's perceived Strengths, Weaknesses, Opportunities and Threats affecting 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 - Elements in the environment that could hinder our efforts.
The logical next step is to develop a strategic plan to prioritize short- and long-term objectives which capitalize on Strengths & Opportunities and to also address, to the degree possible, the potential 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 SWOT analysis, will be prepared identifying measures that can enhance Cathedral City's business climate and support economic growth consistent with the community's character.
Possible steps to achieve these objectives will be outlined, while keeping in mind the availability and allocation of resources needed for success. The plan should be flexible and reviewed each year to take advantage of possible new opportunities and/or changes in the economy and financial resources for implementation. A continued focus on development in the Downtown and north of the I-10 is expected but not to the exclusion of other commercial corridors or areas offering economic development opportunities.
To assist the Council in its discussion on this topic, an initial outline of the major elements of a strategic plan 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. SWOT Analysis - Strengths, Weaknesses, Opportunities and Threats
2. Initial Draft of Economic Development Strategic Plan