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St�ategic Initiative: <br /> Economic Development <br /> Continue downtown redevelopment <br /> Strate�ic Goals <br /> • Achieve a substantial reduction in ground floor vacancies (currently <br /> 27% comprising approximately 110,000 square feet) in the <br /> Downtown core area with a target reduction of 50°/o, by JUIy 2012. Rctain and support <br /> busincsscs Citywidc for <br /> a strong, stablc, <br /> To attract new business and support existing downtown businesses, a and complcmcntar`� <br /> zoning amendment was enacted in summer, 2010. This amendment busincss mix <br /> allows for office space at ground-floor level in certain parts of <br /> Downtown, thus opening the opportunity for additional businesses to <br /> consider moving into empty spaces Downtown. A Storefront <br /> Improvement Program was revamped in fall, 2010, to provide grants to <br /> Downtown businesses for aesthetic improvement to their storefronts, to <br /> make them more attractive to customers and improve the overall visual <br /> quality Downtown. Staff is trained to implement both initiatives and have Pursuc a divcrsit`�of <br /> been reaching out to property and business owners. cconomic activity by <br /> cnabling and <br /> facilitating <br /> • Complete a focused retail marketing campaign for powntown, by July good busincss dccisions <br /> 2011 . <br /> Upon completion of the economic development strategy in early 2011, <br /> this objective will be addressed. Its purpose will be to spotlight and <br /> promote business opportunities in Redwood City's Downtown, <br /> particularly the availability of retail or office space. <br /> Continuc downtown <br /> • Secure at least two new sponsorships and/or partnership rcdcvclopmcnt <br /> relationships for public-private support of Downtown entertainment, <br /> educational, cultural, or arts oriented events, by July 2012. <br /> Staff is currently pursing <br /> ��!��!������������ multiple sponsorship <br /> f� opportunities with the potential Fostcr a widc rangc of <br /> , �-���,�� ;,,.-.� - , :...�• "'.',;r �ni to secure up to three before the markct ratc housing <br /> - �� ��' ;�'i � target date. This will be a step dcvclopmcnt <br /> '�� .. ', <br /> - �' 1��, � ,���c�, toward diversifying the funding <br /> �' `�� . for powntown events, <br /> . �'f�,►;: �, :�`_ ' partnering the <br /> , :�L;�. `�. `� � City/Redevelopment with private <br /> � "��'r� entities to help ensure the long- <br /> _ ''`�{ �L�,:..._ .� .:� � <br /> term viability of such events. <br />