AgdaPkt 2006-10-09 - Laserfiche WebLink

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9B Page 17 Executive Summary T'he City of Redwood City retained the services of I.eslie 1'arks Consuiting to prepare the "Economic Developtnent AssessmenY' as an upda#e to the cit�s 1996 study, "Redwood City Business Attraction, Retention and Expansion Study". The Ewnomic Development Assessment examines how changing giobal, national and regional impacts affect the city's current and future economic vitality and what specific actions the city could take to strategically address priority economic challenges and opportuniries. Of critical impoztance to the city, was the opinion business and community leaders had abou.t the ci.ty's business climate and the city's quality of life. The city was also interested in finding aut the priority needs,issues and concerns of Iocal businesses and how it could best assist them. This report reviewed the citJ/s performance with respect to demographic and economic indicators such as population,diversity,education, labor force,and cost of living,and where possible,compared them to regional,state,and national indicators. An assessmen#of resources that support businesses competing in a global market place was also part of the pzocess. To evaivate the city's business climate,focus groups, interviews and web surveys were completed. Finally, an assQSSment of the cit�s current economic development program was d.one to determine the ability of that pxogram to achieve the city's priarity economic development goals and address the city's strengti�s and weaknesses and needs of local businesses identifie�i in tI�e assessment process. A sepazate irnplementation plan of rernmmendations a�com.panies this assessment report. Summary of FindinQs Many of the key findings reflect indicators and trends that are common throughou# the region. T'hey include an aging workforce; growing population diversiry; a competitive K-12 educationai system but high school graduation rates that are lower#han the region and the state; a growing number of service sector jobs but strong workforce productivity and jobs in traditional industries; a strong presence of established fiechnology and emerging growth companies and infrastructure to support them; a central location for businesses and their workers;and a diverse retail base. The city also has some strong competitive location advantages in comparison to sunounding communities that are not currently being leveraged primarily because of staffing and resource limitations in the economic development program. A major advantage is its suppoctive business climate. Specifically, positive comments were received from businesses and the development community about the city's relatively smooth and timely regulatory process for devetopment. Another major strength is the city's strong politicai leadership that has beex► willing to make di{ficult pubiic decisions, especially concerning growkh and development. The city's downtown revitalization effort is a good example of this leadership. Redwood City also has a port facility to support the movement of goods_ The port is the oniy deepwater port in South San Francisca Bay. It provides berths for dry bullc, liquid bulk, and project cargoes, along with unparalleled recreational opportunities and access to the San Francisco Bay. The Port has been essential to sustaining many of the heavy industry businesses located along Seaport Blvd.and plays a key role in the transportatian of goods and materials.