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
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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.
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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 Indicat...
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