AgdaPkt 2019-10-14 Joint SA PFA - Laserfiche WebLink

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8.A. - Page 1 of 56 /<�ik Redwood CitylCallifornia Faunded 1867 A,&/ DATE: October 14, 2019 SUBJECT Downtown Retail Action Plan RECOMMENDATION STAFF REPORT To the Honorable Mayor and City Council From the City Manager By motion, adopt the Downtown Retail Action Plan — Policy Analysis and Recommendations. STRATEGIC INITIATIVE Economic Development BACKGROUND The Downtown has had a very low vacancy rate for several years for ground floor retail space, which is an indicator of market strength, but also presents a challenge for diversifying the Downtown's retail base. Restaurants currently comprise most of the businesses in the Downtown, but other forms of retail are desired for a vibrant Downtown for visitors, residents and workers. The constantly changing retail environment adds to the challenge for attracting and sustaining retail businesses in any downtown or commercial district. While there is no magic formula for attracting retail, there is much the City can do using a proactive retail work program in the short term and adopting policies that, over time, will strengthen the foundation for new retail in the Downtown. To address the challenge of strengthening retail in the Downtown, the City Council held a study session on August 28, 2017, on Downtown retail and hotel opportunities. At that meeting, the City Council endorsed the creation of a Downtown Retail Task Force. Task Force members who were appointed represented diverse segments of the community: residents, real estate brokers (retail and office), developers and Downtown business and property owners. The Task Force met six times between May and October 2018. The City Council directed the Task Force to create a retail vision for Downtown Redwood City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 221