ECONOMIC DEVELOPMENT MEMORANDUM

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Janis Riley
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ECONOMIC DEVELOPMENT MEMORANDUM February 12, 2018 TO: City Council FROM: Gale Price, AICP, EDFP, Economic Development Director SUBJECT: Consideration and action to adopt revised Council Policy No.

1 ECONOMIC DEVELOPMENT MEMORANDUM February 12, 2018 TO: City Council FROM: Gale Price, AICP, EDFP, Economic Development Director SUBJECT: Consideration and action to adopt revised Council Policy No. 77 (Economic Development ) Relates to Strategic Plan Strategic Goal - Economy The City adopted an Economic Development in 1999 that was focused on retention of General Motors and landing an additional one to two industrial projects within the community on an annual basis. Although the Economic Development of the City and County has significantly changed post-general Motors, through the Rock County Development Alliance and Rock 5.0, the City Council policy has not been updated. At this time, the Council is being presented with a revised policy that reflects our initiatives since implementation of a revised approach through Rock 5.0. Executive Summary Council Policy No Economic Development has not been updated since 1999 and is in need of revision since the implementation of Rock 5.0 and modifications to the Industrial Economic Development Policy, 61A, and the Commercial Economic Development Policy, 61B. The proposed strategy has been brought into alignment with the economic development strategy provided through the Rock County Development Alliance and has been further enhanced with the City s approach to commercial development in both the downtown and regional commercial area. City Recommendation The City recommends that the City Council adopt revised Council Policy No Economic Development. Suggested Motion I move to adopt revised Council Policy No Economic Development. Background The City adopted an Economic Development in 1999 that was focused on the retention of General Motors and landing one to two additional industrial prospects on an annual basis. 1

2 This policy provided a framework for the marketing efforts of the City, but after the closure of General Motors and the creation of a new strategy through the Rock County Development Alliance, the existing strategy became obsolete. The proposed revised strategy aligns the City with the ongoing approach that has been adopted through the Rock County Development Alliance. It is further enhanced and reflective of the City s approach to commercial development activities. The key areas for the strategy focus on the following through related and specific goals: Retain and grow existing businesses Facilitate new business investment and attraction Continue the industrial park development program Support entrepreneurial activities Work collaboratively to implement our goals Promote commercial and retail development Under each of these goals there are specific objectives designed to further advance the Economic Development program. This is reflective of what has been implemented through the Rock County Development Alliance. Options Adopt revised Council Policy No Economic Development. Amend the proposed Council Policy No. 77 before adoption. Do not adopt revised Council Policy No. 77, and provide direction on how Staff should proceed. Analysis The attached Council Policy No Economic Development has been drafted to address revisions of the strategy since the creation of the Rock County Development Alliance. The revised policy brings the City s approach to Economic Development into alignment with the coordinated approach through the Alliance. It also outlines the City s approach to promoting retail development, which has not previously been addressed within the strategy. It is appropriate for the Council to adopt the proposed revisions at this time since it reflects the successful strategy that has been implemented by the Alliance and the City. Conclusions The adoption of the proposed Economic Development modifications is appropriate as the revisions reflect the current activities and approach of the City. Restated City Recommendation The City recommends that the City Council adopt revised Council Policy No Economic Development. cc: Mark Freitag, City Manager Maggie Darr, Assistant to the City Manager 2

3 Page 1 of 4 PURPOSE Per State Statue Comprehensive Planning (2)(f), Economic Development is a required element of a city s comprehensive plan. This element provides the framework for the City of Janesville s economic development strategy, which builds upon the area s asset base, industrial heritage and emerging sector-based opportunities; promotes and preserves speed-tomarket, practices and policies; and leverages collaborative relationships with Rock County Economic Development Agency (including Rock County 5.0 and the Rock County Development Alliance), Forward Janesville, Inc., and the private sector to further develop, diversify and strengthen the regional economy. Where possible, free market forces should determine the location of private investments. Where business incentives are necessary to maintain Janesville s economic competitiveness, the City shall follow the guidelines set forth in Council Policy Statements No. 61A - Industrial Economic Development Policy and 61B Commercial Economic Development Policy. The implementation of the strategy shall be the joint responsibility of the City, Forward Janesville, Inc., and Rock County. The principles of the Economic Development Chapter of the Comprehensive Plan promote: Reinvention of the City s economy by promoting economic diversification, while continuously building from the City s industrial heritage and unique place-based assets. Enhancing the City s overall quality of life, to facilitate the attraction and retention of a talent-rich workforce, ranging from young professionals, to skilled trades workers, to Baby Boomers approaching retirement. Acknowledging community specific and regional market factors that connect, as well as separate, the City and the

4 Page 2 of 4 broader region. Recognition that a sustainable economy is achieved through strategic deployment of policies, programs and resources that encourage entrepreneurship and small business development; business retention and expansion; and investment and business attraction activities. Goals and Objectives Goal No. 1: Retain existing businesses and facilitate their growth. 1. Maintain/expand communications and relationships with local businesses. 2. Identify and address growth-related indicators, as well as barriers for local businesses. 3. Facilitate workforce and supply chain connections. Goal No. 2: Facilitate new business and investment attraction opportunities, by focusing on industry sectors that enhance, as well as diversify, the local economy. 1. Maintain/expand opportunities within the economic development project pipeline. 2. Deploy and/or leverage collaborative targeted marketing resources, particularly those affiliated with strategic local and regional partners. 3. Secure attraction and/or investment commitments that foster employment and career-laddering opportunities. Goal No. 3: Continue to develop industrial parks to advance the ongoing industrial development program and speed to market industrial development strategy.

5 Page 3 of 4 1. Explore/identify real estate expansion opportunities. 2. Construct appropriate infrastructure to prepare industrial parks for users. 3. Certify industrial sites. 4. Maintain and market site information. Goal No. 4: Support and facilitate entrepreneurial activities and small businesses. 1. Continue the relationship with Janesville Innovation Inc. for the operation of the Janesville Innovation Center (JIC). 2. Pursue funding opportunities to maintain, as well as expand, coaching and mentoring activities for non-jic tenants. 3. Identify and address the square footage needs of current, as well as prospective, JIC tenants. Goal No. 5: Develop, enhance and/or maintain inter-andintra organizational networks necessary to support Janesville s Economic Development goals. 1. Support collaborative local/regional economic and workforce development programming and policies. 2. Maintain adequate staff to continue the City s onestop shop development facilitation, review and related speed-to-market practices. Goal No. 6: Promote commercial/retail development. 1. Promote downtown redevelopment and infill by

6 Page 4 of 4 leveraging local, state and/or national financial and technical assistance tools. 2. Enhance and build relationships with retail developers and tenants. 3. Identify and address barriers to real estate reuse/rehabilitation. 4. Further modify policy 61B - Commercial Economic Development Policy, as necessary. Implementation: This Economic Development will be implemented through the combined efforts of the City s Economic Development Office, Rock County Economic Development Agency and Forward Janesville, Inc. The Economic Development Office takes the lead role for the City Administration in facilitating entrepreneurship and small business activities; existing business retention and expansion; and investment and new business attraction efforts. The use of business incentives shall follow Council Policy No. 61A - Industrial Development Policy. Commercial and downtown projects shall follow Council Policy No. 61B Commercial Economic Development Policy. Where incentives are used, the industry or business receiving the benefits of the public incentives shall guarantee the creation of new property tax base and/or the creation and/or retention of jobs.

ECONOMIC DEVELOPMENT INCENTIVE AND INVESTMENT POLICY

ECONOMIC DEVELOPMENT INCENTIVE AND INVESTMENT POLICY Introduction On October 19, 2010, the Peoria City Council approved an Economic Development Implementation Strategy ( EDIS ) which provides an implementation-based