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Item 6 - ED Master Plan AddendumE conomic DEvElopmEntmastEr p lan a DDE n D um to th E s outhlak E 2035 E conomic D E v E lopm E nt m ast E r p lan Adopted by the Southlake City Council on MONTH DAY, 2021 Ordinance No. #### Prepared by City of Southlake Department of Economic Development & Tourism Page 3 The City adopted its first Economic Development & Tourism Master Plan in 2011. In 2016, following a thorough review and assessment of economic development needs and priorities, the Southlake Community Enhancement and Development Corporation (CEDC) recommended adoption of an updated economic development master plan to guide the City’s next phase of strategic economic development efforts. The Southlake City Council approved adoption of the updated plan in October 2016 as an element of the City’s Southlake 2035 Comprehensive Plan and since its adoption, City staff has worked in partnership with the CEDC and City Council to implement the plan’s recommendation. Though the recommendations continue to be implemented, the unprecedented COVID-19 pandemic that began to be felt by Southlake in 2020, required the City to reassess its economic strategies and priorities to assist businesses and support Southlake’s economic recovery. The long term impacts of the COVID-19 outbreak on Southlake’s business community and economy remain to be seen and fully understood. It is critical however to take steps quickly to respond to what is known to strategically guide the City’s economic development response and recovery efforts. As such, City of Southlake City Council developed this addendum to the master plan to address the community’s short term needs and begin looking at recovery efforts. This addendum serves to supplement the City’s existing Southlake 2035: Economic Development Master Plan. While the existing recommendations and strategies of the current master plan serve the City well and help achieve its larger economic goals, the recommendations and strategies established in this addendum will help address both the short-term and long-term economic challenges of the pandemic. This addendum guides the City to: identify critical pain points in industries and shopping destinations, engage local businesses to boost local hiring and address hiring needs, engage anchors in long-term local economic recovery efforts, effectively communicate Southlake’s advantageous location and business-friendly environment, capitalize on open public spaces as an asset to support local businesses, develop initiatives geared towards health and safety, prepare for a more long-term remote work environment, create a support system for remote workers to engage and connect them to the local community, focus talent recruitment efforts, mobilize financial assistance, develop creative economic solutions, assist in protecting front line service employees and visitors, and focus local efforts on industries impacted by the pandemic most significantly. Southlake Economic Development Strategic Goals The City of Southlake has ongoing strategies and priorities in place that will assist in further development of a successful economic development program; however, recognizing the current situation requires specific responses to unique and emerging circumstances, the following goals and outcomes were developed to guide the City’s economic recovery response efforts. If successful, Southlake’s recovery efforts will: OVERVIEW Southlake 2035 Economic Development Master Plan Addendum Ordinance No. ???, Adopted on [date] Page 4 2020 Addendum Adoption Process It is important to recognize that a great deal of evaluation, analysis and consideration was done by the CEDC Board of Directors and the Southlake City Council with the development of the Economic Development Master Plan in 2016. Taking those efforts into consideration, this addendum was developed utilizing the framework of the original plan. Consideration of key economic development principles such as Business Attraction, Business Retention, Public Investment and Communication / Marketing were also used to guide the efforts in this addendum. With feedback provided by the Economic Recovery Task Force and data observed since the onset of the pandemic, staff developed strategies and recommendations to address both the short-term and long-term community needs. The economic health indicators (shown on the next page) were also evaluated and Grow the Economy Achieve economic prosperity through tax and employment base growth, attracting investment of private capital into our economy that grows jobs, creates opportunity, increases tax revenue. Collaborate for Success The business community, in partnership with the City, will nurture the growth and prosperity of Southlake businesses. Support Businesses Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Promote Tourism Southlake is recognized, both nationally and regionally, as a great place to visit for shopping, dining, recreation and overnight stays. Elevate the Southlake Brand and Value Proposition Southlake is recognized as a vibrant community where businesses thrive. Improve Local Economic Health Economic health metrics (or indicators) will equal or exceed pre-COVID19 levels. Page 5 considered during the development of these recommendations of this addendum. These economic health indicators also helped establish a baseline to understand and interpret the recovery efforts being implemented. As the City implements these addendum recommendations, the City’s economic health indicators will serve as the compass in ensuring Southlake is returning to pre-pandemic levels and headed towards sustainable economic growth. Community Enhancement and Development Corporation (CEDC) On September 22, 2020 City staff presented a draft of the proposed strategic goals, recommendations, and a timeline for approval of the addendum to the board. The board provided feedback to City staff, modifications to the priority tiers and some adjustments to the language of some of the recommendations. On January 26, 2021 City staff presented the proposed Economic Development Master Plan Addendum to the CEDC. The board recommended approval (7-0) of the Addendum as presented. Southlake Program for the Involvement of Neighborhoods (SPIN) On October 27, 2020 City staff presented an overview of the strategies and recommendations of the Economic Development Master Plan Addendum to the community. The recording of this presentation can be found on the City of Southlake’s website under Video-On-Demand. Foreclosure Rates Commercial Occupancy Commercial Permits New Business Openings Business Survival Rates Sales Tax Revenue Industry Sales Data Employment Daytime Population Hotel Occupancy Hotel ADR E c O n O m I cHEaltH I nd I cat OR s Southlake 2035 Economic Development Master Plan Addendum Ordinance No. ???, Adopted on [date] Page 6 Planning & Zoning Commission Reserved for the motion of the Planning & Zoning Commission scheduled for February 4, 2021. City Council Reserved for the motion of the City Council Page 7 Plan ID Guiding Principle /Vision Goal Statements Implementation Strategies Fiscal Year No. Broad statements that establish desired outcomes and guide policy, ordinances and activity More detail for the Principle / Vision states regarding what is to be achieved Ground level-specific tactics to achieve goals Establishes time frame for implementation EDA1 Grow the Economy: Achieve economic prosperity through tax and employment base growth, attracting investment of private capital into our economy that grows jobs, creates opportunity, increases tax revenue Improve and strengthen existing commercial retail centers and office developments Utilizing relevant economic health data, evaluate Southlake’s commercial centers and work with property owners to identify challenges and potential solutions to filling vacant spaces in the post-pandemic economic environment FY 2022 EDA2 Improve Local Economic Health: Economic health metrics will equal or exceed pre-COVID19 levels Assess the business environment for surviving businesses and industries, identifying locations that have become most impacted and incorporate into the commercial site assessments for implementation FY 2021 EDA3 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Create an environment that encourages, values and supports entrepreneurship and builds value from within by supporting those businesses or assets who have been a contributor to our community Partner with local businesses and organizations to sponsor informal classes or lectures related to entrepreneurship FY 2022 EDA4 Grow the Economy: Achieve economic prosperity through tax and employment base growth, attracting investment of private capital into our economy that grows jobs, creates opportunity, increases tax revenue Support industry sectors that are innovative and have high job growth, high value potential to provide future economic development opportunities Re-evaluate the market to understand changes or additions to target industries and develop specific strategies for each targeted sector. Document in target market analysis worksheets FY 2022 l O cal ma RKE t & BU s I n E ss att R act IO n Southlake 2035 Economic Development Master Plan Addendum Ordinance No. ???, Adopted on [date] Page 8 Plan ID Guiding Principle /Vision Goal Statements Implementation Strategies Fiscal Year No. Broad statements that establish desired outcomes and guide policy, ordinances and activity More detail for the Principle / Vision states regarding what is to be achieved Ground level-specific tactics to achieve goals Establishes time frame for implementation EDA5 Collaborate for Success: The business community, in partnership with the City, will nurture the growth and prosperity of Southlake businesses Support regional workforce attainment and development Conduct an evaluation of workforce needs and develop a plan that identifies needs and strategies (such as targeted job fairs) that support developing the local workforce in alignment with identified needs FY 2024 EDA6 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Support regional workforce attainment and development Update the business resource center materials to provide quick, easy access to workforce needs, opportunities using the feedback obtained from the annual business climate survey and other feedback received from top employers FY 2022 EDA7 Collaborate for Success: The business community, in partnership with the City, will nurture the growth and prosperity of Southlake businesses Develop a workforce needs assessment and work with higher education/technical institutions to implement training and education needs of Southlake businesses FY 2023 Page 9 I n VE stm E nt OF PUB l I c FU nds (E c O n O m I c I nc E nt IVE s ) Plan ID Guiding Principle /Vision Goal Statements Implementation Strategies Fiscal Year No. Broad statements that establish desired outcomes and guide policy, ordinances and activity More detail for the Principle / Vision states regarding what is to be achieved Ground level-specific tactics to achieve goals Establishes time frame for implementation EDA8 Collaborate for Success: The business community, in partnership with the City, will nurture the growth and prosperity of Southlake businesses Identify and respond to gaps in state and federal business aid programs related to COVID-19 recovery that can reasonably be filled by the City of Southlake Create an economic recovery small business grant program that supports achievement of economic health goals FY 2021 EDA9 Collaborate for Success: The business community, in partnership with the City, will nurture the growth and prosperity of Southlake businesses Create a marketing matching program for Southlake hotels, funded through the Hotel Occupancy Tax Fund FY 2021 EDA10 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Serve as a connector to aid small businesses seeking assistance through local, state and federal programs. Execute a direct marketing and outreach strategy to local businesses and entrepreneurs to ensure they are aware of federal, state and local programs FY 2021 EDA11 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Identify non-monetary incentives that can support continued business growth Evaluate local regulations that have been temporarily adjusted during the pandemic and make recommendations regarding ongoing practices to ease, where it makes sense, local regulations (short-term) FY 2021 Southlake 2035 Economic Development Master Plan Addendum Ordinance No. ???, Adopted on [date] Page 10 Plan ID Guiding Principle /Vision Goal Statements Implementation Strategies Fiscal Year No. Broad statements that establish desired outcomes and guide policy, ordinances and activity More detail for the Principle / Vision states regarding what is to be achieved Ground level-specific tactics to achieve goals Establishes time frame for implementation EDA12 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Identify non-monetary incentives that can support continued business growth Evaluate local ordinances for changes and relief for accommodation, retail and restaurant industries (long-term evaluation of needs) FY 2023 EDA13 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Collaborate with internal stakeholders to provide enhanced customer services for permitting (such as online services) based on feedback received from end-users FY 2021 EDA14 Collaborate for Success: The business community, in partnership with the City, will nurture the growth and prosperity of Southlake businesses Work with larger businesses to promote the purchasing of local goods and services, using the size and scale of these businesses to increase demand for local goods and services FY 2023 Page 11 BU s I n E ss RE t E nt IO n & EXP ans IO n Plan ID Guiding Principle /Vision Goal Statements Implementation Strategies Fiscal Year No. Broad statements that establish desired outcomes and guide policy, ordinances and activity More detail for the Principle / Vision states regarding what is to be achieved Ground level-specific tactics to achieve goals Establishes time frame for implementation EDA15 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Increase collaboration, coordination and communication between the City and the business community Form an Economic Recovery Task Force with local representatives of the business community and their respective industries focused on advising and providing feedback on the City’s recovery efforts FY 2020 EDA16 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Leverage business expertise of the CEDC Board of Directors to establish Southlake-centric round- tables to discuss relevant business and economic issues FY 2021 EDA17 Elevate the Southlake Brand and Value Proposition: Southlake is recognized as a vibrant community where businesses thrive Launch an open for business campaign in partnership with the local stakeholder groups that highlights local businesses FY 2023 EDA18 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Develop non-visitation methods to enable additional communication and feedback from business Execute a survey that assesses the impact of COVID-19 on local businesses in order to develop strategies to assist in economic recovery of the community FY 2020/2021 Southlake 2035 Economic Development Master Plan Addendum Ordinance No. ???, Adopted on [date] Page 12 Plan ID Guiding Principle /Vision Goal Statements Implementation Strategies Fiscal Year No. Broad statements that establish desired outcomes and guide policy, ordinances and activity More detail for the Principle / Vision states regarding what is to be achieved Ground level-specific tactics to achieve goals Establishes time frame for implementation EDA19 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Develop non-visitation methods to enable additional communication and feedback from business Contact local businesses annually, obtaining informational updates through the City’s newly adopted economic development software FY 2021 EDA20 Promote Tourism: Southlake is recognized, both nationally and regionally, as a great place to visit for shopping, dining, recreation and overnight stays Collaborate with tourism partners to emphasize Southlake’s unique and valued experiences Work with local hotels to establish a recovery marketing campaign that rebuilds trust in the local hospitality industry FY 2022 EDA21 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Customize city-services to business and customer needs Identify needs and create a service palette that offers specialized data analysis services to businesses, featured on SelectSouthlake. com FY 2021 EDA22 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Utilizing survey, economic data and business visit feedback, annually evaluate business assistance needs and services and provide website updates (such as the Business Resource Center) to meet those needs FY 2022 EDA23 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Continue the recruitment/ expansion of local businesses and market the participation of those local businesses through paid, social media and website communication channels FY 2021 EDA24 Collaborate for Success: The business community, in partnership with the City, will nurture the growth and prosperity of Southlake businesses Promote and facilitate networking opportunities for local business owners (including opportunities that consider social distancing practices) Work with the Chamber of Commerce to provide opportunities through the year for businesses to engage that also include non-physical attendance (virtual) FY 2022 Page 13 c O mm U n I cat IO n , ma RKE t I n G and PUB l I c RE lat IO ns Plan ID Guiding Principle / Vision Goal Statements Implementation Strategies Fiscal Year No. Broad statements that establish desired outcomes and guide policy, ordinances and activity More detail for the Principle / Vision states regarding what is to be achieved Ground level-specific tactics to achieve goals Establishes time frame for implementation EDA25 Elevate the Southlake Brand and Value Proposition: Southlake is recognized as a vibrant community where businesses thrive Communicate the advantages of Southlake’s location, workforce and business community Implement an annual, comprehensive communication and marketing plan that promotes Southlake’s premier location, workforce and world class business community. FY 2021 EDA26 Elevate the Southlake Brand and Value Proposition: Southlake is recognized as a vibrant community where businesses thrive Position Southlake as the first choice for location of targeted industries Advertise Southlake’s premier location and showcase available land sites and commercial space opportunities through communication channels such as e-blasts, social media and website featuring FY 2021 EDA27 Elevate the Southlake Brand and Value Proposition: Southlake is recognized as a vibrant community where businesses thrive Develop target industry profiles that promote Southlake and communicate our advantageous location, economy and community FY 2022 EDA28 Elevate the Southlake Brand and Value Proposition: Southlake is recognized as a vibrant community where businesses thrive Support business success by increasing awareness of and appreciation for new and existing businesses through promoting business openings, highlighting unique and/or interesting existing businesses and featuring engagement efforts with businesses and strategic partners. Promote new businesses through the publication of a redesigned New Biz List blog that includes new businesses, relocations and expansion highlights; selected grand openings, etc. FY 2021 Southlake 2035 Economic Development Master Plan Addendum Ordinance No. ???, Adopted on [date] Page 14 Plan ID Guiding Principle /Vision Goal Statements Implementation Strategies Fiscal Year No. Broad statements that establish desired outcomes and guide policy, ordinances and activity More detail for the Principle / Vision states regarding what is to be achieved Ground level-specific tactics to achieve goals Establishes time frame for implementation EDA29 Elevate the Southlake Brand and Value Proposition: Southlake is recognized as a vibrant community where businesses thrive Increase brand recognition and audience engagement Successfully launch a newly redesigned website and promote it and the services it offers in its first year of launching using organic, paid and media content opportunities FY 2021 EDA30 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Create a newsletter and publish on established schedule in addition to communicating “breaking news” related to development and local businesses (ongoing engagement) FY 2021 EDA31 Support Businesses: Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Establish a strategy and supportive video library that highlights and promotes local businesses, business partners and notes why businesses choose (select) Southlake that is updated annually FY 2022 EDA32 Elevate the Southlake Brand and Value Proposition: Southlake is recognized as a vibrant community where businesses thrive Establish and maintain content standards for website and social channels (Facebook cover image changes, website content review / update schedule, etc.) FY 2022 EDA33 Promote Tourism: Southlake is recognized, both nationally and regionally, as a great place to visit for shopping, dining, recreation and overnight stays Position the City as the perfect location to visit for positive experiences Support local businesses through the implementation of a marketing campaign targeted to visitors, highlighting specific businesses that draw larger volumes of people. FY 2022 EDA34 Promote Tourism: Southlake is recognized, both nationally and regionally, as a great place to visit for shopping, dining, recreation and overnight stays Develop and implement an open for business marketing campaign to promote the City’s retail and restaurant industries FY 2022 EDA35 Promote Tourism: Southlake is recognized, both nationally and regionally, as a great place to visit for shopping, dining, recreation and overnight stays Promote Southlake as an ideal location for a weekend getaway and overnight business travel through the execution of a marketing campaign focused on inspiring confidence in travel and targeted to visitors that visit the region most frequently FY 2022