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19 <br /> THE CITY OF <br /> CITY COUNCIL AGENDA REPORT <br /> PLEASANTON, <br /> July 18, 2023 <br /> City Manager <br /> Economic Development <br /> TITLE: ADOPT THE UPDATED ECONOMIC DEVELOPMENT STRATEGIC <br /> PLAN FOR FISCAL YEARS 2024-2028 <br /> SUMMARY <br /> In August 2022, staff began an update to the City's existing Economic Development <br /> Strategic Plan to reflect changing economic conditions since the last plan was adopted <br /> in 2013, including a global pandemic and recovery. The Strategic Plan update began <br /> with collection and analysis of data covering demographic, economic, business, fiscal, <br /> and market conditions, provided as an accompanying Economic Profile Report. The <br /> findings of those analyses identified the strengths and opportunities 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 gaps and <br /> capitalize on opportunities over the five-year period from FY 2023/24 to FY 2027/28, <br /> with a focus on the following five priority areas: <br /> 1 . Economic Development Organizational Capacity Building <br /> 2. Business Retention, Expansion and Attraction <br /> 3. Local Revenue Growth <br /> 4. Entrepreneurship and Innovation Outreach <br /> 5. Major Projects Accelerator <br /> RECOMMENDATION <br /> Adopt the 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 Division's budget. Additional funding needed to implement <br /> specific initiatives or increase staff capacity will be incorporated into future City and <br /> Economic Development Division budgets, dependent on funding availability and City <br /> Council approval. <br />