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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 05/10/2011 - UPDATE ON THE ECONOMIC HEALTH STRATEGIC PLANNING P DATE: May 10, 2011 WORK SESSION ITEM STAFF: Mike Freeman FORT COLLINS CITY COUNCIL Pre-taped staff presentation: none SUBJECT FOR DISCUSSION Update on the Economic Health Strategic Planning Process. SUBJECT FOR DISCUSSION The City of Fort Collins' Economic Action Plan was first developed in 2005 and updated annually as part of the Budgeting for Outcomes process. Now, more than five years later, it is time to re- evaluate the Economic Action Plan and develop a revised Economic Health Strategic Plan. City Council approved$150,000 in one-time funding from the Keep Fort Collins Great funding allocation for this project in 2011. TIP Strategies from Austin, Texas was selected to lead this process. TIP staff will be present with City staff to provide an update on the process and solicit input from City Council. GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED 1. Is the City Council comfortable with the overall process outlined? 2. What additional input does the City Council have regarding the proposed process? 3. Does the City Council support the overall project goals? 4. What additional input doe the City Council have regarding the project goals? BACKGROUND / DISCUSSION The City of Fort Collins' Economic Action Plan was first developed in 2005 and updated annually as part of the Budgeting for Outcomes process. Now, more than five years later, it is time to re- evaluate the Economic Action Plan and develop a revised Economic Health Strategic Plan. The City sought proposals from experienced teams to craft a five-year Economic Health Strategic Plan. The proposals included the following: (A)analysis of the City's existing Economic Health strategy, (B) an implementation plan identifying next steps to achieve key outcomes, and (C) work with key stakeholders. The consulting team will provide all the management and services to develop the plan. The revised Economic Health Strategic Plan should lead to: • Increased company expansion in Fort Collins • Greater retention of jobs, specifically in targeted industry clusters • Additional primary jobs in the targeted industry clusters • Heightened awareness of Fort Collins as a global business location in the targeted industry clusters May 10, 2011 Page 2 • Enhancement to technology transfer and commercialization from Colorado State University and private sector partners • Increased availability of seed, angel, venture, and other forms of capital to support innovation Public Process Outline The overall approach is to use the Economic Advisory Commission as a steering committee for the project, possibly with the addition of one or two other stakeholder representatives. A list of stakeholders will be interviewed by the consultant group. Potential stakeholders may include: Northern Colorado Economic Development Corporation, Fort Collins Chamber of Commerce, Colorado State University, Colorado State University Research Foundation, Rocky Mountain Innosphere, and the Cluster Group chairs (Clean Energy, Biosciences, Water, Engines and Transportation,and Uniquely Fort Collins). A public open house/roll out would occur towards the end of the project to verify/vet the direction with a larger public audience. One of the key assumptions of the Strategic Plan Update is that the staff and consultants will build on and utilize the public input gathered from the Plan Fort Collins process as well as the Plan document itself. Much information was gathered in the Plan Fort Collins process that addresses the City economic conditions and future goals and expectations. The proposed project schedule • May 10-Initial City Council work session: Project Description, Scope, Overview of Public Process, City Council Goals and Expectations • May 11 —Economic Advisory Commission presentation • August 9 - City Council Work Session: Project Progress, Results of Discovery and Opportunity Phases • August - Parallel EAC meeting to City Council Work Session • October - Public Open House/Roll Out (substantially complete draft document) • October- Parallel EAC meeting to the Public Open House/Roll Out • December 13 -Final City Council work session: Review of complete draft document-seek comments and revisions • January 2012 - City Council Regular Meeting - Public Hearing and Acceptance/Adoption of Plan ATTACHMENTS 1. Powerpoint presentation from TIP Strategies ATTACHMENT 1 ECONOMIC HEALTH STRATEGIC PLAN project kick - off May 10, 2011 BDINCity of Fort Collins, Colorado Agenda ❑ Introductions ❑ Project description & financing ❑ Scope of work ❑ Overview of stakeholder engagement ❑ Goals and expectations ❑ Discussion 1 INTRODUCTIONS TIP Strategies Strategic Planning Workforce Development Industry Cluster Analysis Site Selection & Analysis Defense Communities Entrepreneurship 2 TIP project locations + a 0 b Project team ❑ TIP Strategies o Jon Roberts, Managing Partner o Alex Cook, Project Manager o Caroline Alexander, Lead Analyst ❑ Atlas Advertising o Ben Wright, CEO o Keeley Sullivan, Account Manager o Peter Brown, Creative Director ❑ Austin Technology Incubator o Isaac Barchas, Director 3 • • AA ATLAS Atlas Advertising ADVERTISING ❑ We help communities drive long term economic vitality through marketing and communications . Experience. Specialists that have helped 60 + communities in 35 + states and 6 countries lead and support economic growth. Performance. Our award -winning marketing tactics have helped our clients increase traffic and generate real results, including increased investment from companies. Commitment. We are committed to our clients' success. Our references are our best spokespeople. Local . We are based in Denver, and know the Front Range and Colorado markets very well . Isaac Barchas 06 Director, Austin Technology Incubator Part of the University of Texas, IC2 Institute Dual mission : o building companies that create wealth and jobs through technology entrepreneurship o providing a unique platform for the commercialization of University innovation During the past 3 years, ATI has o helped 50 + companies raise $ 70m + in investor capital o had alumni companies realize exits worth $ 250m + o contributed $ 100m + to the Central Texas economy independent economists' calculation of member companies' impact 4 PROJECT . • Project Goals ❑ Increased company expansion in Fort Collins; ❑ Greater retention of jobs, specifically in targeted industry clusters; ❑ Additional primary jobs in the targeted industry clusters; ❑ Heightened awareness of Fort Collins as a global business location in the targeted industry clusters; Enhancement to technology transfer and commercialization from Colorado State University and private sector partners; and Increased availability of seed , angel , venture, and other forms of capital to support innovation 5 r.- Project Financing City Council approved $ 150,000 in one - time funding from the Keep Fort Collins Great funding allocation for this project in 201 1 . 6 ■ ■ C Our planning model ❑ Phase I : What does the economy looks like, what programs are currently in place, roBenchmarking how does Fort Collins compares to itspeers? sis lysis • ❑ Phase II : What are opportunities to • vision • affect the city's economic health, how • Goals • Strategies can Fort Collins' economic health initiatives be strengthened? • Actions • Responsibilities • Budget & timelines ❑ Phase III : What will Fort Collins • Metrics do about it? Communications & Marketing ❑ Phase I Assessment: How is Fort Collins communicating with target reReview audiences? How effective are its marketing messages and strategies? • ❑ Phase II Planning : What are Fort • Strategies • Collins' opportunities to communicate • process better and more effectively with its considerations target audiences? • Actions ❑ Phase III Im lementation : • Metrics p • Brand Storm How will Fort Collins message itself, and • coordinate all of its communications with various audiences going forward? 7 ■ ■ ■ ■ C Entrepreneurship & tech commercialization ❑ Phase I : What makes up Fort Collins? entrepreneurial ecosystem? Where are • the gaps? • Interviews • Review of ❑ Phase II : What are Fort Collins' programs •, opportunities to strengthen this • Goals • ecosystem? • Strategies ❑ Phase III : What steps will Fort • Actions • Responsibilities Collins take to bolster its entrepreneurial • Metrics ecosystem? • Timeline MAY JUN JUL AUG SEP OCT NOV DEC Assessment, stakeholder input, benchmarking, Discovery site visits, SWOT analysis Guiding principles, Austin Visit program (optional), Opportunity opportunity analysis Strategies, marketing & communications, message Implementation & brand concepts, implementation guide Final Roll-out 8 rSTAKEHOLDER ENGAGEMENT Stakeholder pyramid • Goal : Dedicate resources, engage other leaders • Mechanism: Direct participation, high-level inter:iews J J PFFF Education / Outreach 9 Input process Steering Committee : Economic Advisory Commission Provide input & feedback o Refine opportunities r, Act as sounding board Input from targeted stakeholders o Interviews & focus groups 0 Draw public input from existing studies & Comprehensive Plan Public roll - out of finished product GOALS • 10 General Direction Sought and NONE Specific Questions to be Answered Is the City Council comfortable with the overall process outlined ? What additional input does the City Council have regarding the proposed process? Does the City Council support the overall project goals? What additional input does the City Council have regarding the project goals? TIP Strategies , Inc. 106 East 6th Street, Suite 550 Austin, Texas 78701 512.343.91 13 www.tipstrategies.com 11 ■ ■ ■ ■ C Deliverables ❑ Assessment o economic profile o program review o SWOT analysis o benchmarking Strategic and tactical marketing plan Brand concept, tagline & headline ❑ Economic health strategic plan ❑ Implementation tools 12