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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 07/11/2006 - ECONOMIC ACTION PLAN DATE: July 11, 2006 WORK SESSION ITEM STAFF: Mike Freeman FORT COLLINS CITY COUNCIL SUBJECT FOR DISCUSSION Economic Action Plan. GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED This presentation on the draft Economic Action Plan provides Council with an overview of the recommended Action Plan, the specific initiatives that have been identified through the Economic Vitality and Sustainability Action Group (EVSAG) and Budgeting for Outcomes process. Staff is seeking Council feedback on the draft document before the Plan is formally adopted by Council. BACKGROUND One of the essential tasks envisioned when the City Council formed EVSAG is the development of an action oriented document that would clearly outline the steps the City will take to improve economic health. This is the culmination of much hard work from EVSAG,the City Council in the Budgeting for Outcomes process, and staff recommendations. The following is the first draft of the City's Economic Action Plan. The Plan outlines the specific action items the City will undertake to support a healthy economy. Unlike other City plans, the Economic Action Plan is a living document, one that will be regularly updated while it is being implemented. This Plan is intended to carry the City through to the summer of 2007 when it is recommended the overall strategy be revised by EVSAG and the City Council and changes reflected to the extent necessary in the City's 2008 —2009 budget. ATTACHMENTS 1. Draft of the City's Economic Action Plan. _ City of Fort Collins Co Economic Action Plan Fort Collins' Economic Action Plan The following is the first draft of the City's Economic Action Plan. The Plan outlines the specific action items the City will undertake to support a healthy economy. Unlike other City plan, the Economic Action Plan is a living document,one that will be regularly updated while it is being implemented. This plan is intended to carry the City through to the summer of 2007 when it is recommended that the overall strategy be revised by the Economic Vitality and Sustainability Action Group and the City Council and changes reflected to the extent necessary in the City's 2008—2009 budget. The Economic Vitality and Sustainability Action Group In February 2004, the Fort Collins City Council appointed a group of community representatives to develop a set of recommendations intended to address the economic vitality and sustainability of Fort Collins. Members of the"Economic Vitality and Sustainability Action Group' (EVSAG)were carefully selected to represent a broad and diverse range of community interests and perspectives. The group met weekly for four months to address the tasks set forth by Council and to provide an overall report with recommendations. One of EVSAG's tasks was identify Fort Collins'economic strengths, weaknesses, opportunities, and threats. That analysis follows. Strengths Geographic location Poudre River Scenic beauty Good parks and recreation activities Recreational opportunities Open space Bike trails Proximity to DIA Knowledgeablelinvolvedlinformed community Educated workforce High internet usage and broadband Telecommuters Desirable community for seniors/retirees Large entrepreneurial population Presence of small business assistance resources (i.e. SBDC) and incubators Diversity in faith community and services they provide Diverse set of businesses Reasonable cost of labor Great micro loan program Presence of federal research, other facilities(i.e. CDC, NRCS, BLM) Active cultural community Emerging arts and cultural community Strength of historic downtown Great public services • Strong healthcare y: .---- _.-- City of Fort Collins CO Economic Action Plan Competent City staff Low cost of utilities Poudre Schools CSU and Front Range Community College presence Multi-modal transportation developing Wind Power program Chal lengeslWeaknesses Budget cuts to higher education • Lack of higher education funding and facilities • Failure of integration of higher education (CSU, FRCC) into community Technological transfer of CSU into business Lack of funding for tech transfer Higher cost of land and employment base Lack of good sites for businesses and industry Difficulty traveling around northern Colorado Land available for industry Affordable housing Percentage that people pay for living/homes Increasing number of retirees could shift job/housing balance Jobs • Losing jobs •A lot of low paying jobs • Loss of existing primary jobs • High percentage of government jobs Dark Matter • Notion of corporate non-transparency, stakeholders are in the dark concerning corporate interests, know to only a few corporate elite Competition between local governments for revenue • Neighboring communities commercial growth • Other regions recruiting our retail,jobs • Challenge to increase tax revenue • Reliance on sales tax • Over-reliance on retail • Gallagher/TABOR—high business tax • Lack of funding for transportation capital •Appropriate role of government in economic development Barriers to redevelopment within the City • Perception of City as anti-business • Cumbersome/very difficult process for development Global issues (i.e. massive deficit/interest) • Outsourcing issues • Global off-shoring • Health insurance for small business • Failing in literacy City of Fort Collins Co Economic Action Plan Infrastructure and environmental issues Decrease in quality of life from population growth • Decrease in environmental quality • Traffic congestion • Lack of agreement re: what to do with the Poudre River area • Water supply • Under utilizing existing resources Lack of diversity • Lack of intellectual infrastructure for businesses • Too high a percentage of our economy based on development/building • Fear/lack of innovation in development • Not knowing how and where to find information • One daily newspaper in town • Lack of organizational collaboration • Lack of well-developed clusters • Don't understand structural change in economy • Early stage financing for"start ups' • No wet lab space • Vulnerability of downtown Opportunities Branding Fort Collins • Tout environmental ,and parks and rec opportunities • The Poudre River • Promote downtown • Focus on business clusters that make sense for Fort Collins • Improve cultural climate and attract tourism • Leadership in clean energy development (solar, clean engines emissions technology, water economy, fuel, hydrogen, etc.) • New Belgium Brewery as a model for other businesses • National recognition of our community's assets ("Best of lists, other recognition) • Model for a healthy community, supporting active lifestyles Encourage redevelopment • Develop parts of Old Town that are ripe for change Create a culture of entrepreneurship in Fort Collins Create a new economy of economic gardens Use environmental resources and combine with entrepreneur to create new kinds of businesses Attract more business capital • Growth pays its own way for infrastructure Leverage our resources better in and out of the community Train our own and keep them here • Determine how to use the bright people here in our community Create a business information clearinghouse _. City of Fort Collins CO Economic Action Plan • Opportunity for retraining • Build better bridges between educational community and business community • Do creative partnerships with other communities, e.g. revenue sharing • More public/private partnerships • Educate community regarding economic issues • Become a learning community • Define what literacy means (read newspaper; understand software use) • Set up sister city relationships and plan outsourcing partnerships to advance entrepreneurial center of Fort Collins Threats Impacts of growth • Stress on infrastructure • Undesirable growth in outlying areas • Other cities aggressive, undesirable growth • Environmental damage • Limited water supply • Excessive population growth • If a way cannot be found to make urban growth boundary work • Loss of uniqueness Globalization • Inability to get primary jobs • Global economic issues • Entrepreneurs are mobile—they'll leave • Value could be migrating out and our institutions can't address this Shortfall of funding for public services and facilities • State and federal funding methods • Loss of retail tax base Lack of funding for transportation • Over and under retailing • Financing of public/higher education Attitudes Institutions are not capable of making or getting ahead of structural changes • Elitist attitude • Paralysis through analysis • Victim mentality • Public perception that"they" are not part of the solution • "Business as usual" mentality—need to break out and think of new opportunities • Growing intolerance of different cultures, sex, race, creed, religion, and politics As discussion unfolded in E:VSAG,four major themes, twenty corresponding strategies, and one-hundred twenty-nine tactics were developed for Council consideration. EVSAG went further to prioritize their recommendations to the City Council; their recommendations were grouped by theme with the related strategy. EVSAG's prioritized recommendations are as follows: -- City of Fort Collins Co Economic Action Plan Theme A: Big Picture. This theme looks at those trends and mindsets that occur beyond the immediate Fort Collins area and affect our community nonetheless. Examples include the impact of federal and state programs, global economic impacts on primary jobs,or a declining quality of life. The"big picture' also includes consideration of changing cultural mindsets and evolving paradigm shifts such as"sustainability"that can dramatically influence our economic vitality over the long term. Strategy All: Diversify and broaden our economic sectors while actively strengthening our existing business sectors. Strategy A2: Protect and nurture our economic engine by pursuing and developing mechanisms for stable, long term public funding. Theme B: Immediate Threats. This theme addresses short term strategies needed to address several immediate areas of concern including declining revenues resulting from a diminishing federal, state, and local funding base, expanding community infrastructure service needs, and the resulting duty of providing more with less. Strategy 81: Strive to protect and sustain higher education funding for Colorado State University and Front Range Community College. Strategy 82: Address the perception that the City of Fort Collins is not business friendly, especially as related to development, by fostering a business friendly attitude that encourages economic vitality and community sustainability. Ensure that City departments and staff provide clear, accurate, and consistent answers to business inquiries. Strategy 135: Support existing business expansion and retention efforts and pursue strategies to encourage the retention and creation of high-paying jobs within our community. Strategy 136: Retain and improve our identity as a"regional shopping destination'and actively protect existing commercial and retail activities, including Old Town and the Foothills Mall. Theme C: Competitive Model. This theme addresses the fact that we live and operate in a competitive model and should be prepared and willing to communicate our competitive advantage. In signaling the value of Fort Collins to others, we need to identify, define, build upon, and promote our uniqueness. Determining how to present and position our community will require that:we know our competition and understand the means for truly distinguishing Fort Collins as a "World Class Community." Strategy C1: Actively commit to making Fort Collins a quality place to live by embracing the dynamic relationship of ,.quality of life"and "quality of opportunity"elements. Strategy C4: Communicate with the existing business community to better understand and address their changing needs and provide coordinated and readily available access to information that existing and emerging businesses can utilize. Theme D: Partnerships. This theme recognizes that the City of Fort Collins alone cannot create an economically vital and sustainable community. For lasting economic vitality and sustainability we must draw multiple constituencies together to leverage our diminishing resources. We must seek to forge strong community partnerships with existing entities and emerging business clusters. Our citizens, business community, academic institutions, regional government bodies, and _ City of Fort Collins Co Economic Action Plan the community at large, must join in and support the process. As a beginning point the City should strive to identify and better understand our existing partnerships in order to avoid duplication, promote efficiency, improve the return on public investment and build stronger collaborations. Strategy D1: Support and coordinate services devoted to our community's small business and entrepreneurial activities. Create partnerships that will help entrepreneurs access capital, encourage our highly educated workforce to create new business, and foster stronger relationships with economic development entities such as Northern Colorado Economic Development Corporation(NCEDC), Fort Collins Chamber of Commerce, Small Business Development Center(SBDC), Larimer County Workforce Center, Front Range Community College, Service Corp of Retired Executives (SCORE), City of Fort Collins, Fort Collins Virtual Business Incubator, Northern Colorado Idea Lab, CSU Entrepreneurship Center, Northern Colorado Business Assistance Consortium (NCABC), Downtown Development Authority(DDA) and Downtown Business Association (DBA). Strategy D3: Create partnerships between National Renewable Energy Lab(NREL), wind and solar institutes, green building programs, CSU Institute for the Built Environment and similar entities. Improve the sustainability of our community while spurring new business development. Strategy D5: Build partnerships to lead and expand upon our cultural and arts industry. Partner with developers to help build downtown cultural forums and facilities. Once EVSAG had completed their overall economic assessment and provided recommendations, EVSAG then the City Council drafted an economic vision and values for the Community. A Note on Sustainability EVSAG has lengthy discussions about the City's economic assets and the approaches for creating and sustaining a healthy economy. The City Council also had in-depth discussions in the development of their Economic Vision and Mission about those attributes that make Fort Collins unique. It became evident that creating and sustaining a healthy economy in Fort Collins is best achieved by focusing on the preserving and enhancing the natural environment, preserving and maintaining programs and services that contribute to a high quality of life, continuing to build on the success of Old Town, and leveraging Colorado State University. The City of Fort Collins and the community implement a broad array of programs and services focused on preserving and enhancing the natural environment and high quality of life—the purpose of the Economic Action Plan is not to categorize and inventory those programs, but to recognize they serve an important role in the overall health of the City's economy. Therefore, the Economic Action Plan does not include these types of programs and services as specific action items. City of Fort Collins CO Economic Action Plan Economic Action Plan Organization The organization of the Economic Action Plan is straightforward. It is first and foremost constructed from the top town based on the City Council's adopted Economic Vision and Values. The work of EVSAG was then integrated at the theme and strategy level as discussed earlier in the plan. Finally specific programs or"offers"that were approved in the City's budget through the Budgeting for Outcomes initiative are also included in the action plan. The City Council's Economic Health goal in the Budgeting for Outcomes includes many specific programs and services that were approved in support of economic health in Fort Collins. Lastly, individual initiatives were developed that synch up with the EVSAG's themes and strategies,the Economic Health goal in the budget, all which move the City toward the overall vision. It is envisioned that the City Council and EVSAG will periodically review and recommend refinements to the overall economic strategy. One of the ways this can be done is through the development and review of economic metrics that are reported on and evaluated annually. An annual report on economic metrics is planned and noted on the overall approach graphic. A visual representation of the overall approach is as follows: F Economic Vision '.. A healthy economy reflecting the values of our uni ue wmnnwhr min A changing world Economic Values o Our natural environment,historic Old Town and Colorado State University are key to our unique identity and economic vitality. c We value a City organization that is: 'Proactive about our economy 'Responsive to business concems c Our educational institutions and the quality education they provide are integral to economic health. o Culture and the arts are integral to our economic health. o Sustainability,and economic health are strengthened through community partnerships and collaborations. o We value businesses that contribute to the economic,environmental,social and cultural health of our community o Supporting innovation and growing businesses from within are important to economic health. o We value our existing businesses and the prospect of welcoming new businesses. o Municipal services contribute to making Fort Collins a great and visionary city and depend on a healthy economy that fuels a reliable revenue stream. We value the next generation of citizens and their quality of life as well as our own. Economic Health Strategies / Be Proactive I Build Partnerships Diversity the Economy Business outreach Beet street Incubator Csu Target industry study Arts a culture Technology incubator Long term revenue model Environment URq's Retail strategy City of Fort Collins CO Economic Action Plan' Economic Action Plan Initiatives Implement Biennial Economic Action Plan Update An essential role of the Mayor and City Council is to provide significant input into the updating of the City's Economic Action plan in conjunction with the biennial budget process. The City Council's economic Vision and Values,the 2006/2007 Budget and the City Council policy agenda provide the framework for the Economic Action Plan along with the significant input of EVSAG and stakeholders. Initiative One: Implement Biennial Economic Action Plan Update Responsibility Mayor&City Council Link the Economic Action Plan with the period City Plan update to ensure Darin Atteberry, City Manager proper mix of land uses. Mike Freeman, Economic Advisor Economic Lead Team Schedule Spring 2007—review 2006/2007 Integrate community survey data and economic action plan successes community feedback into the process Spring 2007—update strategic Refine the strategy using the assessment of the City's economy Economic Index Summer 2007—identify key strategic Review City Plan to ensure proper and policy goals for 2008/2009 mixes of land for residential, retail, budgeting process commercial uses Engage EVSAG in the process Budget None Metrics Create an Economic Lead Team The Economic Lead Team provides the ongoing forum for implementing organization-wide strategies for promoting the City's economic health initiatives. The Lead Team model is representative of the City's strategy for implementing various economic health related initiatives—there are resources spread out throughout the organization—no one person or Service Area has all the resources necessary to be successful. The Lead Team has responsibility for the following: Engaging in ongoing strategy of Economic Health—provide the Service Area perspective Coordination of internal and external projects—address resource questions, priorities, scheduling issues Address policy and management issues with regards to implementation of the Economic Action Plan Commit to effective communication and coordination _ Ciry of Fort Collins CO Economic Action Plan Provide input to the annual work plan prior to the budgeting process Advocate for the strategies and projects of the Plan in the budget process Provide direct feedback to the Economic Advisor The City's Economic Advisor plays an important role in providing overall leadership for addressing economic health issues through the City Manager and the City Council. The following is a list of the essential responsibilities of the Economic Advisor: Operationalize and implement the City's Economic Vision and Values Develop and execute the Economic Action Plan Coordinate the activities of EVSAG Actively manage the agenda and business of the Economic Lead Team Be the 'face"of the organization for economic health issues Coordinate the ongoing activities of the City related to Economic Health Communicate broadly the plan and successes internally and externally Coordinate with varying stakeholder groups Identify opportunities to focus department initiatives and actions to support economic health Identify, maintain, interpret, and report on key economic and financial trends—data analysis and interpretation Identify barriers to successfully implementing an overall economic health program Initiative One: Create an Economic Lead Team Responsibility Mike Freeman, Economic Advisor Darin Atteberry, City Manager Economic Lead Team Schedule 2Q—Develop team charter Done 2Q—Approve charter/implement Budget None Metrics None 9 City of Fort Collins CO Economic Action Plan Identify Opportunities for Improving City Approach to Economic Health The City's ongoing processes and approaches for managing development, licensing, permitting can always be improved. An ongoing responsibility of the Economic Advisor is to seek to identify opportunities for improving City processes. Initiative One: Improve Business Licensing/Sales Tax Licensing Processes Responsibility Mike Freeman, Economic Advisor Chuck Seest, Finance Director Jeremy Reese, Sales Tax Manager Economic Lead Team Schedule 20—Map existing processes Better track new businesses 3Q—Improve Processes Implement welcome/business resource letter Budget None Metrics Improved communication with new Review citizen/business survey on an businesses annual basis to evaluate improvements 10 City of Fort Collins,Co Economic Action Plan Initiative Two: Identify Process Improvement Opportunities in Development Review Responsibility Greg Byrne, CPES Director Current Planning Staff Mike Freeman, Economic Advisor Economic Lead Team Schedule 20/3Q—Solicit input from the Participate in the Business Outreach business community regarding Effort(Barriers to Business) improvement opportunities Review Zucker report and identify 3Q—Identify opportunities for items not implemented streamlining development review 4Q—Develop One-Stop-Shop concept Budget None Metrics Improvements to the overall review timeline Improve the Business Resources on the City Web Site The City's website is a wealth of information for the Community. However,there is a lack of business focused resources available for existing and prospective businesses. Initiative One: Web Site Redesign Responsibility Kelly DiMartino, Communications Director Mike Freeman, Economic Advisor Advance Planning Economic Lead Team Schedule 2Q—Design business resource center Coordinate with local economic development organizations—avoid 3Q—Launch new site duplication of effort. Budget None Metrics Traffic on the Business Site 11 Fort Collins,CO Economic Action Plan Target Industry/Clusters Study The City's target industry study will help define which kinds of businesses will thrive in Fort Collins given our unique community assets and unique lifestyle. The target industry study will identify 4-6 key industry clusters that will provide the focus for business retention and attraction activities. The findings of the study will be integrated within the economic gardening initiative or business retention efforts. Initiative One: Complete Target Industry/Clusters Study Responsibility Timothy Wilder,Advance Planning Mike Freeman Economic Advisor Economic Lead Team Schedule 2Q—Research industry data 3Q—Presentation on industry data 3Q/4Q—Implementation Budget $86,000 Metrics TBD in study Conduct Community Branding Effort The City has a unique identify that can be challenging to communicate. In addition, there are numerous organizations that have worked to create their own identify and brand which can send a confusing message to visitors, the members community and businesses. The branding initiative is designed to identify those unique aspects of Fort Collins and to strive to consistently communicate our unique brand. Initiative One: Community Branding Responsibility Mike Freeman, Economic Advisor Kelly DiMartino, Communications Director Project Team Schedule 2Q—Consultant selection 2Q—Market research 3Q—Fort Collins brand identification 4Q—Implementation 12 —_q!y of Fort Collins,CO Economic Action Plan Budget $76,000 Metrics TBD identified in the study. Business Retention & Expansion National statistics on job growth reveal that all net new jobs from 1999 to 2002 were generated by companies with less than 19 employees.' Business retention and expansion activities are essential for any community to maintain its economic health. This initiative focuses on providing services and programs for existing enterprises within the City. Initiative One: Identify an Incentives Approach for Business Retention/Expansion Activities Responsibility Mike Freeman, Economic Advisor Economic Lead Team Schedule 3Q—Presentation to EVSAG Evaluate HUD 108 Business Loan 3Q—Presentation to City Council Program Potential Budget None Metrics TBD Initiative Two: Ongoing Urban Renewal Authority Management Responsibility Advance Planning The City Council has adopted a series of policy goals for how to use urban Mike Freeman, Economic Advisor renewal tools. Staff will follow this policy guidance in the implementation of urban renewal districts. Schedule 3Q—Blight study for Foothills Mall property 4Q—Update of the North College Corridor Plan Budget None Metrics TBD ' Bureau of Labor Statistics,Employment Changes from Births,Deaths,Expansions and Contractions by Firm Size,U.S. 1999-2002 of Fort Collins,CO Economic Action Plan Initiative Three: Economic Gardening Responsibility Advance Planning There are several organizations pursuing varying aspects of economic Mike Freeman, Economic Advisor gardening activities: the City, CSU, Larimer County, DDA, SBDC, etc. Schedule 20—Implement GIS based tools for economic research 3Q—Convene stakeholders 30—Implement coordinated approach 4Q—Scope Phase II Economic Gardening activities Budget $160,000 Metrics TBD Initiative Four: Ongoing Business Outreach & Problem Solving Responsibility Mayor&City Manager One of the most significant ongoing activities for the Economic Advisor is Mike Freeman, Economic Advisor business outreach. The Advisor will Economic Lead Team continuously meet with business and community representatives to gain insight into the City's economic opportunities and issues. Schedule Ongoing Some of the initial issues that have come from business outreach Offsite ELT meetings at key activities include: reviewing businesses redevelopment approaches, overall Support Clean Energy Cluster fees and charges, process improvements, and more effective Support Bio initiative communication. Budget $75,000 Metrics Monthly meetings held. 14 City of Fort Collins,Co Economic Acfion Plan Initiative Five: Buildable Lands Inventory Responsibility Joe Frank, Advance Planning Economic Lead Team Schedule Ongoing 2007—update map for buildable lands Budget Metrics Integration with City Plan updates. 15 City of Fort Collins CO Economic Action Plan Business Attraction The City will continue to rely on the Northern Colorado Economic Development Corporation to lead the efforts nationally and within the state for business attraction. The Economic Advisor will interface with the NCEDC staff on a regular basis to identify possible business attraction opportunities. Business attraction opportunities will be evaluated against the identified targeted industries and clusters identified within that study. Initiative One: Ongoing Participation/Coordination in the NCEDC Responsibility Mike Freeman, Economic Advisor Schedule Ongoing Budget None Metrics TBD Initiative Two: Strategic Business Attraction Responsibility Mike Freeman, Economic Advisor Ongoing business attraction activities will be focused on working within the Darin Atteberry, City Manager targeted industries groupings, specific Greg Byrne, CPES Director retail projects, and within urban renewal areas. Schedule Ongoing Budget None Metrics TBD Refining Fort Collins Retail Strategy Fort Collins is currently a net sales tax importer from the region. The City needs to develop tools for the ongoing analysis and reporting of these pull factors to constantly be evaluating the retail strategy, where sales 'leaking"is occurring, and how to best position Fort Collins retail base for success and stability. With the significant increase in regional retail opportunities, it is essential that the City develop capabilities for tracking its position in the Northern Colorado retail economy. Initiative One: Sales Tax Analysis Tool Construction Responsibility Jeremy Reese, Sales Tax Manager The City's has an advanced GIS system that has not been leveraged Dan Coldiron, GIS Manager for use in supporting economic health. Mike Freeman, Economic Advisor The initial tool that will be constructed is to better analyze and support Is City of Fort Collins Co Economic Action Plan decisions that related to sales tax production. Schedule 2Q—Scope GIS based tool 2Q—Tool construction 3Q—Launch tool Budget None Metrics Annual net new retail sales Initiative Two: Foothills Mall Redevelopment Plan Responsibility Greg Byrne, CPES Director The mall redevelopment is the single most important retail initiative within Mike Freeman, Economic Advisor the City. Significant effort needs to be Economic Lead Team put into encouraging and facilitating the redevelopment effort. Schedule 2Q—Meet with mall representatives 2Q—Attend International Shopping Center meeting 3Q—begin urban renewal formation process 4Q—implement new urban renewal area Budget None Metrics Annual net new retail sales Initiative Three: Ongoing Identification of Improvements to Fort Collins' Retail Tax Base Responsibility Jeremy Reese, Sales Tax Manager Continue to support community educational opportunities on how retail Chuck Seest, Finance Director sales support general government Mike Freeman, Economic Advisor programs and services. Schedule 3Q—Overall analysis of the Fort 17 City of Fort Collins CO Economic Action Plan Collins sales trends and issues 3Q—Presentation of retail strategy 4Q—Targeted retail strategy documents created Budget None Metrics TBD 18 City of Fort Collins,C_o" Economic Action Plan Coordinating Infrastructure/Capital Projects that Strategically Support Economic Health The City invests in many significant ways in infrastructure that supports a healthy economy. This initiative will focus on identifying those projects that specifically support economic health activities. The goal is to focus the City's limited capital resources on projects that assist in sustaining a healthy economy. Initiative One: Identify Capital Projects that Support Economic Health Responsibility Mike Freeman, Economic Advisor Joe Frank, Advance Planning Director Budget Office Schedule 2Q—Support 1-25 property owners Done in concert with the 2007 budget with infrastructure development options 3Q— Identify 2007 capital projects that support economic health Budget None Metrics TBD Foster Partnerships to Enhance the Economy Fort Collins alone cannot create an economically vital and sustainable community. The City must seek to forge strong community partnerships with existing entities and emerging business clusters. Our citizens, business community, academic institutions, regional government bodies, and the community at large, must join in and support the process. As a beginning point the City should strive to identify and better understand our existing partnerships in order to avoid duplication, promote efficiency, improve the return on public investment and build stronger collaborations. Initiative One: Inventory Organizational Resources/Programs/Services Related to Economic Health Responsibility Mike Freeman Schedule 3Q—Coordinate a summary of the varying partnerships the City leverages in support of a healthy economy 3Q—Coordinate forum on high tech economy in Fort Collins and 19 City of Fort Collins CO Economic Action Plan' employment opportunities 3Q—Launch Fort Collins in the Global Economy series Budget None Metrics TBD Initiative Two: Implement Short-term Partnership Projects Responsibility Advance Planning Schedule 3/4Q CSU/Downtown Connections Plan—in partnership with the Community Foundation 3/4Q—Update North College Corridor Plan— links to URA formation 2007—So. College Corridor Plan— related to potential annexation 392 Interchange Improvement Plan— in partnership with Windsor Budget None Metrics TBD 20 Cily of Fort Collins CO Economic Action Plan Sample Summary of Community Partnerships for Economic Health Once an overall inventory of activities and partners has been identified, a summary table similar to the following sample will be developed that quickly and easily shows how different partners support varying aspects of the City's economic health initiatives. The following is a sample of how a partnership matrix might look like when completed: Partner Organizations City of Fort Collins O O O O O O O O O O O 0 0 0 Larimer County O O O O O O O O O O O 0 0 0 State of Colorado O O O O O O O O O O O 0 0 0 Colorado State O O O O O O O O O O O 0 0 0 University Front Range Community O O O O O O O O O O O 0 0 0 College Technology Incubator O O O O O O O O O O O 0 0 0 Northern Colorado EDC O O O O O O O O O O O 0 0 0 Fort Collins Chamber of O O O O O O O O O O O 0 0 0 Commerce Downtown Development O O O O O O O O O O O 0 0 0 Authority Downtown Business O O O O O O O O O O O 0 0 0 Association Convention and Visitors O O O O O O O O O O O 0 0 0 Bureau Small Business O O O O O O O O O O O 0 0 0 Development Center CDOT O O O O O O O O O O O 0 0 0 Communicating & Reporting Results A key ongoing responsibility is being able to track how the Fort Collins economy is performing. Currently, there is not one source of economic data that is reported regularly to review to understand if the City's economy is responding to varying strategies and programs. The Fort Collins Index will be created to foster an ongoing discussion of community economic health. Initiative One: Overall Communications Plan for Economic Health Responsibility Kelly DiMartino, Communications Director Mike Freeman, Economic Advisor __. City of FoR Collins C0 Economic Action Plan Economic Lead Team Schedule 2Q—develop business questionnaire for use in outreach interviews 2/3Q—identify target audiences and identify key messages 3/4Q—implement communication tools(i.e. print,web, video, etc.) Budget $60,000 Metrics TBD Initiative Two: Develop Fort Collins Economic Index Responsibility Mike Freeman, Economic Advisor Colorado State University is hiring a regional economist with assistance Advance Planning from the NCEDC and the City of Fort Colorado State University Collins. The City will engage the services of the Regional Economist to support the data collection efforts related to the FC Index. Schedule 2Q—Develop draft FC Index 2Q—Review draft document 3Q—First report presented Ongoing quarterly reports Budget None Metrics TBD The elements of the economic index should include the following items(not an exhaustive list,just illustrative): Financial data (see next section for recommendations) o Sales & use o Utilities Economic data o Partner with CSU for ongoing data collection and reporting—coordinate which data sets to acquire Business data Ci -'Fort Collins Co Economic Action Plan o Business formations o Cluster health o Residential &commercial permits a Demographic data o Household income Strategy data o Updates on key partnerships o Progress within the innovation economy • Technology transfer Business incubation o Downtown plan implementation o Arts district formation Quality of life indicators Social indicators Educational indicators Housing Initiative Three: Ongoing Economic Data Collection and Analysis Responsibility Mike Freeman, Economic Advisor Schedule Ongoing Collection and Reporting on Economic Trends and Issues Impacting Fort Collins Budget None Metrics TBD 23