City of Burbank
Five-Year Economic Development
Strategic Plan Presentation
City Council Meeting
March 19, 2024
Background: Five-Year Economic
Development Strategic Plan
Former Economic Development Strategic Plan: 2018
through 2022.
Economic Recovery Plan developed in 2020 due to
the Pandemic.
Economic Development Update Report presented to
Council in April 2023 was the precursor to the start of the new plan.
The Plan is a guide that aligns the City’s economic
development strategies with the City Council’s goals.
2 Background: Five-Year Economic
Development Strategic Plan
July 2023 – City Hired Stratiscope
More than six months of research and analysis and 100
stakeholder interviews, group meetings, and community
workshops.
In depth review and comparison from neighboring cities and best practices in economic development.
Plan provides specific actionable programs that create a vibrant and resilient future for Burbank.
Once adopted, will become the guiding document for the next five years. 3
Current Economic Development Efforts
Economic Development in Burbank focuses on improving
economic vibrancy and stability by:
Facilitating the creation of jobs
Encouraging innovation and new ideas
Attracting investment
Increasing sales tax and transient occupancy tax
revenues
Creating vibrant neighborhoods
Improving the quality of life for all
4 Economic Development Team
Economic Development is a team effort that encompasses:
All City Departments
Burbank based businesses
Chamber of Commerce and Valley Economic Alliance
Downtown Business District (PBID) and Tourism
Business District (TBID)
Service Workers
The Economic Development Section champions these
efforts, focusing on strategic growth, development and
expansion.
5 ATTRACTION
6 RETENTION
7 ENTREPRENEURSHIP
8 • Utilizing private funding from the
TBID to attract visitors and
increase sales tax and transient
occupancy tax revenues
• Domestic, national, and
international marketing campaigns
• Partnership with Universal Studios
Preferred Hotel Program
• Social Media Influencer Campaigns
• Event Sponsorships
• Destination Development statues
TOURISM
9 • Utilizing private funding from the PBID to
attract visitors and increase sales tax and
transient occupancy tax
• Alfresco dining parklets
• Marketing and Events
• Hospitality and Social Outreach Services
• Business Concierge Services
• Business/Property Owner Outreach
• Leasing Support
• Maintenance and Placemaking – holiday
decor
TOURISM
10 Economic Snapshot
7.2%
UNEMPLOYMENT
$1.1M
MEDIAN HOME
PRICE
4.1M
VISITORS TO
DOWNTOWN
7.2%
RETAIL
VACANCY RATE
18.0%
A & B OFFICE
VACANCY RATE
11 Number of Jobs in Burbank
2019 2020 2021 2022
Jobs 171,230 154,443 165,807 182,339
Entertainment
Industry Jobs
66,231 58,316 65,828 76,492
City’s Economic Vitality – Jobs
12 City’s Economic Vitality - Sales Tax & Property Tax
ACTUAL SALES TAX AND PROPERTY TAX
REVENUES
2020-2021 2021-2022 2022-2023
Sales & Use
Tax
$46,363.192 $58,548,585 $61,697,887
Property Tax $62,106,513 $63,295,371 $69,425,311
Projections for FY 2023-2024
Sales & Use Tax $63,103,399
Property Tax $69,817,908 13
City’s Economic Vitality - Tourism
Annual Tourism Indicators for Burbank Hotels
2019 2021 2022 2023
Occupancy 82.9% 68.7% 73.5% 75.2%
ADR $165.14 $143.57 $180.12 $190.15
RevPar $136.89 $98.58 $132.36 $142.92
Annual TOT
Revenue $12,919,175 $9,305,370 $12,497,988 $13,495,683
14 City’s Economic Vitality - Tourism
Hollywood Burbank Annual Airport Passenger Counts
2019 2021 2022 2023
Passengers 6,150,590 3,732,971 5,898,736 6,034,729
Potential New TOT Revenue
1,003 New Hotels
Rooms
$4.9 million
Increase TOT 1% +$1.3 million
15 Economic Development Strategic Plan Goals 2024-2028
GOAL 1: Streamline the permitting process to enhance the opening of new businesses and the expansion of
existing businesses.
GOAL 2: Optimize occupancy of vacant or underutilized
spaces to maximize City revenues and
opportunities.
GOAL 3: Focus on innovation to ensure a vibrant, growing economy.
16 Economic Development Strategic Plan Goals 2024-2028
GOAL 4: Retain and expand Burbank’s leading and
emerging industries to balance the future
economy: Creative (Entertainment),
Healthcare, Tourism, and Education.
GOAL 5: Increase the resources to support diverse,
independent small businesses.
GOAL 6: Market Burbank to attract businesses and
employees.
17 Objectives
1. Establish a Business Concierge Liaison in the Economic Development Division.
2. Establish a liaison who can work directly with the City Manager’s Office.
3. Develop and implement a training program for all related City staff.
4. Work with the Mayor/Council and City Manager to actively recruit potential businesses.
18 GOAL 1: Streamline the Permitting Process to Enhance the Opening of New Businesses and the
Expansion of Existing Businesses
Intended Results:
1. Increase the speed of businesses opening and
expanding.
2. Increase the predictability of business timelines
and reliability of the City.
3. Restructure the current perception that the City
process is untimely.
GOAL 1: Streamline the Permitting Process to Enhance
the Opening of New Businesses and the
Expansion of Existing Businesses
19 GOAL 2: Optimize Occupancy of Vacant or Underutilized Spaces to Maximize City Revenues and
Opportunities
Objectives:
1. Identify the top 5 to 10 underutilized parcels/spaces in the City and target them for reuse.
2. Investigate the feasibility of further activation of the Starlight Bowl as a cultural tourism destination.
Intended Results:
Activate three strategically selected underutilized
parcels to generate revenue and consumer spending.
20 GOAL 3: Focus on Innovation to Ensure a Vibrant,
Growing Economy
Objectives:
1. Launch a Burbank-centric incubator/accelerator space.
2. Establish a stakeholder group to attract funding and incentives to develop an incubator/accelerator.
3. Advocate for technology solutions to streamline permit processes.
Intended Results:
1. Expedite the creation of an ecosystem/hub of technology.
2. Expedite the creation of a technology ecosystem.
21 GOAL 4: Retain and Expand Burbank’s Leading and
Emerging Industries to Balance the Future
Economy: Creative (Entertainment),
Healthcare, Tourism, and Education
Creative (Entertainment) Sector Objectives:
1. Leverage the strength of the existing creative sector.
2. Convene a creative economy working group to
identify
emerging trends and attract new subsectors.
3. Designate a media sector liaison to coordinate
programs, events, and services to reach out to these
companies.
4. Pursue local and state incentives to retain animation industry jobs in Burbank.
22 Healthcare Sector Objectives:
1. Create a health science research and development
ecosystem.
2. Convene a health science working group to identify
emerging needs support emerging subsectors.
3. Identify underutilized space ideally suited for future consolidation of health science ventures, trials,
programs, and conferences.
GOAL 4: Retain and Expand Burbank’s Leading and
Emerging Industries to Balance the Future
Economy: Healthcare
23 Tourism Sector Objectives:
1. Conduct a positioning study that identifies Burbank’s unique selling proposition.
2. Invest in a clean and safe marketing campaign.
3. Reimagine a circulating trolley for visitors.
4. Utilize and promote vacant space for pop-ups.
5. Streamline the management of the Special Events process.
6. Support the development of the National Animation Museum.
7. Develop a Property-based Business Improvement District in Magnolia Park.
8. Collaborate with Parks and Library for a robust arts program.
9. Increase transient occupancy tax rate to align with neighboring jurisdictions.
GOAL 4: Retain and Expand Burbank’s Leading and Emerging Industries to Balance the Future Economy: Tourism
24 Education Sector Objectives:
1. Convene a higher education working group.
2. Facilitate the multiple universities that
currently have satellites to expand with a
multi- functional educational presence.
GOAL 4: Retain and Expand Burbank’s Leading and
Emerging Industries to Balance the Future
Economy: Education
25 Intended Results:
1. Support the creative economy by increasing the number of employees in this sector by 1-2%.
2.Increase the number of healthcare and bioscience-related companies in Burbank.
3. Increase Transient Occupancy Tax Revenue 1-2% annually.
4.Open or expand at least one higher education facility in Burbank.
GOAL 4: Retain and Expand Burbank’s Leading and
Emerging Industries to Balance the Future
Economy: Creative (Entertainment),
Healthcare, Tourism, and Education
26 GOAL 5: Increase the Resources to Support Diverse,
Independent Small Businesses
Objectives:
1. Develop a formally funded small business assistance program.
2. Utilize Business Concierge Liaison to oversee and support small and micro businesses from start to finish.
3. Develop retail incubation spaces and “maker spaces”.
4. Develop a resource guide to assist small businesses.
5. Explore offering low- or no-interest loans or grants for tenant improvements and façade improvements.
6. Manage parking to increase turnover and offer better customer experience.
Intended Results: Support and assist 100 small businesses each year 27 GOAL 6: Market Burbank to Attract Businesses and Employees Objectives
1. Update and enhance Choose Burbank website.
2. Develop new collateral materials and marketing campaign to attract businesses.
3. Create use cases and testimonials that reflect all levels of business success.
4. Coordinate with Sister Cities to promote Burbank for investment.
5. Develop a Foreign Direct Investment (FDI) program with key partners to encourage discovery visits and relocation.
6. Enhance work with the Verdugo Workforce Board to create a stronger workforce.
Intended Results:
Focus ongoing business attraction efforts that would increase new businesses opening in Burbank and bring in more livable wage jobs. 28 THANK YOU!
Mary Hamzoian
Community Development Department
[email protected]
John Bwarie
Nance Rosen, Ken Lee
Stratiscope
[email protected]
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