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9.A. - Page 7 of 14 PROPOSED FY 2019-20 AND FY 2020-21 ECONOMIC DEVELOPMENT WORK PLAN Economic Development Analysis Development of an economic development work plan begins with an assessment of the community's economic development strengths, weaknesses and challenges—the opportunities arise as actions that can build on strengths and address weaknesses and challenges. The work plan tasks and responsibilities are ongoing for the next two fiscal years. A midterm update on the work plan will be presented to the City Council in February 2020. Opportunities in the form of new development projects, programs, and initiatives are expected. Consequently, the Economic Development Manager will continuously evaluate the programs, objectives and work plan to balance priorities that will, at times, compete for time and resources. A. Redwood City Economic Strengths • Economic development is one of the City's Strategic Initiatives and also aligns with the City Council's priorities of housing, children/youth and transportation • Redwood City is a central location on the Peninsula for businesses, visitors, workers and residents. • Redwood City has a thriving Downtown with a diverse number of restaurants and entertainment options. • Redwood City also has a diverse range of neighborhood business districts. • There is an inventory of commercial and industrial space to accommodate businesses that include technology, retail, construction, manufacturing and service sectors. • The City Council supports affordable housing for residents and workers. • The City Council supports upward mobility for residents with the approval of a $15.00 minimum wage. • The City Council has accommodated new residential and commercial development. • Redwood City has a positive image as a location for businesses, their workforce, visitors and residents. • Redwood City has a large number of auto dealerships estimated to generate approximately 20% of the City's total sales tax revenue for the City's General Fund in FY 2018-19. B. Weaknesses • Redwood City currently lacks diversity in the types of tech businesses located in its office and industrial parks. New technologies such as biomedical, biotechnology, fin tech and clean tech present opportunities to the diversity of tech businesses in Redwood City.' ' Fin tech is new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. Clean tech is a general term used to describe products, processes or services that reduce waste and require as few non-renewable resources as possible. Economic Development Work Plan May 2019 P a g e 12 380