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Item 6ACITY OF S0UTHLA1<,E MEMORANDUM February 25, 2021 To: Mayor and City Council From: Daniel Cortez, Director of Economic Development & Tourism Subject: Ordinance No. 1161A, (CP20-0002), 2nd Reading, adopting an addendum to the existing Southlake 2035 Economic Development Master Plan, an element of the Southlake 2035 Comprehensive Plan. Action Requested: Conduct a Public Hearing and consider 2nd Reading approval of Ordinance No. 1161A, (CP20-0002), adopting an addendum to the existing Southlake 2035 Economic Development Master Plan, an element of the Southlake 2035 Comprehensive Plan. Background Information: It is important for the City of Southlake to sustain a strong and healthy economy. Since the onset of the COVID-19 pandemic, the economic environment in Southlake has become unstable with an uncertain future. The Southlake 2035 Economic Plan Development Master Plan, that was adopted by the City in 2016, was drafted and implemented with the intent on capitalizing on the community's existing assets and what economic environment the community desired to achieve. The COVID-19 pandemic has brought on an unprecedented environment and it's important for Southlake to adapt and reevaluate its strategies in order to endure the pandemic, and as we emerge from it, so that long- term economic sustainability is achieved. Although the Southlake 2035 Economic Plan Development Master Plan remains an effective plan, through its series of recommendations that lays out initiatives, programs, and departmental work plan projects, it's become evident that some modified and additional strategies will benefit and supplement the existing master plan. To achieve this, the City is recommending an addendum be adopted to the existing Southlake 2035 Economic Plan Development Master Plan. As such, staff has drafted recommendations and strategies that will be added to this addendum and is seeking a recommendation for the City Council from the Community Enhancement and Development Corporation on its adoption. Strategic Link: This item is specifically linked to the City's Strategy Map through C4: Attract & keep top -tier businesses to drive a dynamic & sustainable economic environment and supports the CEDC Board's strategy map through CEDCC1 Provide direction and oversight on the implementation of the economic development and tourism master plans to ensure a sustainable economy. Financial Considerations: None Citizen Input/ Board Review: September 22, 2020: The Community Enhancement and Development Corporation reviewed and provided feedback to staff regarding the proposed recommendations for the 2035 Economic Development Master Plan Addendum. October 27, 2020: The Southlake Program for the Involvement of Neighborhoods hosted a meeting for the proposed 2035 Economic Development Master Plan Addendum. 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. Planning & Zoning Commission: February 4, 2021: Approved (7-0) as presented. City Council: February 23, 2021: Approved (6-0) as written. Alternatives: Denial of the proposed addendum to the existing Southlake 2035 Economic Development Master Plan. Supporting Documents: Attachment A - SPIN Meeting Report - SPIN2020-22 Attachment B - Ordinance No. 1161A Attachment C - Southlake 2035: Economic Development Master Plan Addendum Attachment D - Presentation Staff Recommendation: Approval of Ordinance No. 1161A, (CP20-0002), addendum to the existing Southlake 2035 Economic Development Master Plan Staff Contact: Daniel Cortez (817) 748-8039