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THE CITY OF 15 <br /> CITY COUNCIL AGENDA REPORT <br /> pL£ASANTONo <br /> November 5, 2013 <br /> Economic Development <br /> TITLE: UPDATE OF CITY'S ECONOMIC DEVELOPMENT STRATEGIC PLAN <br /> SUMMARY <br /> An update to the City's existing Economic Development Strategic Plan was determined <br /> to be necessary due to changing conditions since the February 2007 Strategic Plan as <br /> adopted, including a national recession and recovery. This draft Strategic Plan's <br /> development began in early 2013, commencing with collection and analysis of data <br /> covering demographic, economic, business, fiscal, and market conditions. The findings <br /> of those analyses — which can be found in the Background Report previously presented <br /> to the City Council — identified the advantages and disadvantages for economic <br /> development in the city. This draft Strategic Plan's strategies and actions are designed <br /> to strengthen the city's existing advantages, and take action to address disadvantages <br /> or gaps, over the coming three to five years, and focus on three Priority Areas: business <br /> development and communication, business environment and workforce, and economic <br /> health and resilience. <br /> RECOMMENDATION <br /> Adopt the draft updated Economic Development Strategic Plan. <br /> FINANCIAL STATEMENT <br /> The update to the City's Economic Development Strategic Plan is funded through the <br /> Economic Development Department's budget. <br />