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4 <br /> THE CITY OF <br /> -- "' CITY COUNCIL AGENDA REPORT <br /> pL£ASANTONo <br /> April 2, 2013 <br /> Economic Development <br /> TITLE: APPROVE AGREEMENT WITH STRATEGIC ECONOMICS IN THE <br /> AMOUNT OF $78,220 FOR AN UPDATE TO CITY'S ECONOMIC <br /> DEVELOPMENT STRATEGIC PLAN <br /> SUMMARY <br /> In 2007, the City adopted its current Economic Development Strategic Plan, as part of a <br /> broader effort to update the Economic and Fiscal Element of the City's General Plan. As <br /> the economic environment has significantly changed over the past seven years, it is <br /> timely that the City would analyze current market trends and data and update its <br /> Economic Development Strategic Plan. Through a Request for Qualifications process, <br /> Economic Development staff and the Economic Vitality Committee selected Strategic <br /> Economics as the consultant for the update. The project's deliverable tasks include <br /> market evaluations, a background report, an economic assets summary report, <br /> meetings with the Economic Vitality Committee and the City Council and a revised <br /> economic development strategic plan for a cost of$78,220. <br /> RECOMMENDATION <br /> Approve a professional services agreement with Strategic Economics in the amount of <br /> $78,220 to prepare an update to the City's Economic Development Strategic Plan. <br /> FINANCIAL STATEMENT <br /> The project will be funded through the Economic Development Department's budget in <br /> FY12-13 ($60,000) and FY 13-14 ($20,000). <br />