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III. ECONOMIC DEVELOPMENT STRATEGIC PLAN Based on the results of the Background Report analysis, and the key advantages and disadvantages identified above, this Plan defines three Priority Areas for economic development activities in Pleasanton over the next three to five years: 1. Business Development and Communication 2. Built Environment and Workforce 3. Economic Health and Resilience For each Priority Area, related advantages/disadvantages, strategies, and actions are described below. The actions for each Priority Area are sorted in order of importance for implementation; the first few actions in each Priority Area— highlighted in the text boxes — are considered to be higher impact strategies that should be addressed before other actions. In addition, the Plan also identifies specific monitoring activities for the City to undertake to measure progress over time. Priority Area A: Business Development and Communication Pleasanton has had success in attracting a strong base of specialized, innovation firms — ranging from software to advanced manufacturing—which count for much of the City's economic base. The innovation sectors that have concentrated in Pleasanton (e.g. information technology, bio-medical research, and advanced manufacturing of medical devices) attract a highly skilled labor force from throughout the region, and bring in venture capital and other investments. The innovation sector also generates jobs in other industries; firms of all sizes and in a variety of sectors have thrived in the last decade in Pleasanton. Businesses acknowledge that the City has played an important role in business development through the provision of technical assistance to small, medium, and large businesses that includes ongoing outreach and coordination on issues like property leasing, development, and municipal services. However, the City must work to improve in several areas, most notably in improving communications between the City, the business community, and residents. The goal for this Priority Area is to conduct business development activities with particular focus on innovation sectors, and to expand communications, outreach, and technical assistance program to retain and expand existing firms. Implementation Actions Al. Develop a program to brand Pleasanton as an innovation center. This action seeks to improve recognition of Pleasanton as a hub for innovative companies and technology investment, particularly within the aforementioned innovation sectors. Some of the actions would include production of marketing materials(hard copy and electronic)emphasizing the City's strengths for innovation, completing the Economic Assets Report, and launching new marketing initiatives. Some of these initiatives will be implemented in partnership with the Pleasanton Chamber of Commerce and other local business organizations. Pleasanton Economic Strategic Plan DRAFT -9-