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BACKGROUND In 2007, the City adopted its current Economic Development Strategic Plan, as part of a broader effort to update the Economic and Fiscal Element of the City's General Plan. The development of the ED Strategic Plan was managed by the Economic Development Department staff with involvement of the City's Economic Vitality Committee (EVC), which advises the City Council on trends and issues in Pleasanton's business community. Many of the initiatives identified in the current ED Strategic Plan have been implemented, and an update to the plan is included in the Economic Development Department's FY12-13 work plan and is on the Council's priorities list. As well, given the changing economic landscape of the past several years, City staff and the Economic Vitality Committee see this as an opportune time to review and update the strategic plan. In December 2013, staff issued a Request for Qualifications (RFQ) for consultants with which to work on an update to the strategic plan. The scope of the project is to gather and review baseline information on the current state of Pleasanton's business environment presented as a background report, perform a preliminary gap analysis to identify Pleasanton's strengths and opportunities, and from this develop an updated strategic plan. Underpinning the purpose of the City's Economic Development Strategic Plan are two fiscal objectives: the initiatives in the plan should contribute to the fiscal health of the City (i.e., through property and sales tax revenues) and the plan should contribute to the community's overall fiscal health by creating and supporting wealth generators (i.e., businesses that attract employees, residents, vendors and support companies that generate additional commercial activity in the community). Of the consultants sent the RFQ, three presented submissions for the project. Economic Development staff and a subcommittee of the EVC reviewed the submissions and conducted interviews with the consultant teams; this process resulted in the selection of Strategic Economics. DISCUSSION In early March, Economic Development and Planning staff and the EVC subcommittee again met with the Strategic Economics' team to better define the tasks, timeline and costs for the project. After several iterations, a final scope has been developed at a cost of $78,220 and includes review and analysis of citywide demographic and employment patterns, a commercial real estate market overview, sub-area industry analysis with fiscal contribution, and a gap analysis all to be incorporated into a background report; an economic assets summary report; and an updated Economic Development Strategic Plan. The scope includes multiple meetings with the EVC as well as two meetings with the City Council: 1) to present the findings in the background report and solicit feedback for incorporation into the development of the strategic plan, and 2) to present and discuss the final draft Economic Development Strategic Plan. The project is planned to begin in mid-April and be complete in mid-November. Page 2 of 3