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hotel, office, and retail occupancy rates and what percentages of those are unoccupied at this time. She also asked that staff address the overall affect the economy has had on the PERS balances and the funding of retirement benefits. There were no public speakers on the item. Councilmember Thorne stated his primary concern with long-term planning and encouraged staff to study what could trigger major and currently unanticipated actions and to devise guidelines on how to address a worst case scenario. He supported Councilmember McGovern's request to address the economy's impact on PERS funding. Councilmember Sullivan expressed support for the short-term mitigation strategies brought forth tonight and concurred with Councilmember Thorne that a sensitivity plan that ties in with the General Plan build-out would be especially useful. Motion: It was m/s by McGovern/Sullivan to adopt Resolution No. 09-259 accepting the Mid- Year 2008-09 Operating Budget Update and amending the 2008-09 Operating Budget. Motion passed by the following vote: Ayes: Councilmembers McGovern, Sullivan and Thorne Noes: None Absent: Vice Mayor Cook-Kallio and Mayor Hosterman 15. Review and discussion of Economic Development Activities Director of Economic Development Pamela Ott provided an update on the City's economic development activities, noted some significant projects that are currently underway, recently completed, or in the planning process and reviewed the City's current programs to support the retention and attraction of businesses. Ms. Ott explained that the Economic Vitality Committee (EVC) has focused its efforts on implementing the Economic Development Strategic Plan adopted by the City Council last year. In particular, the EVC identified five priority action items: defining a retail business strategy, preparing and executing a shop local campaign, coordinating a research project to define information about jobs in the business climate, participating in the city zoning code update, and developing a business assistance program. The Committee has also focused on the development of the Business Assistance Program and put together a list of possible programs for consideration. Ms. Ott stressed that the EVC wants to support new businesses while still being mindful of the retention of existing businesses. Councilmember Sullivan asked and confirmed that SCIP is aState-funded program, and Ms. Ott added that the City would only have to issue tax-exempt bonds. Mr. Fialho clarified that the recommendation tonight is to solicit feedback from the Council and public and then encourage these ideas and others to be submitted to the EVC for further refinement. Councilmember Sullivan noted that at the time of the workshop on the Hacienda development, they were asked to set up a task force and update their market study immediately. He questioned when this would be done, and Mr. Fialho estimated that it would be completed in approximately 30 days. City Council Minutes Page 6 of 11 January 2Q 2009