Report to City Council
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TO: Mayor and City Council
FROM: Cruz Esparza, Economic Development Director
AGENDA DATE: October 1, 2024
TITLE: ECONOMIC DEVELOPMENT STRATEGIC PLAN
(REPORT OF: ECONOMIC DEVELOPMENT &
HOUSING)
TITLE SUMMARY: Economic Development Strategic Plan
Recommendation(s)
That the City Council:
1. Adopt the five-year Economic Development Strategic Plan to serve as a workplan for the Economic Development office of the Economic Development & Housing Department.
SUMMARY
This report recommends adoption of the five -year Economic Development Strategic Plan as a workplan for the Economic Development office.
Expanding on the City Council's Momentum MoVal vision, the Economic Development & Housing Department proposes a new Economic Development Strategic Plan that will guide Moreno Valley’s continued evolution into a thriving community for residents and businesses. This five-year Strategic Plan focuses efforts on key priorities, targeting the most critical areas of economic development. With its adap tive and forward -looking foundation, the Strategic Plan empowers the City Council to respond to new opportunities while remaining on track to achieve the Momentum MoVal goals.
DISCUSSION
The Strategic Plan outlines targeted goals, objectives, and initiatives that align with the City Council’s Momentum MoVal vision, guiding the work of the Economic Development
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office of the Economic Development & Housing Department . The Strategic Plan is designed to be ambitious, reflecting a strong commitment to advancing Moreno Valley's future.
The Strategic Plan supports Moreno Valley’s vibrant local economy by creating diverse employment and entrepreneurial opportunities, encouraging business attraction and expansion, increasing Moreno Valley workforce’s local participation, and enhancing the generation of new City revenues. The Strategic Plan’s initiatives position Moreno Valley as a key economic hub in the Inland Empire, fostering a resilient business environment.
The Strategic Plan also emphasizes the importance of innovation and entrepreneurship, alongside preparing residents for meaningful careers through targeted educational and training programs.
The Economic Development Strategic Plan is built around the following five strategic areas upon which the collective efforts of the Economic Development team will be focused:
1. Emerging Industries & High Paying Jobs
2. Entertainment & Sense of Place
3. Revenue Generation
4. Business Retention, Expansion, & Entrepreneurship
5. Workforce Development
The five strategic areas address 19 goals to be achieved by 53 objectives and 2 41 initiatives. If adopted, the Economic Development Strategic Plan will be Moreno Valley’s guide to a prosperous future, ensuring that each step taken strengthens the community.
ALTERNATIVES
Alternative 1 Approve the proposed Economic Development Strategic Plan.
Staff recommends this alternative because it provides a workplan for the Economic Development office that prioritizes creating diverse employment opportunities, supporting business attraction an d expansion, generating City General Fund revenues, and increasing Moreno Valley’s workforce competencies.
Alternative 2 Amend the proposed Economic Development Strategic Plan to align goals, objectives, and initiatives with City Council priorities.
Alternative 3 Decline to approve the Economic Development Strategic Plan.
Staff DOES NOT recommend this alternative because it rejects the adoption of a workplan that creates diverse employment
opportunities, supports business attraction and expansion, and increases Moreno Valley’s workforce competencies.
FISCAL IMPACT
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There is NO DIRECT FISCAL IMPACT TO THE GENERAL FUND for adoption of the Economic Development Strategic Plan. However, the City’s Economic Development office is supported by the General Fund and adopting the Strategic Plan will result in increased General Fund revenues as the goals, objectives, and initiatives are implemented.
NOTIFICATION
The Strategic Plan was recommended for City Council approval by the Economic Development Subcommittee.
Publication of the City Council Agenda.
ATTACHMENTS
EXHIBIT A: Economic Development Strategic Plan
EXHIBIT B: Appendix A | Strategic Plan Map
EXHIBIT C: Appendix B | Strategic Plan Correlation to Momentum MoVal
PREPARATION OF STAFF REPORT
Prepared By: Department Head Approval:
Michele Patterson Cruz Esparza IV Economic Development Manager Economic Development and Housing Director
CITY COUNCIL GOALS
Advocacy: Develop cooperative intergovernmental relationships and be a forceful advocate of City policies, objectives, and goals to appropriate external gover nments, agencies and corporations.
Positive Environment: Create a positive environment for the development of Moreno Valley's future.
Revenue Diversification and Preservation: Develop a variety of City revenue sources and policies to create a stable revenue base and fiscal policies to support essential City services, regardless of economic climate.
CITY COUNCIL STRATEGIC PRIORITIES
1. Economic Development
See the Discussion section above for details of how this action supports the City Council’s Strategic Priorities.
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Report Approval Details
Document Title: STAFFREPORT_STRATEGIC PLAN_EDH.docx
Attachments: - ED Strategic Plan 2024 FINAL PLAN to City Council 100124.pdf
- Appendix A - 2024 ED Strategic Plan Map.pdf
- Appendix B - 2024 ED Strategic Plan Momentum MoVal
Correlation FINAL.pdf
Final Approval Date: Sep 23, 2024
This report and all of its attachments were approved and signed as outlined below:
Cruz Esparza
Natalia Lopez
Launa Jimenez
Brian Mohan
Mike Lee
Patty Rodriguez