Item 6 - PresentationSouthlake 2035: Economic Development Master
Plan Addendum
Planning & Zoning Commission –February 4, 2021
2035 MASTER P LAN
PLANFOCUSAREAS
•Improving existing services
•Establishing target industries
•Business retention and
expansion initiatives
•Economic incentives
•Evaluation of current market
•Implementation of new
customer focused services
•Engaging with citizens and
the public
2035 MASTER P LAN A DDENDUM
ADDENDUMFOCUSAREAS
•Emphasis on economic recovery
•Assessing business impacts -post
pandemic
•Direct support to commercial
centers
•Workforce training & support for
businesses
•Re-evaluating target industries
•Evaluating City regulations
•Enhanced communication and
marketing efforts
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 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 for Success:
The business community, in partnership
with the City, will nurture the growth and
prosperity of Southlake businesses.
Elevate the Southlake Brand and
Value Proposition:
Southlake is recognized as a vibrant
community where businesses thrive.
Promote Tourism:
Southlake is recognized, both nationally
and regionally, as a great place to visit for
shopping, dining, recreation and overnight
stays.
•Foreclosure rates
•Commercial occupancy
(office, retail, industrial)
•Commercial permits
•New business openings
•Business survival rates
•Sales tax revenue
•VisaVue sales data
•Employment
•Daytime population
•Hotel occupancy
•Hotel ADR
Improve Local Economic Health
ECONOMIC RECOVERY
STRATEGIC GOALS
These economic health metrics will equal or exceed pre-COVID19 levels:
Southlake Market (Business Attraction)
7 Recommendations
Identify centers,
businesses and industries
most impacted
Partnerships with
businesses to provide
entrepreneurial education
Re-evaluate & understand
market for target
industries
Identify workforce needs
and support workforce
training & educational
needs
Investment of Public Funds
7 Recommendations
Small business grant
program and hotel
marketing partnerships
Information regarding
federal, state and county
business programs
Enhanced web-based
permitting services
Identify local ordinances
for short-term relief and
long-term modification
Business Retention & Expansion
10 Recommendations
Leverage business
expertise from CEDC as
advisory board and ECRT
as industry representatives
Survey businesses during
and post pandemic
environment
Engagement opportunities
for business (e.g. virtual,
business spotlight,
special occasions)
Identify and provide
enhanced online services
for businesses (e.g. BRC,
data analysis, open
communication)
Communication, Marketing and Public Relations
11 Recommendations
Implementation of strategic
marketing and
communication plan
Publishing of newsletter,
redesigned New Biz List
and showcasing of
properties
Implement a Now Open
campaign for regional,
national and international
visitors supporting
businesses and inspiring
travel
Produce a video library
supporting emphasizing
premier location, workforce
and world class business
community
A DOPTION T IMELINE
September 2020: CEDC Feedback
October 2020: SPIN Meeting
January 2021: CEDC Consideration
March 2021: City Council Approval
Questions?