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time, buildings are being renovated and infill developments are proposed or under construction, creating new space for additional business. This private investment in downtown is matched by several significant civic projects that will be completed within the next few years: renovation of the 1932 Veterans Memorial Building, the addition of public restrooms, and the conversion of a former fire station to a performing arts center. Over the past few years there has been increased interest in bringing additional housing into the downtown; proposals include small residential complexes and live/work developments. These amenities help to ensure the long-term economic vitality of downtown. Tourism is also becoming a more important sector of the economy. The Tri-Valley Convention and Visitor's Bureau promotes the Tri- Valley area including the cities of Pleasanton, Livermore, Dublin, and San Ramon. During 2005, these cities entered into an agreement to establish a Tri- Valley Tourism Improvement District to provide additional resources for the Bureau to promote the Tri- Valley Area. This new funding mechanism will provide more marketing resources in attracting events, conventions, and the film industry to the Tri-Valley area. Pleasanton's quality community, transportation accessibility, advanced infrastructure, public safety service, and highly educated work force are attributes that help retain and attract employers. The economic goals and policies of this Element have been developed to achieve continued diverse economic activity for Pleasanton. CITY FINANCES Fiscal Environment With the strong economic growth that took place during the 1980s, there was little difficulty keeping pace with the increased cost of City goods and services from locally generated revenues. The growth in property tax and sales tax revenues, which resulted from growth in housing and business, provided for the enhancement of existing services and the addition of new ones. However, during the first half of the 1990s, the City saw the growth in population and, correspondingly, the growth in property and sales tax revenues occur at a slower rate. The technology expansion in the late 1990s brought renewed financial prosperity to the City. However, this prosperous period was followed by a statewide recession beginning in 200 I with adverse impacts on the State's fiscal situation that flowed down to local XI-3