City of Corona
Staff Report
400 S. Vicentia Ave.
Corona, CA 92882
File #: 24-0314
REQUEST FOR CITY COUNCIL ACTION
DATE: 04/17/2024
TO: Honorable Mayor and City Council Members
FROM: Economic Development Department
SUBJECT:
ECONOMIC DEVELOPMENT UPDATE
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:
That the City Council receive and file an Economic Development Update.
BACKGROUND & HISTORY:
From April 2021 to August 2022, the City of Corona underwent a planning process to develop a fiveyear 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 City of Corona Page 1 of 5 Printed on 4/11/2024
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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) City of Corona Page 2 of 5 Printed on 4/11/2024
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% 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
Hold Initial Meetings with Partners and Identify
Opportunities and Barriers to Facilitating Business
Relocations to Corona
Complete
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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 City of Corona Page 4 of 5 Printed on 4/11/2024
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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 City of Corona Page 5 of 5 Printed on 4/11/2024
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