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9.A. - Page 2 of 14 <br />flexible and responsive to rapid changes in the market place such as retailing and new developments and <br />programs that add value to the community. Consequently, staff expect tasks in the work program and <br />other City priorities may need to shift to accommodate these economic and market changes. <br />A comprehensive economic development work plan is based on fundamental practices used by <br />practitioners in the field and implemented in communities in the U.S. and the rest of the world. The <br />fundamental practices are tailored to meet a community's specific economic strengths, weaknesses, <br />opportunities and challenges. For example, communities which have lower paying jobs or high <br />unemployment (the California Central Valley or Mid -western States) focus on recruiting new businesses. <br />Most economic development programs in the Bay Area emphasize business retention and expansion <br />(referred to as BRE). The attraction effort is captured in business expansion. Bay Area community <br />economic development programs typically direct their efforts towards growing new start-up businesses <br />and retaining those currently located in the area. Business attraction opportunities are usually comprised <br />of knowledge driven businesses in need of top talent and less sensitive to high operating costs in the Bay <br />Area. <br />The City's economic development function is located in the City Manager's Office and is staffed by an <br />Economic Development Manager. <br />ANALYSIS <br />Development of the Proposed Economic Development Work Plan began with a high level scan of Redwood <br />City's economic strengths, weaknesses and challenges (SWOC). The opinions and concerns heard from <br />many business and community stakeholders and City Council over the past year were included in City <br />staff's analysis and are outlined below. <br />Redwood City Economic Strengths <br />• Economic development is one of the City's Strategic Initiatives and also aligns with <br />the City Council's priorities of housing, children/youth and transportation <br />• Redwood City is a central location on the Peninsula for businesses, visitors, workers <br />and residents. <br />• Redwood City has a thriving Downtown with a diverse number of restaurants and <br />entertainment options. <br />• Redwood City also has a diverse range of neighborhood business districts. <br />• There is an inventory of commercial and industrial space to accommodate businesses <br />that include technology, retail, construction, manufacturing and service sectors. <br />• The City Council supports affordable housing for residents and workers. <br />• The City Council supports upward mobility for residents with the approval of a $15.00 <br />minimum wage. <br />• The City Council has accommodated new residential and commercial development. <br />• Redwood City has a positive image as a location for businesses, their workforce, <br />visitors and residents. <br />• Redwood City has a large number of auto dealerships estimated to generate <br />approximately 20% of the City's total sales tax revenue for the City's General Fund in <br />FY 2018-19. <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />375 <br />