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Item 6 - ED Master Plan Addendum r • • • ' • c � - _ - -®ems®��� LF �r► War/--� � `; _ 1 J� �Mr• t.;, s'7t � ;,,"4 �-•� < �y: Y a � �j'; � /;Yf�{M�5 ,? .:4 '` �Ay N 1 � to t ;,� r q. ,.,;lb ✓ Pp . O �Ii Adopted by the Southlake City Council on MONTH DAY, 2021 i Ordinance No. #### •O Q Prepared by City of Southlake Department of Economic Development & Tourism No Text 1' 1 1 v � 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: ot 0 irow the Economy Support Businesses Achieve economic prosperity through tax Southlake is recognized as a city where the and employment base growth, attracting business community is valued and nurtured investment of private capital into our economy through support services which are relevant, that grows jobs, creates opportunity, increases helpful, welcoming and delivered in a timely tax revenue. manner with superior customer service nag r7levate the Southlake Brand and Improve Local Economic Health Value Proposition Economic health metrics (or indicators) will Southlake is recognized as a vibrant equal or exceed pre-COVID19 levels. community where businesses thrive. 4 A Promote Tourism Collaborate for SuccesF Southlake is recognized, both nationally and The business community, in partnership with regionally,as a great place to visit for shopping, the City, will nurture the growth and prosperity dining, recreation and overnight stays. of Southlake businesses. 2020 Addendum Adoption Proces 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 I� Southlake 2035 Economic Development Master Plan AddendumOrdinance No. ???, Adopted on [date] Page 4 JO® `� �n2O35 ECONOMIC HEALTH INDICATORS Foreclosure Rates Commercial Occupancy IndustryCommercial Permits New Business Openings Business Survival Rates Sales Tax Revenue z z See Employment D . - Population L JIM Hotel Occupancy Hotel . . kwa Al 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. 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 I� Economic Development Master Plan AddendumOrdinance No. ???, Adopted on [date] Page 6 JO® `� �n2035 s F Plan Guiding • • Goal StrategiesID Broad statements that establish More detail for the Principle Ground level-specific tactics Establishes No. desired outcomes and guide /Vision states regarding time frame for policy, ordinances and activity what is to be achieved to achieve goals implementation Utilizing relevant economic Grow the Economy: Achieve health data, evaluate economic prosperity through tax Southlake's commercial and employment base growth, centers and work with EDA1 attracting investment of private property owners to identify FY 2022 capital into our economy that challenges and potential grows jobs, creates opportunity, solutions to filling vacant increases tax revenue Improve and strengthen spaces in the post-pandemic existing commercial economic environment retail centers and office developments Assess the business environment for surviving Improve Local Economic Health: businesses and industries, EDA2 Economic health metrics will identifying locations that FY 2021 equal or exceed pre-COVID19 have become most impacted levels and incorporate into the commercial site assessments for implementation Support Businesses: Southlake Create an environment that is recognized as a city where the encourages, values and business community is valued supports entrepreneurship Partner with local businesses EDA3 and nurtured through support and builds value from and organizations to sponsor FY 2022 services which are relevant, within by supporting those informal classes or lectures helpful, welcoming and delivered businesses or assets who related to entrepreneurship in a timely manner with superior have been a contributor to customer service our community Grow the Economy: Achieve Support industry sectors Re-evaluate the market economic prosperity through tax to understand changes or and employment base growth, that are innovative and additions to target industries EDA4 attracting investment of private have high job growth, and develop specific FY 2022 capital into our economy that high value potential to strategies for each targeted grows jobs, creates opportunity, provide future economicdevelopment opportunities sector. Document in target increases tax revenue market analysis worksheets Plan Guiding Principle /Vision l Statements Implementation Fiscal Year . . ID Strategies Broad statements that establish More detail for the Principle Ground level-specific tactics Establishes No. desired outcomes and guide /Vision states regarding to achieve goals time frame for policy, ordinances and activity what is to be achieved implementation Conduct an evaluation of Collaborate for Success: workforce needs and develop The business community, a plan that identifies needs EDA5in partnership with the City, Support regional and strategies (such as will nurture the growth and workforce attainment and targeted job fairs)that support FY 2024 prosperity of Southlake development developing the local workforce businesses in alignment with identified needs Support Businesses: Southlake Update the business is recognized as a city where the resource center materials business community is valued to provide quick, easy and nurtured through support access to workforce needs, EDA6 services which are relevant, opportunities using the FY 2022 helpful, welcoming and delivered feedback obtained from the in a timely manner with superior Support regional annual business climate customer service workforce attainment and survey and other feedback development received from top employers Collaborate for Success: Develop a workforce needs The business community, assessment and work with EDA7 in partnership with the City, higher education/technical FY 2023 will nurture the growth and institutions to implement prosperity of Southlake training and education needs businesses of Southlake businesses 1LL Z ryy,'` �'MRM1 �rG r - f- 701 .kas ..� - `� v�2O35 _ Epp=pp_ _ M <rMn rr- •■m now ■ V. P:: N s 4�` ••��m.�R1l 1 i�� Q� �w More detail for the Broad statements that establish Establishes Principle/Vision states Ground level-specific tactics No. desired outcomes and guide time frame for policy, ordinances and activity regarding what is to be to achieve goals implementation achieved Collaborate for Success: Create an economic The business community, recovery small business EDA8 in partnership with the City, rant program that supports FY 2021 will nurture the growth and Identify and respond to g p gram pp prosperity Southlake gaps in state and federal achievement of economic businesses business aid programs health goals related to COVID-19 Collaborate for Success: recovery that can The business community, reasonably be filled by the Create a marketing matching EDA9 in partnership with the City, City of Southlake program for Southlake FY 2021 will nurture the growth and hotels, funded through the prosperity of Southlake Hotel Occupancy Tax Fund businesses Support Businesses: Southlake is recognized as a city where the Serve as a connector Execute a direct marketing business community is valued to aid small businesses and outreach strategy EDA10and nurtured through support to local businesses and services which are relevant, seeking assistance entrepreneurs to ensure they FY 2021 helpful, welcoming and delivered through local, state and are aware of federal, state in a timely manner with superior federal programs. and local programs customer service Support Businesses: Southlake Evaluate local regulations is recognized as a city where the that have been temporarily business community is valued Identify non-monetary adjusted during the EDA11 and nurtured through support incentives that can pandemic and make services which are relevant, support continued recommendations regarding FY 2021 helpful, welcoming and delivered business growth ongoing practices to ease, in a timely manner with superior where it makes sense, local customer service regulations (short-term) Guiding Principle /Vision l Statements Implementation Fiscal Year . . More detail for the Broad statements that establish Principle/Vision states Ground level-specific tactics Establishes No. desired outcomes and guide time frame for policy, ordinances and activity regarding what is to be to achieve goals implementation achieved Support Businesses: Southlake is recognized as a city where the Evaluate local ordinances business community is valued for changes and relief for EDA12 and nurtured through support accommodation, retail and FY 2023 services which are relevant, restaurant industries helpful, welcoming and delivered (long-term evaluation of in a timely manner with superior needs) customer service Support Businesses: Southlake is recognized as a city where the Identify non-monetary Collaborate with internal business community is valued incentives that can stakeholders to provide EDA13 and nurtured through support support continued enhanced customer services FY 2021 services which are relevant, business growth for permitting (such as online helpful, welcoming and delivered services) based on feedback in a timely manner with superior received from end-users customer service Collaborate for Success: Work with larger businesses The business community, to promote the purchasing in partnership with the City, of local goods and services, EDA14 will nurture the growth and using the size and scale of FY 2023 prosperity of Southlake these businesses to increase businesses demand for local goods and services i III ,III111111 F I SEconomic Development Master Plan Addendum outhlake 2035 OrdinaJO® . . . - . o0O ® Plan • • Principle • Goal Statements Implementation Fiscal Year 1 Strategies More detail for the Broad statements that establish Principle/Vision states Ground level-specific tactics Establishes No. desired outcomes and guide time frame for policy, ordinances and activity regarding what is to be to achieve goals implementation achieved Support Businesses: Southlake Form an Economic is recognized as a city where the Recovery Task Force with business community is valued local representatives of the EDA15 and nurtured through support business community and FY 2020 services which are relevant, their respective industries helpful, welcoming and delivered focused on advising and in a timely manner with superior providing feedback on the customer service City's recovery efforts Support Businesses: Southlake Increase collaboration, Leverage business expertise is recognized as a city where the coordination and of the CEDC Board of business community is valued communication between Directors to establish EDA16and nurtured through support the City and the business services which are relevant, community Southlake-centric round- FY 2021 tables to discuss relevant helpful, welcoming and delivered in a timely manner with superior business and economic customer service issues Elevate the Southlake Brand and Launch an open for business Value Proposition: Southlake campaign in partnership EDA17 is recognized as a vibrant with the local stakeholder FY 2023 community where businesses groups that highlights local thrive businesses Support Businesses: Southlake Execute a survey that is recognized as a city where the Develop non-visitation assesses the impact business community is valued methods to enable of COVID-19 on local EDA18 and nurtured through support additional communication businesses in order to FY 2020/2021 services which are relevant, and feedback from develop strategies to assist helpful, welcoming and delivered business in economic recovery of the in a timely manner with superior customer service community Plan Guiding Principle /Vision l Statements Implementation Fiscal Year . . ID Strategies More detail for the Broad statements that establish Principle/Vision states Ground level-specific tactics Establishes No. desired outcomes and guide time frame for policy, ordinances and activity regarding what is to be to achieve goals implementation achieved Support Businesses: Southlake is recognized as a city where the Contact local businesses business community is valued Develop non-visitation annually, obtaining and nurtured through support methods to enable informational updates EDA19 services which are relevant, additional communication through the City's newly FY 2021 helpful, welcoming and delivered and feedback from adopted economic in a timely manner with superior business development software customer service Promote Tourism: Southlake Collaborate with tourism Work with local hotels is recognized, both nationally partners to emphasize to establish a recovery EDA20 and regionally, as a great place p marketing campaign that FY 2022 to visit for shopping, dining, Southlake's unique and rebuilds trust in the local recreation and overnight stays valued experiences hospitality industry Support Businesses: Southlake is recognized as a city where the Identify needs and create business community is valued a service palette that offers EDA21 and nurtured through support specialized data analysis FY 2021 services which are relevant, services to businesses, helpful, welcoming and delivered featured on SelectSouth lake. in a timely manner with superior com customer service Support Businesses: Southlake Utilizing survey, economic is recognized as a city where the data and business visit business community is valued Customize city-services feedback, annually evaluate EDA22and nurtured through support business assistance needs services which are relevant, to business and customer and services and provide FY 2022 helpful, welcoming and delivered needs website updates (such as the in a timely manner with superior Business Resource Center) customer service to meet those needs Support Businesses: Southlake Continue the recruitment/ is recognized as a city where the business community is valued expansion of local and nurtured through support businesses and market the EDA23 services which are relevant, participation of those local FY 2021 helpful, welcoming and delivered businesses through paid, social media and website in a timely manner with superior communication channels customer service Collaborate for Success: Promote and facilitate Work with the Chamber The business community, networking opportunities of Commerce to provide in partnership with the City, for local business owners opportunities through the EDA24 will nurture the growth and (including opportunities year for businesses to FY 2022 prosperity of Southlake that consider social engage that also include businesses distancing practices) non-physical attendance (virtual) SEconomic Development Master Plan Addendum outhlake 2035 Ordinance No. ???, Adopted on [date] 0, Page 12 JO® `� v�2035 mob OWN ILL COMMUNICATION, MARKETING AND PUBLIfsRELATIONS _A� ' _ Broad statements More detail for the Principle/ Establishes No. that establish desired Vision states regarding what is Ground level-specific tactics time frame for outcomes and guide policy, to be achieved to achieve goals implementation ordinances and activity Elevate the Southlake Implement an annual, Brand and Value Communicate the advantages comprehensive Proposition: Southlake of Southlake's location, communication and EDA25 is recognized as a workforce and business marketing plan that promotes FY 2021 vibrant community where community Southlake's premier location, businesses thrive workforce and world class business community. Advertise Southlake's Elevate the Southlake premier location and Brand and Value showcase available land EDA26 Proposition: Southlake sites and commercial space FY 2021 is recognized as a opportunities through vibrant community where communication channels businesses thrive Position Southlake as the first such as e-blasts, social choice for location of targeted media and website featuring industries Elevate the Southlake Develop target industry Brand and Value Proposition: Southlake profiles that promote EDA27 is recognized as a Southlake and communicate FY 2022 vibrant community where our advantageous location, economy and community businesses thrive Support business success by increasing awareness of Promote new businesses Elevate the Southlake and appreciation for new and through the publication Brand and Value existing businesses through of a redesigned New Biz EDA28 Proposition: Southlake promoting business openings, List blog that includes new FY 2021 is recognized as a highlighting unique and/or businesses, relocations vibrant community where interesting existing businesses and expansion highlights; businesses thrive and featuring engagement selected grand openings, etc. efforts with businesses and strategic partners. Plan Guiding Principle /Vision Goal Statements Implementation Strategies ID Broad statements that establish More detail for the Establishes Principle/Vision Ground level-specific tactics to No. desired outcomes and guide states regarding what achieve goals time frame for policy, ordinances and activity is to be achieved implementation Elevate the Southlake Brand and Successfully launch a newly Value Proposition: Southlake redesigned website and promote EDA29 is recognized as a vibrant it and the services it offers in FY 2021 community where businesses its first year of launching using thrive organic, paid and media content opportunities Support Businesses: Southlake is recognized as a city where the Create a newsletter and publish on business community is valued established schedule in addition EDA30 and nurtured through support to communicating "breaking news" FY 2021 services which are relevant, related to development and local helpful, welcoming and delivered businesses (ongoing engagement) in a timely manner with superior Increase brand ( g g customer service recognition and audience Support Businesses: Southlake engagement Establish a strategy and is recognized as a city where the supportive video library that business community is valued and nurtured through support highlights and promotes local EDA31 services which are relevant, businesses, business partners FY 2022 helpful, welcoming and delivered and notes why businesses choose in a timely manner with superior (select) Southlake that is updated customer service annually Elevate the Southlake Brand and Establish and maintain content Value Proposition: Southlake standards for website and social EDA32 is recognized as a vibrant channels (Facebook cover image FY 2022 community where businesses changes, website content review/ thrive update schedule, etc.) Promote Tourism: Southlake Support local businesses through is recognized, both nationally the implementation of a marketing EDA33 and regionally, as a great place campaign targeted to visitors, FY 2022 to visit for shopping, dining, highlighting specific businesses recreation and overnight stays that draw larger volumes of people. Promote Tourism: Southlake Develop and implement an open is recognized, both nationally Position the City as for business marketing campaign EDA34 and regionally, as a great place the perfect location to promote the City's retail and FY 2022 to visit for shopping, dining, to visit for positive restaurant industries recreation and overnight stays experiences Promote Southlake as an ideal Promote Tourism: Southlake location for a weekend getaway is recognized, both nationally and overnight business travel EDA35 and regionally, as a great place through the execution of a FY 2022 to visit for shopping, dining, marketing campaign focused on recreation and overnight stays inspiring confidence in travel and targeted to visitors that visit the region most frequently SEconomic Development Master Plan Addendum outhlake 2035 JO®