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HomeMy WebLinkAboutEconomic Advisory Commission - Minutes - 10/31/2007*Approved 12/12/07 For Reference: Minutes City of Fort Collins Economic Advisory Commission Regular Meeting CIC Room City Hall October 31, 2007 7:00 a.m. — 8:00 a.m. Christophe Fabvre, Chair 227-0282 Mayor Doug Hutchinson, Council Liaison 416-2154 Mike Freeman, Staff Liaison 416-2253 Erin Gill, Minute taker 221-6505 Commission Members Present Christophe Febvre (Chair), Bill Timpson, Rick Price, Stu McMillan, Blue Hovatter, Kevin Shaw Commission Members Absent: Jim Clark, Sarah Hach, Beena Bawa Guests: Ann Hutchison City Staff Present: Erin Gill Agenda Item l: Meeting Call to Order Meeting called to order 7:08 a.m. Public Comment None Agenda Item 2: Open discussion and vote on EAC Position Statement Kevin Shaw motioned to pass the following Economic Advisory Commission Position Statement, Hovatter second, and the motion passed unanimously: Economic Advisory Commission Defining a Fort Collins Healthy Economy Executive Summary and Purpose Statement The Fort Collins EAC has discussed and debated key elements of what a "healthy economy" means for our community. The EAC has come to a consensus on terms and definitions, and wishes to share this work with the City Council as its advisors on economic issues. Discussion and Definition of Terms The Fort Collins Economic Advisory Commission has the following stated mission: The EAC will advise the City Council on matters pertaining to the economic health and economic sustainability of the City of Fort Collins. (Ordinance No.21, 2007; City Code Sec 2-222 citydocs.fcgov.com/?cmd=convert&vid=3&docid=I066869) As part of its mission, EAC members have agreed to maintain a high-level focus on the interaction of the City's economy within the City's environmental and social infrastructure. Within the framework of its mission and objectives, EAC members have agreed to review ideas, policies, practices and regulations that impact the City's economy based on the five characteristics listed below. The goal of this document is to further define and describe each characteristic. The EAC sees reviewing these definitions over the coming years to assure it is still relevant in relation to the work of the commission. A healthy and sustainable economy is defined by the following elements: • A Vibrant Business Environment • Local and Regional Collaboration • An Innovative Learning Community • Quality Workforce • Diverse Economy A Vibrant Business Environment A vibrant business environment balances government regulation and taxes with community goals. It promotes partnerships that are leveraged to produce economic health for the community. It provides resources and tools to promote innovation and entrepreneurship, and it supports a community that retains and attracts top talent. Strategies • Assure an appropriate regulatory and tax/fee environment that is business friendly • Provide support for entrepreneurs and those striving to produce innovative products and services • Provide adequate infrastructure for economic growth and development Local and Regional Collaboration For lasting economic health, economic initiatives must draw upon the significant expertise and talents in the business community, academic institutions, regional and State wide organizations, and the community at large. Strategies • Support collaborative efforts that help maintain economic health • Support the commercialization of technologies from CSU and entrepreneurs • Continue proactive collaboration between CSU and the City • Integrate the student workforce into the local economy An Innovative and Learning Community There are four essential factors that have been shown to produce more innovation: entrepreneurial talent, research and development (R&D) capacity, connectedness among people and firms, and money to help turn R&D into products and services that people want to buy. t Fort Collins is well situated to leverage its strengths in these four areas to foster innovation and learning in our community. Strategies: • Proactively learn from other communities that are successfully fostering innovation • Promote timely economic research and trends • Foster think tanks/innovations • Stay timely and make adjustments to economic health strategies in response to our changing world • Support locally owned independent businesses Ouality Workforce A quality workforce is defined by an individual's preparedness for tasks required by a job, as well as an individual's ability to adapt to new working environments. In recent years, knowledge -intensive industries have become a key contributor to the growth of the national economy and to U.S. exports abroad. Skilled workers in knowledge -intensive industries generally experience lower rates of unemployment and faster wage growth than those in other sectors. Economist Magazine: Thanksgiving for Innovation, September 19, 2002. Strategies: • Capitalize on the highly educated workforce and our institutions of higher education • Foster relationships between industry and educational institutions • Support the provision of training and retraining opportunities to retain top talent • Create meaningful employment advancement opportunities for the existing and future workforce Diverse Economy A diverse economy has the ability to weather economic ups and downs and places proper focus on balancing employment opportunities and retail needs. Strategies: • Balance primary employment and retail business • Support emerging enterprises including the identified targeted industries • Retain and expand existing businesses • Support locally owned, independent businesses • Attract new businesses that fit within the City's economic vision. • Focus on making Fort Collins the regional cultural, recreational, and employment center of Northern Colorado