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<br />1.3 THE ONLY CONSTANT: CHANGE <br /> Given this new reality, each city needs to have a better understanding of its <br /> economic base and revenue structure. This is a formidable challenge in that the <br /> economic base and revenue structure are dynamic - not static - due to: <br /> 0 Changing Business Base - Cities experience changes in their business <br /> base at an average rate exceeding 20% per year - due to business <br /> openings, closings, expansions, consolidations, relocations, mergers, <br /> acquisitions and other events. <br /> 0 Changing and Outmoded Revenue Structure - Application of a city's <br /> revenue structure to its economic base is constantly subject to change from <br /> legal decisions, legislation, regulation, deregulation and emerging <br /> technology, especially in the area of telecommunications. <br />2. PURPOSE & APPLICATIONS <br /> MRC shall develop and maintain a database to monitor and analyze revenue <br /> generated from the City's economic base and revenue structure and input the <br /> data elements into GRIP - MRC's Geobased Revenue Information Program. <br /> GRIP facilitates the reorganization, monitoring and analysis of revenue <br /> contribution on a total amount, segregated and aggregated basis according to <br /> revenue source, business type, industry, business, land use, facility, <br /> development and designated geographic area. <br /> GRIP is a leading edge analytical and management tool which will enable MRC <br /> to assist Redwood City develop and implement strategies to preserve and <br /> enhance the City's revenue base (and therefore service funding capacity) <br /> through applications such as: <br /> 0 Economic Development <br /> 0 Business Retention <br /> 0 Business Attraction <br /> 0 Business Expansion <br /> 0 Business Cooperation <br /> 0 Land Use Planning <br /> 0 Revenue Productivity Analysis· <br /> 0 Budgeting & Revenue Projections <br /> 0 Business License Strategic Analysis <br /> 0 Fiscal & Economic Impact Analysis· <br /> 0 Benefit Assessment Districts <br />. MRC recommends that elements of physical presence (e.g., number of employees, land area/building <br />space, etc.) be included in the GRIP database to maximize the value of these applications to the City. <br /> 2 <br /> -" <br />