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• Evidence of underutilized parcels — Research shows that Pleasanton has numerous underutilized commercial parcels that would benefit from redevelopment for land uses with greater demand and higher value. • Infrastructure needs —According to the Pleasanton business survey, only 68 percent of businesses find that the city's existing infrastructure is excellent/good, citing telecommunications, electricity utility and water services, and public transportation as areas for improvement • Increased competition for retail — Competing retail offerings in Dublin, Livermore, and San Ramon are an ongoing threat to Pleasanton's retail environment • Permitting and approval process — The stakeholder input and Pleasanton business survey reveals that although stakeholders rated interactions with staff as good, Pleasanton's permitting and approval process can be perceived as slow and difficult Staff and the EVC have worked with Willdan Financial to prepare a relevant and timely updated strategic plan to identify strategies to build on these strengths while addressing gaps and taking advantage of identified opportunities. DISCUSSION The updated Economic Development Strategic Plan (Attachment 1) builds on the key findings of the Economic Profile Report as a foundation for the priorities and strategies. The principal section of the strategic plan defines five priority areas for economic development activities in Pleasanton over the next five years. Each priority includes programs and services with key initiatives and implementation actions tied to a proposed timeframe for implementation over the next five years. The following is a description of each priority area: 1.0 Economic Development Organizational Capacity Building This priority area recommends strategies to increase the organizational effectiveness of the Economic Development Division, with an emphasis on performance management, best practices, and strategic partnerships. This capacity building initiative will require building ongoing consensus around the City's top economic development priorities, programs, and major projects. 2.0 Business Retention, Attraction and Expansion Program 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. This program further capitalizes on Pleasanton's success and formalizes actions to accelerate the City's advancement towards a proactive and intentional approach to business retention, attraction, and expansion, with a focus on employer engagement and workforce development. Page 3 of 6