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BACKGROUND Over the years, Pleasanton has realized much success in creating an environment that has fostered a diverse and vibrant business community. The city has many strengths that attract businesses to our community, among them our central location in the Bay Area, excellent transportation accessibility, a highly-educated and skilled work force, good access to higher education and a high-profile community with an exceptional quality of life. As significantly, Pleasanton has installed the infrastructure needed to support business opportunities. It is through such public and private investment that a quality foundation has been established for business growth. All of these economic development elements have been supported by the implementation of the City's past and current Economic Development Strategic Plans. While the City's economic development efforts have been well applied, to remain competitive it is important to build on these assets while also adapting to changing market conditions. While much of the city's existing development supports the services needed and desired by the community, there are places where sites may not be realizing their greatest return to property owners, the City and its residents given the current use(s). As a long-term economic development strategy, these sites should be identified and considered for focused review toward best positioning them for long-term future value to property owners and the community. DISCUSSION Defining special areas for economic development emphasis is a common tool; for example, enterprise zones, community benefit districts, and the like are variations of this concept. In creating an Economic Development Zone program for Pleasanton, the City is leveraging the tools within its control for the benefit of encouraging investment and thus adding value to the property. Examples of such tools include zoning and land use designations, incentive programs, completed CEQA documentation, and standards and guidelines that streamline the development approval process. The proactive steps to be applied within each specific economic development zone will be identified to best address the current and future/desired state of the site in relation to the context in which the zone is located. Thus each economic development zone will provide a framework within which new uses can be encouraged. For example, a site that has been identified as a desirable location for new retail development and is already adjacent to existing retail centers might have an economic development zone framework that proactively updates the zoning, sets out design guidelines, and addresses traffic circulation prior to a formal development review application. In this way, potential retail development would be attracted to the site and given some measure of certainty in the process as well as a shorter review timeline. By taking steps prior to any specific development application, the City is establishing its desired direction for future growth that is aligned with the community's interests. Each proposed economic development zone, along with the staff recommended framework to reposition the zone, will be presented to the City Council for its consideration. Page 2 of 4