Economic
Development Work
Plan 2026-2029
Jennifer Chen
Economic Development Manager
Office of the City Manager
REQUEST FOR CITY COUNCIL
• Adopt the proposed 2026-2029 Economic Development Work Plan 2 BACKGROUND
• On November 4, 2024, the City Council approved a framework for a three- year Economic Development Work Plan
• The proposed Work Plan provides a coordinated approach to implementation, fosters strategic partnerships, and strengthens and diversifies the City’s tax base
• The Work Plan builds on the Council-approved framework and is designed to be flexible, data-driven, and responsive to changing market conditions 3 PURPOSE
• Provides a clear framework to guide staff
in advancing the City’s economic
priorities
• Builds on City strengths while leveraging
opportunities and addressing challenges
• Strengthens partnerships with DSMA,
the Chamber, SAMCEDA, workforce
groups, and neighborhood business
districts
• Promotes long-term sustainability and
economic vitality
4 5
PLAN IS
INFORMED BY:
• Comprehensive SWOT Analysis
• Alignment with General Plan 2040
economic development goals
•Input from key stakeholders –
Chamber, DSMA, developers, brokers,
business owners, and public
• Cross-departmental review
•The City’s Strategic Plan
SWOT SUMMARY: STRENGTHS
• Vibrant downtown and active business districts
• Strategic location with strong transit access
• Diverse business base and community
6 SWOT SUMMARY: WEAKNESSES
• High operating and real estate costs
• Limited developable land and loss of some services
• Perceived complexity in permit process
• Declining hotel inventory
7 SWOT SUMMARY: OPPORTUNITIES
• Development momentum driven by passage of Measure T and SB330 • Launch of the Downtown Area Plan in 2026
8 SWOT SUMMARY: THREATS
• Shifting retail trends from brick-and-mortar to online • Regional housing affordability challenges
• Broader economic uncertainty
• Increased competition from neighboring communities
•These factors impact the City’s ability to retain businesses, sustain workforce and support long-term economic vitality
9 10
STRATEGIC GOALS
1. Expand and diversify tax revenue
sources
2. Foster a business-friendly
environment
3. Support Workforce Development and
Employment Training Opportunities
4. Increase Workforce and affordable
housing access
5. Enhance entertainment and cultural
offerings
6. Maintain safe and vibrant business
districts
7. Align with General Plan 2040 and
Downtown Area Plan
1. EXPAND & DIVERSIFY TAX REVENUE SOURCES
• Host quarterly broker meetings to track vacancies and opportunities • Attract growth-stage businesses that create jobs and generate revenue
•Explore new revenue sources – billboards, City property for highest and best use, and BID/PBID options
• Leverage private incubators and VC partners to grow startups in AI, fintech, and biosciences
• Monitor market trends to guide land use, development, and infill • Analyze and track economic data, trends, and market activity 11 2. FOSTER A BUSINESS-FRIENDLY ENVIRONMENT
12 • Increase social media reach to boost visibility and connection • Support small and minority businesses through key
partnerships
• Streamline permitting and facilitate permit process
• Promote business diversity and position San Mateo as a welcoming, business friendly City
• Recognize nonprofits are partners that strengthen the City • Engage major employers to retain and expand job
opportunities
• Update city webpage to better connect business resources
3. SUPPORT WORKFORCE DEVELOPMENT &
EMPLOYMENT TRAINING OPPORTUNITIES
13 • Expand training programs with NOVAWorks,
JobTrain, CSM
• Align workforce skills with industry needs
• Leverage state and federal incentives to support
business growth and job creation
• Promote youth employment through internships,
apprenticeships, and career exploration programs
with schools and employers
• Advance workforce diversity by partnering with
unions, trade organizations, and industry to expand
access to quality jobs at all levels
4. INCREASE WORKFORCE & AFFORDABLE HOUSING
ACCESS
14 • Advance workforce housing needs through
coordination with Housing Manager and
partnership with businesses, developers, and
affordable housing providers
• Enhance last mile connections, reduce congestion,
and strengthen mobility access by partnering with
Commute.org and implementing the City’s
Transportation Demand Management (TDM)
policies
5. ENHANCE ENTERTAINMENT & CULTURAL OFFERINGS
15 • Leverage regional events by partnering with the Event Center and The SF Peninsula to attract conferences, tournaments, and festivals
• Evaluate an entertainment district to boost nightlife and cultural activities
• Promote tourism through special events and partnerships • Support “Shop Local” initiatives with DSMA and Chamber • Collaborate with Parks and Recreation to integrate local businesses into community events
6. MAINTAIN SAFE & VIBRANT BUSINESS DISTRICTS
16 • Activate underused spaces with pop-ups, outdoor and farmers markets • Partner with Police Department on Business Watch program and real-time safety coordination
• Coordinate marketing with Chamber and DSMA to boost visibility • Enhance wayfinding to strengthen identity and visitor experience • Improve pedestrian mall through design, ongoing upkeep, and activation
7. ALIGN WITH GENERAL PLAN 2040 &
DOWNTOWN AREA PLAN
17 • Conduct outreach and engagement on the Downtown Area Plan • Identify redevelopment/infill sites for highest and best use • Leverage Measure T to promote mixed-use project connecting housing, retail, and services
• Streamline SB330 housing applications
• Enhance citywide retail and service vitality
• Strengthen efforts to ensure mix of
neighborhood and regional business hubs
aligned with General Plan and
attractive to local customers
KEY PARTNERS
• Downtown San Mateo Association
• San Mateo Area Chamber of Commerce
• San Mateo County Economic Development Association
• NOVAworks, JobTrain, Job Seeker Center
• College of San Mateo
• Local business districts and property owners
18 IMPLEMENTATION AND REPORTING
• Coordinated cross-department implementation
• Monitoring of key indicators:
• Vacancy rates
• Sales tax revenue trends
• Broker inquiries
• Employment Data
• Quarterly updates to City Council via Council reports • Annual progress review
•Year–three evaluation of plan
19 REQUEST FOR CITY COUNCIL
• Adopt the proposed 2026-2029 Economic Development Work Plan 20 QUESTIONS, COMMENTS AND FEEDBACK
21 Thank You
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