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9.A. - Page 4 of 14 <br />• Transportation infrastructure cannot meet demands of increased traffic. <br />Opportunities arise in the form of actions or tasks that help address Redwood City's weaknesses and <br />challenges. Weaknesses and challenges can also be addressed by developing new City policies and <br />programs. For example, the potential loss of industrially zoned lands can be addressed in the upcoming <br />General Plan update. Concerns about lack of retail in Redwood City's Downtown have been addressed by <br />specific recommendations of the Downtown Retail Task Force that will be included in a Retail Action Plan <br />that will come before the City Council this summer. <br />Many of the weaknesses and challenges, such as transportation and affordable housing, are shared by <br />other Bay Area communities and require solutions developed with regional cooperation and <br />collaboration. Consequently, there are tasks in the Proposed Work Plan that involve working with regional <br />organizations such as the Silicon Valley Economic Development Alliance, SamTrans, SAMCEDA (San Mateo <br />County Economic Development Association), NOVA (North Valley) Workforce Development and Joint <br />Venture Silicon Valley. At the local level, implementation of the Work Plan will require collaboration and <br />coordination with the Redwood City -San Mateo County Chamber of Commerce, the Redwood City <br />Improvement Association, the Downtown Business Group, and other neighborhood business associations <br />and community groups. <br />Based on Redwood City's economic development strengths and weaknesses, nine key objectives were <br />developed that provide a framework for specific tasks in the Proposed Economic Development Work Plan <br />(Attachment A): <br />Economic Development Work Plan Oblectives Fiscal Years 2019-20 and 2020-21 <br />1. Expand tax and other revenue opportunities. <br />2. Maintain a strong business retention and expansion program to ensure that Redwood <br />City has a business friendly environment that reduces barriers to success for local <br />businesses and development projects. <br />3. Expand and diversify employment opportunities for adult and youth residents and <br />workers. <br />4. Identify resources and facilitate opportunities that support upward mobility for residents <br />especially those who have greater barriers to economic sustainability. <br />5. Expand workforce housing for residents and workers. <br />6. Increase entertainment opportunities for families and youth. <br />7. Strengthen and attract retail businesses to the Downtown. <br />8. Collaborate with local and regional transportation and economic development programs <br />and major employers to identify solutions to transportation and congestion management <br />challenges. <br />9. Explore potential business investment opportunities and affordable housing <br />developments within Redwood City's two Opportunity Zones .2 <br />2 The federal Opportunity Zone incentive is a potentially important economic development tool that could generate <br />workforce housing and business expansion in these geographies. Experts estimate up to $6 trillion exists in <br />unrealized capital gains, and the idea behind Opportunity Zones is to encourage investors to roll over some of that <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />377 <br />