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15. Consider approval of the Updated Economic Development Strategic Plan Economic Development Director Ott introduced the item. Derek Braun, Strategic Economics, reviewed the background report findings presented to the Council in September. The city's economic advantages include strong employment growth, a strong innovation based economy, highly skilled workers, strong business networks anchored by larger employers, venture capital interest, strong employment centers and business parks with good market and workforce access, and high quality of life that attracts workers, employers and visitors. Despite this, there are some disadvantages to be addressed through the Economic Development Strategic Plan. These include a growing jobs-housing imbalance, with Pleasanton hosting approximately twice as many jobs as there are employed residents, and a lack of housing stock diversity. The plan identified an increased need for redevelopment and infill to modernize existing employments centers with a focus on meeting tie more multi-use preferences of today's workers. The plan also identified infrastructure weaknesses, particularly in local transit, cellular and internet access, an increase in retail competition from neighboring cities, and the continued perception that the city's permitting and approval process is difficult to navigate. Sujata Srivastava, Strategic Economics, stated that based on the findings just outlined as well as discussions with staff and the Economic Vitality Committee (EVC), they have identified three primary areas on which to focus the city's efforts over the next 3 to 5 years. Business Development and Communication This pertains to the classic economic development functions including business recruitment, retention, support and outreach. Pleasanton excels in creating employment opportunities and has a particular strength in several very specific sectors. The plan therefore examines strategies aimed at continuing to grow the business community, provide support to existing business and improve upon education and outreach. High impact actions include development of a program that brands the city as an innovation center, producing new marketing initiatives and materials, educating residents about how businesses contribute to the overall quality of life, and ongoing activities such as collaborating with regional organizations and other communications activities. To monitor efficacy, they have developed metrics to track business and employment growth, business survey results, social media and changes within specific innovation sectors. Built Environment and Workforce This pertains to the features of a district that make businesses competitive and how that integrates with the workforce. Pleasanton has considerable high value employment space and a high quality of life, but there is a growing disconnect between this and the types of environments and amenities workers are now looking for. The plan calls for a careful look at how to evolve existing business districts to meet these changes in demand and create more diversity by integrating pedestrian friendly and mixed use type features. High impact actions include updated land use and zoning polices to reflect redevelopment opportunities and preserve areas such as lower cost industrial spaces, an infrastructure assessment and plan to address needs within business centers, continued improvement of the permitting and approvals process and communication of that progress, and transit improvements to enhance access and leverage Pleasanton's substantial regional transit assets. Monitoring will include Ms. Ott's current tracking of office-industrial vacancy and rental rates and business satisfaction surveys to better understand how the business community perceives the delivery of services. Economic Health and Resilience This pertains to ensuring that the balance of uses and revenue sources are diverse enough to carry the city into the future and maintain the community's quality of life. While many of Pleasanton's amenities City Council Minutes Page 6 of 13 November 5, 2013