Laserfiche WebLink
9.A. - Page 1 of 14 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />\:3aAW <br />DATE: May 6, 2019 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />Proposed FY 2019-20 and FY 2020-21 Economic Development Work Plan <br />RECOMMENDATION <br />By motion, approve the Proposed FY 2019-20 and FY 2020-21 Economic Development Work Plan <br />STRATEGIC INITIATIVE <br />Economic Development <br />BACKGROUND <br />In the past decade Redwood City has experienced a major transformation as a community primarily due <br />to new residential and commercial development. There has been a positive change in Redwood City's <br />image and its desirability as a location for new residents and businesses. The City's Downtown has also <br />undergone a transformation and now thrives as a destination for workers, residents and visitors. <br />As one of the City's seven Strategic Initiatives, economic development is integrally tied to the City's six <br />other Strategic Initiatives and also has significant synergy with the City Council's priority initiatives that <br />support housing, children and youth and transportation. In the Proposed Work Plan, there are specific <br />tasks that support these three initiatives. Economic development helps build and strengthen the <br />economic foundation of the community, which includes the Downtown and the employment and <br />commercial and industrial corridors throughout the city. Economic development creates wealth in the <br />community by facilitating new development that increases property values and by supporting the growth <br />of new and existing businesses that generate sales/use tax revenue and creates jobs for residents. <br />Increasing wealth in the community, in turn, strengthens the City's tax base which pays for services, <br />infrastructure, public safety, and sustains a higher quality of life for all residents. <br />While it is not possible to control most elements of an economy or market, a community can be better <br />prepared for economic fluctuations by having a comprehensive economic development program and <br />work plan in place. The plan should be based on goals and objectives that address the community's <br />economic strengths, weaknesses, and threats and leverage new opportunities. The work plan must be <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />374 <br />