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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 01/12/2010 - ECONOMIC HEALTH/FINANCIAL ISSUES UPDATE DATE: January 12, 2010 STAFF: Darin Atteberry WORK SESSION ITEM Mike Freeman FORT COLLINS CITY COUNCIL Josh Birks Pre-taped staff presentation: available at fcgov.com/clerk/agendas.php SUBJECT FOR DISCUSSION Economic Health/Financial Issues Update. EXECUTIVE SUMMARY The overall economic health goal is to"promote a healthy,sustainable economy reflecting the values of our unique community in a changing world." The City has strong partnerships with diverse organizations, strategic marketing and promotion of the area to new and expanding businesses, and the City continues to focus on retaining and growing quality primary jobs while also focusing on retaining and building the retail sector. In 2009 the City faced challenges such as broad economic slowdown, decrease in sales tax collections, decrease in use tax collections, and financing difficulties for developers. Fort Collins has not been immune to the global economic climate, yet has economic strengths unique to the community and has generally fared better than others.Fort Collins has a highly educated workforce, an innovative and globally-focused university, supportive culture for entrepreneurs, and diverse industries. GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED The presentation will focus on providing City Council an economic health update for 2010. The discussion will focus on highlighting strategies for achieving economic health in 2010 and beyond. This presentation is the first of three planned for 2010. Staff will address suggestions and questions from City Council. BACKGROUND In 2004 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)met for two years and created an economic strategy map for the City to follow in order to achieve economic success and longevity. January 12, 2010 Page 2 A major outcome of EVSAG was the Economic Action Plan. The Action Plan consists of four key strategies for economic health: • Diversify the economy • Build partnerships • Support business expansion and attraction • Be proactive on economic issues. City Council is updated periodically on implementation of the Economic Action Plan. This presentation will focus on priorities for 2010. ATTACHMENTS 1. PowerPoint presentation ATTACHMENT • City Council 2010 Economic Update I January 12. 2010 �"Co Tins 1 • BACKGROUND First of three economic updates to City Council • Jan.12, 2010 • Summer 2010 • Fall 2010 in .. 2 " co—,Ins I BUSINESS INNOVATION MODEL Clean Energy Charter Larlmx 8losclance Cluster Water and Water Tech Cluster 3 KEY PARTNERS Northern Colorado Rocky Mountain Entrepreneurship Network Innovation Initiative Small Business CSU Engines and Energy Development Center Conversion Lab RNIII FastTrac CSU Research Innovation Center SAGE CSU CSU VentureslSuperclusters Ventures/Superclusters CSU Venture Fund I CSURF Technology Transfer Angel Capital Summit Poudre Library NOCO Angels Business Research SAGE 4 J KEY PARTNERS Retention Expansion Attraction City of Fort Collins City of Fort Collins City of Fort Collins Downtown Development Downtown Development Fort Collins Chamber Authority Authority Northern Colorado Fort Collins Chamber Fort Collins Chamber Economic Corporation Northern Colorado Northern Colorado Larimer Workforce Center Economic Corporation Economic Corporation State of ColoradolOEDIT Small Business Small Business Development Center Development Center Larimer Workforce Center Larimer Workforce Center State of ColoradolOEDIT State of Colorado/OEDIT ECONOMIC ACTION PLAN STRATEGIES Four key strategies: - Business retention, expansion, incubation and attraction - Be proactive on economic issues - Build partnerships - Diversify the economy 6 • 3 J BUSINESS RETENTION, EXPANSION, INCUBATION & ATTRACTION • Focus on business expansion efforts Q1 • RM12 building, fundraising, program expansion • Participation in the NCEDC BR&E program • Retail retention • Brokers meetings and property owners support • Participate in State's creative economy study • Clean Energy supply chain study • Support URA projects 7 3 Stories LEED Gold +► Solar (PV) s Elec. Car Charging oN A' { r 9 Y URA PROJECTS • Annual report for 2009 achievements • Revised/enhanced policies and procedures • Benchmarking regional URAs • Project management for approved projects • Evaluation of new potential URA plan areas • RMI2 and Kaufman groundbreaking events • Staff support for North College CAG, NFCBA • Project cameras to be installed in January 9 • MIDTOWN COMMERCIAL CORRIDOR STUDY • Evaluate spectrum of redevelopment potentials for the Foothills Mall • Evaluate College Ave. commercial from Prospect to Harmony (Three Districts) • Consider focused improvement strategy at key locations along the corridor • Emphasize preventing blight in a way that does not impede future redevelopment • Presentation of draft findings & recommendations to Council; April 27, 2010 10 • 5 BUSINESS COMMUNICATIONS Economic E-Newsletter — 130+ businesses and local organizations featured in 2009 — Nearly 800 subscribers Updated industry cluster profiles — Available electronically, fcgov.com/business FortZED.com FortCollinsl nnovation.com Outreach to College and Harmony businesses BE PROACTIVE ON ECONOMIC ISSUES Infrastructure investments — Fort Collins-Loveland Airport .;s — NECO and Vine Stormwater improvements — 392 Partnership — City Plan ICSC: International Council of Shopping Centers Conference t°LdW"e 12 G DOWNTOWN RETAIL ANALYSIS Scope of Analysis — Retail sales by category — Sales density mapping — Inventory of commercial space Next Steps — Top 20 Retailers i — Retail retention strategy (Coordinate with DDA and DBA) — Retail attraction strategy 13 ' V • BUILD PARTNERSHIPS Colorado State University — Research Foundation — Ventures — Superclusters Liniversit) City/DDA priority projects NORTHERN — Downtown hotel C O L O R A D O — Community Marketplace NCEDC site selection inquiries EcoNannc onrtormr. CORPORATION Larimer County Workforce 14 7 BUILD PARTNERSHIPS FortZED Implementation — Department of Energy grant — Department of Local Affairs grant — DENZED — FortZED.com web site FORT ZE=D �s DIVERSIFY THE ECONOMY 16 cg CLEAN ENERGY CLUSTER 2010 — 2015 Strategic Plan Retain and expand existing companies — 1650 new primary jobs Attract/Incubate 6-8 new businesses per year — Emphasis on HQ companies Project of regional significance — 1 year: CO State Land Board Project of global significance — 5 years: FortZed BIOSCIENCE CLUSTER 110 members by the end of 2009 2010 projects: — Outsourcing event in April/May — Bioscience asset map — Larimer Co. Bioscience intern website — Marketing/re-branding effort Monthly meetings - all members invited Completion of workforce study report Strategic planning group - subcommittees Bio CEO group, peer 2 peers, 18 'Y� 9 SOFTWARE & WATER CLUSTERS GIS Alley — Quarterly meetings — Collaborative project with CDC Software Tech Meet-Up — Sponsoring four meetings — Supports Entrepreneurship Larimer County Workforce Center — Evaluation of Software Industry Cluster by occupation 19 v SOFTWARE & WATER CLUSTERS (Continued) Water Resource Management & Technology Cluster — Evaluating feasibility of s + a new cluster - - - - Kick-Off meeting �u January 6, 2010 AgMcdhns zo 10 UNIQUELY FORT COLLINS Be Local Northern Colorado — Indoor Winter Markets & Coupon Book Shop Fort Collins First — Spring into Action campaign — Home for the Holidays (sCMA Awarc of Excellence 2009) Arts Incubator — Physical space — Leadership & promotion { 21 � • UnemploMem Trend IoA% mo% aox nex dox aox zox —ume,sw. —Pan Come neuree:Bun.el lam.&sle,ba c . oox )UTTFTrtTi _. x000 zoo. zoos zoos zmz zan zeop cftt boom 22 . m • 1� as.M FOR Collins Tobl Employment TlBIId i B.09B MM 71IM .701. Souse:Hu—of L..9nllaKa 200a .qoa rous .ma :oar emx .ow o 23 Bioscience Employment 2005 2006 2007 2008 uTFmt lft 24 12 Bioscience Composition Alk _Q ■�ia% . ® Plozuc Pioex Pme F•ni�u MamiL aurin9 chomrcal Manulucwmlp M ac M1ine 'vm CV wm o 3 J Prvauc: Nn an c Mel-l"'lnauunq ...i.... le&To"o.",sery¢es Aj"anaUvvon of on Public Health Poignant Agriculture,Fares",, 25 Niger,a Fort, / q� • Clean Energy Employment 2005 2006 2007 2008 Fee 26 • 13 Clean Energy Composition Mach,nery ManWacmnnp 1 P®ue a Tealuucal servmu _ppy_ __ LpmpuurB Flaco-pmc +'GyyV`('/=y�_ 2 7 PfOJaCi Menulactunnp Hardware/Software Employment mass 2005 2005 2007 2008 ■IIARDWFNEOESIcx ESDR ARID(SIGN za J 14 Hardware/Software Composition 0 0 4 1 Puhli M1Wg otluslnn5 leacopl mmmuq PralosmounL SumnliM1c 4ZgO ®Glclmmel Survmas Inrern Sar Pmors. ComDmerBElecwnic g„� — Web gamehmc ic Prnla. 29 and Data Pmceaing Services • Water Cluster • Total Employees — 4,209 • Number of Firms— 98 • Average Wage — approx. $77,000 • Primarily Small Business - Three-quarters of firms employ 25 or fewer employees 30 )S99!ns • I CLOSINGMUESTIONS �C°"31 � 16