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Item 6A - Presentation
01511 MM I �' City Council - March 2, 2021 Southlake 2035: Economic Development Master Plan Addendum • Improving existing services • Establishing target industries • Business retention and expansion initiatives • Economic incentives • Evaluation of current market • Implementation of new y customer focused services I f X �\ iv�'�c X. /\ • Engaging with citizens and the public1�4 SELECT n - (*SOUTHLAKE a CITY OF SOUTHLAKE ECONOMIC DEVELOPMENT MASTER PLAN An Element efthb 5auth1eke2035C—pr¢h¢n —Plop Heop- by seuthlzNecry Council Dmmance — 0--4,2016 Prepared by the Planning &Development Services Department Noce: ml: pian element is not deagnatea ror 4yeer tev,ew cycle • Improving existing services • Establishing target industries • Business retention and expansion initiatives • Economic incentives • Evaluation of current market • Implementation of new y customer focused services I f X �\ iv�'�c X. /\ • Engaging with citizens and the public1�4 SELECT n - (*SOUTHLAKE ECONOMIC DEVELOPMENT MASTER PLAN zz;`- ADDENDUM TO THE SOUTHLAKE 2035 ECONOMIC DEVELOPMENT MASTER PLAN • 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 X .y VA ..r 4 I i f x r NJ� "x • Enhanced communication an marketing is SELECT PL - 5©UTHLAKE ECONOMIC RECOVERY STRATEGIC GOALS B Grow the chieve economic prosperity through tax Elevate the Southlake Brand and nd employment base growth, attracting Value Proposition: investment of private capital into our Southlake is recognized as a vibrant economy that grows jobs, creates community where businesses thrive. pportunity, increases tax revenue. Improve Local Economic Health These economic health metrics will equal or exceed pre-COVIDI9 levels: • Foreclosure rates • Commercial occupancy (office, retail, industrial) Commercial permits • New business openings LBusiness survival rates • Sales tax revenue • VisaVue sales data • Employment • Daytime population • Hotel occupancy • Hotel ADR Promote Tourism: Southlake is recognized, both nationally and regionally, as a great place to visit for shopping, dining, recreation and overnight stays. 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. Identify centers, businesses and industries most impacted Partnerships with businesses to provide entrepreneurial education ... Identify workforce needs JL J and support workforce training & educational needs Re-evaluate & understand market for tarnpt industries SE 5©UTHLAKE Investment of Public Funds Small business grant program and hotel marketing partnerships Teueral, state anu county O 0 o business programs o 7 Leverage business expertise from CEDC as advisory board and ECRT as industry representatives a Q' Survey business( 0 = and post pandem environment Recommendations Identify and provide 717 enhanced online services :-.. for businesses (e.g. BRC, data analysis, open communication) ent opportunities DIss (e.g. virtual, spo sac. SEL SOUTHLAKE Implementation of strategic 0000 marketing and 0000 ooV,/ communication plan NEMS Publishing of newsletter, 0 redesigned New Biz List and showcasing of properties (D Recommendations Produce a video library supporting emphasizing QQ premier location, workforce Cand world class business n OPEN • — community Implement a Now Open campaign for regional, national and international visitors supporting busine s and inspiring travel SELECT �Y' SOUTHLAKE September October 2020: January 2021: March 2021: 2020: CEDC SPIN Meeting CEDC City Council Feedback Consideration Approval IF*ECONOMIC DEVELOPMENT MASTER PLAN ADOENOUM TO THE SOUTHLAKE 2035 EC ONOMIC DEVELOPMENT MASTER PLAN Community Enhancement & Development Corporation: Approved on January 26, 2021 as presented (7-0) Planning & Zoning Commission: Approved on February 4, 2021 as presented (7-0) City Council Approved (1St Reading) is ON k v v v 1/IN P, iA1 v! X on the consent agenda February 23, 2021 SEL 5©UTHLAKE '01511 Mm I WAI Questions?