REQUEST FOR CITY COUNCIL ACTION
DATE: 08/17/2022
TO: Honorable Mayor and City Council Members
FROM: Economic Development Department
SUBJECT:
Title
Adoption of the City of Corona Economic Development Strategic Plan.
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EXECUTIVE SUMMARY:
The City Council will consider adopting the City of Corona Economic Development Strategic Plan to guide the City's business attraction, development, expansion, retention, and resiliency efforts. The Economic Development Strategic Plan was developed following extensive community outreach and a thorough market analysis. The plan contains six strategic goals that will guide the City's economic development efforts over the next five years, along with specific strategic actions to measure success.
RECOMMENDED ACTION:
Recommended action
That the City Council adopt the City of Corona Economic Development Strategic Plan.
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BACKGROUND & HISTORY:
The Citywide Strategic Plan, adopted in February 2021, identified one of its six strategic goals as "Strong Economy - Expand the local economy by supporting local businesses and ensuring there are ample opportunities for new businesses and job seekers." In line with this goal, the City endeavored to develop an Economic Development Strategic Plan (Plan) that would further provide a vision and framework for business attraction, development, expansion, retention, and resilience.
In April 2021, RSG, Inc. an economic development consulting firm, was awarded a Professional Services Agreement to support the development of an economic development strategic plan. RSG has supported the City with a series of community and stakeholder outreach efforts and engagement meetings that included:
* A series of surveys focused on shopping, dining, and entertainment as well as starting or owning a business and workforce needs and wealth building. More than 3,500 individuals responded to these surveys.
* A series of one-on-one interviews with various business stakeholders including prope...
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