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PUBLIC HEARINGS AND OTHER MATTERS City Council Liaison Report Councilmember Julie Testa reported a City Council meeting was not held since her most recent update on the July 16 City Council meeting. Councilmember Testa shared the City Council would consider adoption of the draft updated Downtown Specific Plan at the August 20 meeting. She noted she would be recusing herself due to the location of her residence and its proximity to the outer boundary of the Downtown Specific Plan area; this will leave four councilmembers to vote on the plan. Discussion Regarding Tri -Valley Market and Industry Trends Lauren Moone with Mirador Capital Partners provided an overview of the 2019 Mirador View report in which she noted themes and trends in the Tri -Valley market: • A high quality of life attracts people — particularly executives — and to live and grow businesses • A large percentage of population with a master's degree or higher, more than either Silicon Valley or the Bay Area. • Diversity and resilience in the Tri -Valley economy, supported by the development and progress of the region's economic drivers, additions to the innovative ecosystem, groundbreaking technologies and the continued success of public and private companies headquartered here • A geographic advantage that can bring innovation and fabrication together with a local talent pool of highly educated STEM workers along with skilled labor from the Central Valley. • Tri -Valley also has relatively affordable real estate at approximately 40% less than San Francisco while remaining with proximity to venture capital firms, making it an ideal location for multiple sectors of which technology is the largest • YTD in 2019 there have been 34 venture capital deals with a total of $219M invested in Tr -Valley companies: $112M in life sciences and $77M in SaaS and high tech. 98% of investments in life sciences were to medical device companies. • Tri -Valley is projected to continue to have a competitive advantage in 2020. EVC member and guest comments included: • Do manufacturing companies bring in sales tax? o Yes, based on the product sale; however, the point of sale is designated by the company and so could be allocated to a headquarters or sales location instead of the manufacturing location. o SaaS companies do not contribute sales tax as they offer a subscription -based service rather than a product. Hiring can be problematic for some companies...a partnership between local schools and companies to offer a tailored training program to fit the needs and requirements of those companies would be valuable. • A connection between schools and local companies would be beneficial to all parties. o There could be an incentive for companies to partner with schools, offering programs for students to obtain training and skills that would be valuable to a future career (with those companies).