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HomeMy WebLinkAbout2010 - Economic Advisory Commission - Annual Report1 Economic Advisory Commission 2010 Annual Report The EAC consists of nine members meeting regularly on the third Wednesday of every month. The board receives regular updates from staff and advises City Council on matters pertaining to the economic health and sustainability of the city. The board continues to gather community input on economic issues and represent the ideas expressed. Members who served in 2010 include Chair, Christophe Febvre, Vice-chair, Bill Timpson, Beena Bawa, Blue Hovatter, Stu MacMillan, Jim Clark, Kevin Shaw, Tom Clevenger, and Rick Price. 2010 Year in Review: The following are items the Economic Advisory Commission were briefed upon, and formal action was taken with a recommendation forwarded to the City Council: Transportation Safety The Economic Advisory Commission, as part of our 2009 and 2010 Work Plans, has had discussions regarding the fact that Fort Collins has been recognized as a "bike friendly community" and that there is a positive economic benefit to this based on marketing and quality- of-life. In light of the pending February 9 Council work session on transportation safety, the EAC, at our January 6th, 2010 meeting, discussed the issue of bicycle safety and education and the impact on the overall viability of being a "bike friendly community." It is in this context that the EAC has unanimously voted on and agreed to the following recommendation to Council: The EAC finds that Bicycle Safety Education is an important part of being recognized as a "bike friendly community," and that this recognition plays an important role in the Economic Health of Fort Collins. Accolades that Fort Collins receives as a great place to retire, work, raise a family or locate a business are jeopardized by twenty-five serious injuries or fatal bike/car crashes involving cyclists since 2007. Incidents such as these may seriously jeopardize our image as a bicycle friendly community and our ability to continue to receive such recognition. Therefore, we encourage you to ask staff to explore best practice solutions to take bicycle safety education to the community. Manufacturing Use Tax The Economic Advisory Commission (EAC) held their regular meeting on March 3, 2010 During the course of the meeting, the EAC reviewed and discussed several tax base options for the City of Fort Collins. In light of the discussion, the EAC makes the following recommendation to Council: The EAC recommends the elimination of the manufacturing use tax if any sales tax increase is enacted for the City of Fort Collins. 2 Resourcing Our Future The Economic Advisory Commission (EAC) held a special meeting on March 12, 2010 to hear a presentation by Mike Freeman on "Resourcing our Future." During the course of the meeting, the EAC had the opportunity to ask in depth questions and had extensive discussions surrounding the economic trade-offs and the issues presented by current City Revenue and the various needs around the City. In light of the presentation and discussions, the EAC makes the following recommendation to Council: The EAC unanimously recommends that the long term needs of Police Services, Poudre Fire Authority, Parks and Recreation, and Streets Maintenance are important to the viability and economic health of Fort Collins, and we urge City Council to support the need to raise revenues. Midtown Redevelopment Study The Economic Advisory Commission (EAC) has reviewed the Midtown Redevelopment Study, received several updates from staff, and discussed the merits of the Planning Concepts, Action Plan, and Recommendations. On August 4, 2010, the EAC held a regular meeting to discuss, amongst other topics, a formal recommendation in support of the Midtown Redevelopment Study. The EAC, by unanimous approval (five in favor and four absent), makes the following recommendation to City Council: The inherent value of the Midtown Study area combined with the retail vacancies and aging properties represent a valuable opportunity for positive evolution and reinvention of the community’s core regional retail asset. The suggested Corridor Planning Concepts provide the basis for transformation through redevelopment introducing new uses alongside existing retail development. Furthermore, the Action Plan provides strategic direction to guide the City forward in facilitating the redevelopment of both the Corridor and Foothills Mall. The EAC supports the Study and looks forward to the many opportunities that will come as a result of the City Council’s support of redevelopment in the Midtown Area. Minutes from the August 4, 2010 EAC meeting are attached for your review. Amendments 60, 61 and Proposition 101 After a thorough review, the Economic Advisory Commission (EAC) unanimously recommends to City Council that it come out strongly against Amendments 60, 61, and Proposition 101. The EAC feels that there will be a severe economic impact to our community if any one, or any combination, of the initiatives passes. The EAC feels that the economic impacts of these initiatives include, but are not limited to, the loss of a significant number of jobs and an increase in utilities fees. Passage of these initiatives would seriously affect our ability to attract and retain businesses at the State, County, and local levels. Long Range Financial Planning In the spirit of City Plan which is currently underway, the Economic Advisory Commission (EAC) recommends to City Council that city staff make forecasts of the city budget, 3 governmental funds, and expenditures out 10, 20 and 30 years. Furthermore, the EAC recommends to City Council that a sensitivity analysis be conducted on those items deemed most likely to impact those forecasts and update these as appropriate. This recommendation was passed by a 3-2 vote. Economic Health Budget The Economic Advisory Commission (EAC) recommends to City Council that the funding for the bicycle safety program ($50,000) be restored to the 2011 and 2012 budget. The EAC believes the bicycling culture and environment that has been developed in Fort Collins has had a positive impact on the City’s economy and the quality-of-life that is a valuable element of the economy. The EAC feels that bicycle safety, and its coordination and promotion, is an important component of the City’s bike-friendly environment which is worth funding. Economic Health Budget Due to the importance of economic development in fostering a healthy local economy, particularly within a local, regional, and national economy that has significantly and negatively impacted local employment and City revenues, the Economic Advisory Commission (EAC) STRONGLY RECOMMENDS TO CITY COUNCIL THAT THE BUDGET FOR ECONOMIC HEALTH BE INCREASED BY $150,000 with the purpose of enhancing development of the City's targeted industries and assisting in primary job creation/strategies for 2011 and 2012. The EAC believes that investing this additional money for these purposes will have a vital positive effect on short term economic development strategies and long term economic results for the City. Section 108 Loan Program The Economic Advisory Commission (EAC) recommends to City Council that the Section 108 Loan Program be supported with emphasis toward primary manufacturing employment. Gateway Standards The Economic Advisory Commission (EAC) has had discussions during the course of several meetings about the opportunity for positive economic impact from the I-25 corridor. The EAC feels signage would have a positive economic impact on the City of Fort Collins by bringing in additional traffic that might otherwise bypass the City for lack of awareness. The EAC, by unanimous approval (six in favor, three absent), makes the following recommendation to City Council: The Economic Advisory Commission (EAC) recommends to City Council that one or more signs be placed along I-25 welcoming visitors to Fort Collins, and that this be integrated with the proposed Gateway Standards. City Procurement Policy Throughout the year, the Economic Advisory Commission (EAC) has received various reports including the City Manager’s Monthly Report, the Monthly Sales Tax Report, and the Monthly 4 Financial Report and several updates from Staff. After review and discussion, the EAC feels that a local preference policy would positively affect the City’s economy. The EAC, by unanimous approval (six in favor, three absent), makes the following recommendation to City Council: The Economic Advisory Commission (EAC) recommends to City Council that the City explore the benefits of a local preference policy for City procurement.