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Councilmember McGovern asked whether the City would undertake an economic study, as she <br /> requested at the meeting before the last, sometime this year. Mr. Fialho stated that the Economic <br /> Vitality Committee has, as part of its work list, a goal to update the strategic plan and the Council has <br /> asked staff to embark on a specific plan update, both of which speak to the matter. As he explained at <br /> the last meeting, the process is likely one to two years out. <br /> Councilmember McGovern asked how often the City prepares an economic forecast and examines the <br /> ideal ratio of downtown businesses based on this information. She also asked if the Economic Vitality <br /> Committee would be examining this type of information in the interim. Councilmember Thorne said he <br /> would be happy to raise the issue as a liaison to the committee. <br /> Mr. Fialho reported that staff is also working on a fiscal impact study related to the Housing Element, <br /> which forecasts the impact of development on City services and the potential revenue generation. The <br /> study is expected to be completed this summer. <br /> COUNCIL REPORTS <br /> ADJOURNMENT <br /> There being no further business, the meeting was adjourned at 9:26 p.m. The Council extended a <br /> tribute to our nation's men and women serving in the military. We wish to honor the memories of those <br /> who have died in past wars in defense of our country, including those who have died in the current <br /> conflicts in Iraq and Afghanistan. <br /> Respectfully submitted, <br /> Karen Diaz <br /> City Clerk <br /> City Council Minutes Page 12 of 12 May 15, 2012 <br />