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9.A. - Page 9 of 14 <br />Economic Development Work Plan Objectives <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 />S. 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. <br />BUSINESS RETENTION AND EXPANSION <br />RELEVANT <br />OBJECTIVE(S) <br />1. Once approved by the City Council, implement the Downtown Retail Action <br />1, 2, 3, 7 <br />Plan <br />Outcome: see Downtown Retail Action Plan; provide updates as noted in <br />Action Plan. <br />2. Actively promote vacant commercial and industrial space and sites to brokers <br />1, 2, 3, 4 <br />and retailers <br />Outcome: <br />• Develop a contact list for Peninsula commercial and industrial <br />brokers. <br />• Host annual briefing with commercial, industrial and retail brokers to <br />provide updates on City development policies; economic and <br />demographic information; development opportunities; new <br />businesses; etc. <br />• Provide a summary of ongoing outreach and economic development <br />updates every other month to the City Manager and City Council. <br />• Identify new technology sectors (such as research and development, <br />biomedical, advanced manufacturing, and financial technology) that <br />are a location fit for Redwood City's available commercial and <br />industrial space. <br />• Provide an end of fiscal year summary of new businesses that have <br />expanded or located in Redwood City to the City Manager and City <br />Council. <br />Economic Development Work Plan May 2019 P a g e 14 <br />382 <br />