REQUEST FOR CITY COUNCIL ACTION
DATE: 04/17/2024
TO: Honorable Mayor and City Council Members
FROM: Economic Development Department
SUBJECT:
Title
ECONOMIC DEVELOPMENT UPDATE
End
EXECUTIVE SUMMARY:
This staff report asks the City Council to receive and file a presentation from the Office of Economic Development that provides progress on implementation of the City’s Economic Development Strategic Plan.
RECOMMENDED ACTION:
Recommended action
That the City Council receive and file an Economic Development Update.
Body
BACKGROUND & HISTORY:
From April 2021 to August 2022, the City of Corona underwent a planning process to develop a five-year Economic Development Strategic Plan (Plan) to guide the City’s economic development efforts. Following extensive community outreach and a thorough market analysis, the Plan was presented to Council for adoption in August 2022. The Plan is framed around six strategic goals:
1. Elevate Entrepreneurs and Small Businesses
2. Facilitate Business Expansion and Retention
3. Prepare and Support Our Resident for Jobs of the Future
4. Facilitate Planning and Development
5. Encourage Placemaking and Community
6. Enhance Communication and Connection
ANALYSIS:
Stemming from the strategic goals are a series of strategic actions, key performance indicators, and milestone measurements to ensure best success at achieving the overarching goals. In total, there are 44 strategic actions, 27 key performance indicators, and 21 milestone measurements. As of 2024, 36 of the 44 strategic actions are either in progress, complete, or ongoing.
The 2023 Economic Development Update serves to provide Council with a comprehensive update on the Plan’s implementation to date. Table 1 below provides a comprehensive update on the Plan’s key performance indicators for 2023 and Table 2 provides an update on milestone progress.
Table 1: Economic Development Strategic Plan Key Performance Indicators
|
Strategic Goal |
Key Performance Indicator |
2023 Update |
|
Strategic Goal 1: Elevate Entrepreneurs and Small Businesses |
# of Small Business Grant Applicants |
183 |
|
|
% of ARPA Funds Distributed (Grants) |
33% |
|
|
% of Small Businesses that Remained Open One Year After Participating in Various Small Business Programs |
100% |
|
|
Increase in Promoted Activities for Small Businesses |
54 (2023) vs. 38 (2022) |
|
|
% of Emprendedor@s Graduates that Successfully Launch Their Business |
100% |
|
|
# of Entrepreneurs Utilizing Work and Meeting Spaces in Local Incubators and Colleges |
In Progress (FY 24-26) |
|
|
Utilization of 300 Intern Hours Through Partnerships with Local Colleges |
In Progress (FY 24-27) |
|
Strategic Goal 2: Facilitate Business Expansion and Retention |
# of Film Permits Issued |
2 |
|
|
% of City Contracts Awarded to Corona-based Businesses |
20.5% (FY 23) |
|
|
# of Businesses that Utilized LocateInCorona.com as part of their decision to locate in Corona |
10 |
|
Strategic Goal 3: Prepare and Support Our Resident for Jobs of the Future |
# of Households Assisted Through Emergency Housing Programs |
47 Households (Rental Assistance - 35, Mortgage Assistance 10, RRP - 2) |
|
|
% of Households That Do Not Default on Rental Payments Within One Year of Receiving Assistance |
Data Unavailable |
|
|
# of New Internship Programs Created for Local Students |
Upcoming (FY 24-27) |
|
Strategic Goal 4: Facilitate Planning and Development |
% of Team Corona meetings that result in Corona Business Expansion or Relocation |
80% |
|
|
# of Annual Permits Corresponding to Cluster Industries |
294 |
|
|
# of Corona Mall Properties Redeveloped |
In Progress (FY 23-27) |
|
Strategic Goal 5: Encourage Placemaking and Community |
% of Residents Rating the Quality and # of Places to Recreate, Socialize, Meet, and Connect as Good or Excellent |
37% |
|
|
# of Events Held in Downtown |
33 |
|
|
# of Events and Attendees at Open-Air Stage Events |
2 Events 2,500 Attendees |
|
|
# of New Trails and Bike Lanes Constructed |
0 |
|
Strategic Goal 6: Enhance Communication and Connection |
% of City’s Business Resources that are Accessible in Spanish |
60% |
|
|
Growth in Followers Across Social Media Platforms (Office of Economic Development) |
LinkedIn: 221 followers (up from 58) Instagram: 279 followers (up from 32) |
|
|
% of Residents Opting Into Text Messaging System Program |
Upcoming (FY 25) |
|
|
% of City Employees that Complete Economic Development Program |
Upcoming (FY 25-27) |
|
|
Increase in Rating in Customer Service Surveys |
65% Rated Good or Excellent vs. 61% (2022) |
|
|
% of Commercial Brokers Engaged With |
78% |
Table 2: Economic Development Strategic Plan Milestone Measurements
|
Strategic Goal |
Milestone |
2023 Update |
|
Strategic Goal 1: Elevate Entrepreneurs and Small Businesses |
Complete an annual survey of businesses visited to determine value of relationship with City |
In Progress (FY 24) |
|
|
Hold two annual working meetings with Corona Chamber of Commerce & Greater Riverside Hispanic Chamber of Commerce |
Ongoing |
|
|
Complete “How to Do Business” Guide |
Complete |
|
|
Survey New Business Reception participants to determine value of program |
Ongoing |
|
|
Identify a focus area for initial phase of the façade program within one year |
Complete |
|
|
Complete feasibility study and identify funding source for façade program, if feasible |
Complete |
|
|
Hold Small Business Symposium |
Upcoming (FY 25) |
|
Strategic Goal 2: Facilitate Business Expansion and Retention |
Hold Initial Meetings with Partners and Identify Opportunities and Barriers to Facilitating Business Relocations to Corona |
Complete |
|
|
Complete Feasibility Analysis for Incentive Strategy |
In Progress (FY 24) |
|
|
Conduct a Survey of Manufacturing Assistance Program (MAP) Participants to Determine Value of Program |
Ongoing |
|
|
Survey Businesses Utilizing Team Corona Services to Determine Value of Program and Ways to Improve Customer Service |
Ongoing |
|
Strategic Goal 3: Prepare and Support Our Resident for Jobs of the Future |
Implement Job Fair and Survey Participants to Determine Value of Program |
Ongoing |
|
|
Meet with Leaders in Healthcare Industry to Determine Feasibility of Creating a Medical Field Workforce Development Program and Identify Partners |
Upcoming (FY 25-27) |
|
Strategic Goal 4: Facilitate Planning and Development |
Host Informational Seminar/Webinar on City’s Entitlement Process |
Complete |
|
|
Launch City Permitting and Resources Awareness Campaign |
In Progress (FY 24-25) |
|
Strategic Goal 5: Encourage Placemaking and Community |
Produce a Business Liaison Brochure and Distribute to Downtown Businesses |
Ongoing |
|
|
Survey Downtown Businesses on Interest and Feasibility of Forming a BID |
Upcoming (FY 24-27) |
|
|
Completion of Beautification and Revitalization Projects |
In Progress (FY 24-27) |
|
|
Complete Evaluation of Public Financing Feasibility |
Complete |
|
Strategic Goal 6: Enhance Communication and Connection |
Complete Rebranding Guidelines |
Complete |
|
|
Update Economic Development Webpage and Marketing Materials |
Complete |
Staff will continue to provide Council with periodic progress updates. These will also be shared on the City’s website.
FINANCIAL IMPACT:
There is no financial impact associated with the recommended action.
ENVIRONMENTAL ANALYSIS:
This action is exempt pursuant to Section 15061(b)(3) of the Guidelines for the California Environmental Quality Act (CEQA), which states that a project is exempt from CEQA if the activity is covered by the common sense exemption that CEQA applies only to projects that have the potential for causing a significant effect on the environment. Where is can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the environment, the activity is not subject to CEQA. This action is to merely receive and file staff’s presentation. Therefore, no environmental analysis is required.
PREPARED BY: AMANDA WICKER, ECONOMIC DEVELOPMENT ADMINISTRATOR and ASHLEY ZARAGOZA, ECONOMIC DEVELOPMENT ADMINISTRATOR
REVIEWED BY: JUSTIN TUCKER, ASSISTANT CITY MANAGER
Attachments:
1. Exhibit 1 - Economic Development Update Presentation