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DISCUSSION The draft Economic Development Strategic Plan — offered as Attachment 1 — opens with an overview of how Pleasanton's business environment has evolved to its current position, and then describes the key findings of the Background Report as a foundation for the Plan. The principal section of the Strategic Plan defines three key Priority Areas for the City to focus on in the next three to five years: business development and communications, built environment and workforce, and economic health and resilience. The direction and strategies for each Priority Area are anticipated to allow Pleasanton to maintain and strengthen its economic competitiveness over the next five years and beyond. The focus and strategies for each Priority Area are further described: A. Business Development and Communication In the last several decades, Pleasanton has developed a strong base of specialized, innovation firms that include information technology, corporate management, bio- medical research, and advanced manufacturing of medical devices. These innovative businesses are a major advantage for the city because they attract talented workers, garner capital investments, and generate jobs in many other supporting industries. Growing the innovation sectors and developing a holistic communications and outreach strategy are the focus of this Priority Area. Actions within this Priority Area include developing a program to brand Pleasanton as a center of innovation through marketing and events, and initiating a campaign to educate residents of Pleasanton about the contributions of the business community to the city's quality of life. B. Built Environment and Workforce Pleasanton's superior location and supply of high-value, cost-competitive office and flex space have allowed it to attract a wide variety of employers, including large headquarters and small start-ups. However, many of the existing employment centers lack nearby housing and retail options, and the data infrastructure in some areas is inadequate. In order to adapt to the changing preferences of workers, Pleasanton will need to modify its built environment to enable mixed-use, pedestrian-friendly, workplace districts that respond to the needs of innovation firms and workers. The goal for this Priority Area is to facilitate the evolution of business centers through actions that include land use and zoning updates, infrastructure upgrades, and the enhancement of bicycle, pedestrian, and transit amenities and services. C. Economic Health and Resilience Pleasanton's large and stable employment base and mix of office, industrial, retail, and residential land uses provide for a diversity of revenue sources and ensure economic and fiscal stability. However, in recent years Pleasanton has faced increasing competition from neighboring communities, and the number of vacant, developable sites is dwindling. The goal for this Priority Area is to sustain economic health and resilience for the long-term, in order for the city to continue providing a high level of services to residents, workers, and visitors. Actions in this Priority Area include initiatives to expand visitation, improve the performance of older retail centers, encourage new retail development, and leverage the city's cultural assets for economic development. Page 4 of 7