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8.B. |
| City Council Meeting - FINAL |
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| TITLE: |
Consideration and Adoption: City of Flagstaff Economic Development Strategic Plan 2024-29.
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| STAFF RECOMMENDED ACTION: |
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Hear about changes to the plan based on previous Council discussion, ask any additional questions, and approve the plan.
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| Executive Summary: |
The City of Flagstaff's Economic Development Program has retained Stiletto: Make A Point through a Request for Qualifications process in order to have its expertise and assistance in crafting an Economic Development Strategy for the next five years. The draft plan was developed with significant public input and had Council discussion during the April 23, 2024, City Council Work Session. Comments from that discussion and other interested party input have informed changes to the plan which will be discussed in the presentation.
Adoption of the plan will provide the city's staff, and the Economic Development Program in particular, with guidance on specific areas to focus on and sectors of strength. This is intended to ensure a robust and resilient economy. |
| Financial Impact: |
| The plan will guide investments of Bed Board and Beverage (BBB) Economic Development funding and may influence investments in partners or other areas of the City. There is no direct financial impact from adoption of the plan. |
| Policy Impact: |
| The City of Flagstaff's Economic Development Program has been successfully working from a group of specific focus areas including advanced manufacturing, bio-medical, digital products and others. While the Economic Development Program will work with any business in our community, or interested in Flagstaff's market, these focus areas guide investments and programming. This new strategic plan is intended to provide data driven and community centered updates that will allow us to respond to changes in the economic landscape locally and beyond. The policy impacts may shift in terms of which sectors receive additional focus and guidance in the plan may inform staff of where specific actions and tasks will provide the greatest return on investment. This document, similar to others within the organization, will provide direction on efforts and on ways to measure success. |
| Previous Council Decision or Community Discussion: |
| Council provided feedback on the draft plan on April 23, 2024. |
| Options and Alternatives to Recommended Action: |
Council may adopt the plan.
Council may provide additional direction to be included and adopt the plan contingent on those amendments.
Council may ask for changes in the document and for it to come back for further deliberation.
Council may reject the plan and provide direction on alternative methods for receiving direction. |
| Connection to PBB Priorities and Objectives: |
This plan will assist in:
Robust and Resilient Economy - the plan is focused on Economic Development strategies.
High Performing Government - the plan ensures staff are focused on data and community driven focus areas.
Sustainable and Innovative Infrastructure - the plan identifies key infrastructure investments that will enhance economic resilience. |
| Connection to Regional Plan: |
Goal ED.1 Create a healthy environment for business by ensuring transparent, expeditious and predictable government processes.
Goal ED.3 Regional economic development partners support the start-up, retention and expansion of existing business enterprises.
Goal ED.4 Support efforts to recruit diverse new businesses and industries compatible with the region.
Goal ED.7 Continue to promote and enhance Flagstaff's unique sense of place as an economic development driver.
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| Connection to Carbon Neutrality Plan: |
CR-2 - Strengthen existing community systems to create resilience.
HF-4 - Support innovation in forest health and the wildland sectors.
EP-1 - Accelerate the transformation to a low-carbon economy that minimizes emissions and spurs innovation.
EP-2 - Support the adaptation of local businesses as the climate changes and the economic landscape shifts. |
| Connection to 10-Year Housing Plan: |
This plan acknowledges that a focus on infrastructure, especially on housing supply and affordable housing, is critical.
Create 5: Explore regulatory efficiencies and cost savings practices
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