Economic Development
Strategic Plan
Implementation and Focus
January 9, 2024
Economic Development Subcommittee
Strategic Focus Areas
Investment SR Attraction Program
• Large Business Attraction
Entrepreneurship and Small Business Support
Expansion of Economic Vibrancy
• Downtown Asset Strategy expansion to include re-imagination of vacant sites Community Investment Programs
• Continuation and support of ARPA funded programs and Childcare Support Program Online Platform implementations
Online Platforms and Virtual One Stop Shop
Create one business friendly City Brand
Create a complete online platform of information, services and toolkits – virtual ombudsmen Obtain Software Support Programs – demographics, land availability, tracking Implement online dashboards for tracking and performance reporting of key objectives 1 -year evaluation metric: 2-year evaluation metric:
Brand, toolkit and website launch Business evaluation of website and toolkits Software implementation and training complete Dashboards implemented for key objectives Investment SR Attraction
Strategy
• Address land development
• Identify expansion key areas
• Business gap analysis (in house)
• Identify types of industries best suited to Santa Rosa • Implement an incentive menu
• Create expansive overall site selection fit for Santa Rosa - major operating costs, land development
options, taxes, work force skilled labor availability,
training programs, multimodal transportation
options, workforce housing etc.
• Build playbook for engagement
Investment SR
Strategy
Measurement
Year 1 Eval.
• Assessments and playbook complete
• Targets identified
• Outreach has begun
Year 3 Eval.
• Increase in land readiness
• Outreach progress made
• Negotiations in progress
Year 5 Eval.
• % change in number of business licenses
• % increase in job creation
• Expected % tax increase with growth
• Full evaluation of Program
• Implement initiatives to sustain long term growth
Entrepreneurship
and Small Business
Support
Goal: Grow ecosystem of small business
community, increase business licenses, support
and grow existing business, increase number of
start- ups.
Connect to business support networks and
mentoring
Partner to connect students for training
opportunity and workforce development
building
Strengthen support through established
incubator organizations
Identify and promote available funding sources
for capital stack
Social media support of small business
Identify barriers for immigrant, BIPOC and
women owned entrepreneurs
Small Business
Support
Program
Measurement
Year 1 Eval.
Small Business survey- needs and support focus
Year 3 Eval.
% change in business licenses
% change in start ups
Improvement in small business survey support
Year 5 Eval.
% change in business licenses from year 3
% change in start ups from year 3
% change in home-based business
Expansion of
Economic
Vibrancy
Continuation and expansion of Downtown Asset Strategy
• Complete development agreements with selected developers • Continue to identify grant funding
• Expand program to address additional underutilized City Properties and alternate active uses
Re- imagine empty or dead spaces
• Consider fund for economic feasibility of dead zones and/or vacant space
• Seek out business opportunity for space
• Connect owners with business opportunities
• Connect developers with owners
• Focus on Downtown – expanding day and nighttime activity • Expand to business park focusing on alternate use of office space and activation
Continue to Assess City Hall Complex and Opportunities
• Assess opportunities for purchase of new facility as they arise • Consider in person one stop shop potential
• Existing City Hall redevelopment opportunities
Expansion of Economic Vibrancy Measurement
Year 1 Eval
• DDA’s completed with selected developers of City owned surplus sites • Identification of vacant space and owner contact
• Identification of potential business opportunities
• Consensus on feasibility areas
Year 3 Eval
• Conception of Econ Dev/Real Estate fund for feasibility areas • Feasibility studies in progress
• Preconstruction activity of surplus sites beginning
• % of empty store front/ office space in downtown compared to Year 1 Year 5 Eval
• Housing construction in progress on surplus sites
• Feasibility studies complete and business opportunities defined • % of empty store front/ office space in downtown compared to Year 3 Community
Investment
Programs
Continuation and support of all ARPA funded programs
Grant distribution
• Façade improvement
• Parklet
• Placemaking
Childcare Support Program continuation and support
Identify outside funding sources through partnership to continue and expand programs.
Evaluation: build online dashboards to report progress and distribution of grant funds