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Home My Public Portal About2007-01-05 City Council RetreatPresentation of Economic Development Plan City of Jefferson - Council Retreat January 5, 2007 Review of Strategic Plan Scope of Work Target Business Review Economic Development Strategic Plan Implementation Guidelines Community Input Steering Committee Input Competitive Realities Steering Committee •Representatives from public and private sectors •Responsibilities include: –Attend and actively participate in meetings –Review draft reports and provide feedback –Share knowledge of the community’s strengths and weaknesses with Market Street –Make decisions about the community’s “preferred future” –Build consensus in the community –Own and promote the plan! Competitive Realities •Demographic and Economic Snapshot –Growth patterns – population, migration, employment –Community make-up – age and race –Community well-being – poverty, per capita income –Economic structure – business sectors –Labor force capacity – participation rates, unemployment rates •Business Competitiveness Review –Education and workforce development –Infrastructure –Business costs –Quality of life Community Input •Qualitative information gathering •8 interviews with community & business leaders •6 focus groups –Developers/Realtors, Education, Government, Civic Progress, Young Professionals, & At-Large •Community leadership meeting •Online survey •Project website –www.progressjeffersoncity.com Target Business Review •To identify most promising business sectors and diversify the economy –Not just for recruitment – also retention, expansion, entrepreneurship •Review business location and expansion decision factors •Analyze existing and emerging business concentrations –Assess future prospects •Make recommendations for target sectors –Based on Jefferson City’s strengths, national and industry trends, workforce capacity, and ability to raise per capita income Economic Development Strategic Plan •Culmination of all prior research components •Goals, objectives, and action steps to prepare for short & long-term prosperity •Describes best practices •Benchmarks and performance measures Implementation Guidelines •Critical to the success of the Strategic Plan Key components: •Chamber role •Key partners •Organizational needs •Funding and staffing needs •Timeline •Priority action steps Review of Findings Competitive Realities – Key Strengths •Quality of life •K-12 systems – public & private •Higher education resources – local & regional •Capital city •High per capita income, low poverty rate •Highly educated workforce Competitive Realities – Key Issues •Diversify economy –Create private sector job growth •More attention to small businesses & entrepreneurs –Including minorities & women •Continued emphasis on workforce development & education –To develop & attract talented workers –Expand early education options •Shift attitudes –Open to change –Embrace diversity & newcomers •Approach to economic development –Regional considerations –Multi-pronged approach –Partnerships – keep working together Target Business Review •Selection criteria: –Significant presence –Export sector –Good overall growth prospects –Wealth creation potential –Workforce development assets –Help diversify economy •Targets: –Manufacturing (targeted sub-sectors) –Health Care –Finance & Insurance –Design & Marketing Services Purpose of targets – to focus economic development resources on most promising business sectors Development of Target Sectors •Targets are just one component of economic development –Supporting existing businesses by understanding their needs and addressing the obstacles to their growth and expansion –Establishing or enhancing communication networks to allow information and idea exchange within the target sectors –Identifying and addressing gaps in education and training programs –Fostering entrepreneurship by ensuring that the support infrastructure – such as financing, one-stop shops, and mentors – is meeting the needs of entrepreneurs –Creating a living and working environment that is attractive to both businesses and workers. Progress Jefferson City: Economic Development Strategic Plan Economic Development Strategy •Focuses on the what. The who, when, and how will be part of the Implementation Guidelines •This is a holistic strategy, not just for short-term growth, but sets the foundation for long-term success Economic Development Strategy Embraces a spirit of positive change, focused on achieving three primary goals 1.Diversify and strengthen the local economy 2.Attract, retain, and develop a competitive workforce 3.Strengthen local leadership and regional partnerships Economic Development Strategy Seven objectives 1.Grow sustainable job opportunities in target sectors 2.Develop a comprehensive business retention and expansion program 3.Foster greater entrepreneurial spirit 4.Strengthen education and job training opportunities 5.Welcome newcomers and returning residents 6.Support attractive redevelopment in central neighborhoods 7.Champion emerging leaders and strengthen partnerships Objective 1: Action Steps Grow sustainable job opportunities in target sectors –Manufacturing, Health Care, Finance & Insurance, Design & Marketing Services •Make marketing materials, visits, and other efforts reflect the targets as local priorities •Partner with existing businesses to identify leads and host prospects •Redesign website to provide relevant data and information •Work with elected officials to develop criteria & process for eligibility for business incentives •Strengthen relationships with economic development leaders in Central Missouri region Objective 1: Action Steps (Continued) Grow sustainable job opportunities in target sectors –Manufacturing, Health Care, Finance & Insurance, Design & Marketing Services •For Manufacturing, focus on buyer-supplier linkages •For Health Care, focus on underserved service areas, specialty care centers, elective medical procedures, etc. •Host and recruit professionals in health care, finance, insurance, design, and marketing professions •For Finance and Insurance, focus on underrepresented functions of existing and new corporations •Create and market internship opportunities Objective 2: Action Steps Develop a comprehensive business retention & expansion program •Commit at least one Chamber staff-person full-time to the program’s management and success •Obtain a software package to maintain data •Establish a sequenced calling program •Develop a survey instrument •Follow-up on all leads, concerns, and opportunities •Develop initiatives to address recurring needs •Garner awareness of the program’s successes •Maintain strong relationship with government officials Objective 3: Action Steps Foster greater entrepreneurial spirit •Establish a stronger partnership between the Chamber and local SBDC •Develop new initiatives for each target sector and to encourage and support minority and women- owned businesses •Establish an entrepreneur networking group •Consider developing seed funding sources •Host an annual entrepreneur summit •Establish an annual business plan competition •Expand entrepreneur awareness and education programs at K-12 and higher educational institutions •Leverage partnerships with Mizzou’s programs Objective 4: Action Steps Strengthen education and job training opportunities •Garner private sector support for the passage of the proposed Spring 2007 bond issue •Establish a Business Workforce Council –Includes K-12, Linn State, Lincoln, William Woods, Metro Business, Mizzou, Workforce Board, Extension Center –Identify training needs to be resolved via new academic programs, curriculum changes, specific skills training, internships, job shadowing, guest speakers, etc. within the four target sectors Objective 5: Action Steps Welcome newcomers and returning residents •Develop a Welcome to Jefferson City initiative –Local young professionals volunteer to host new residents –Quarterly receptions held at the Chamber for new residents and their hosts –Up-to-date welcome packets with local information •Host receptions for former Jefferson City area residents in St. Louis and Kansas City •Establish a young professionals group with social, community service, and professional development events Objective 5: Action Steps (Continued) Welcome newcomers and returning residents •Project an image of Jefferson City as a diverse community where all viewpoints, religions, and political affiliations are welcome •Help local religious and other membership organizations establish initiatives to welcome new and returning residents •Pursue the possibility of developing a comprehensive marketing initiative to a target audience of young families in metro areas in Missouri and neighboring states Objective 6: Action Steps Support attractive redevelopment in central neighborhoods •Work with the Downtown Association & City to fund and hire a full-time staff person –Work on downtown, Riverfront, and prison redevelopment •Pursue potential funding mechanisms for redevelopment –501(c)(3) organization, tax credits, TIF districts •Encourage the creation of more housing over retail •Establish regular arts walks and pub crawl events •Consider subsidizing artist studio space Objective 6: Action Steps (Continued) Support attractive redevelopment in central neighborhoods •Advocate for downtown revitalization & use of available tools for redevelopment •Advocate for prompt action once the riverfront redevelopment feasibility study findings are released •Support the City’s RFP process for a new conference center •Pursue opportunities to grow Jefferson City through voluntary annexation •Seek opportunities to upgrade and build boutique or higher- end hotel developments •Partner with the CVB, City, and County to create gateways Objective 7: Action Steps Champion emerging leaders and strengthen partnerships •Enhance the “Leadership Jefferson City” program –Increase participation among new/returning residents, younger professionals, and minorities, and maintain an even male/female balance –Expand programs targeting alumni •Publicize leadership development programs and their successes •Conduct an annual inter-city visit for Jefferson City leaders •Continue strengthening relationships with Lincoln University •Reach out to regional economic development organizations Benchmarks and Performance Measures Performance Measure Most Recent Five-Year Benchmark 1 . Net private sector job growth 31,921 in 2005 1% annual increase to 33,549 in 2010 2 . Real per capita income growth $33,873 in 2004 1.5% annual increase to $36,491 in 2009 3 . Population growth 72,757 in 2005 1% annual increase to 76,468 in 2010 4 . Labor force growth 40,810 in 2005 1% annual increase to 42,892 in 2010 5 . Number of prospect leads from existing businesses 5 in 2006 5 per year, 25 total Benchmarks and Performance Measures (Continued) Performance Measure Most Recent Five-Year Benchmark 6. Self-employment rate 11.2% in 2004 1% annual increase to 16.2% in 2009 7. Percentage of adults with at least a high school diploma or equivalent 84.3% in 2005 88% in 2010 8. Percentage of adults with at least a Bachelor’s degree 30.7% in 2005 33% in 2010 9. Number of multi-unit residential building permits for central Jefferson City 4 in central city over last few years 10 total for 5-yr. period, or 2 per year 10 . Downtown Jefferson City retail/commercial occupancy 11 storefronts vacant (about 20- 25% vacancy) in 2006 5 or fewer vacant storefronts (about 10%) in 2010 Next Steps: Implementation Implementation •Re-commit Steering Committee for implementation •Engage key community partners •Secure additional funding & staffing resources Economic Development Finances 2007 2008 2009 2010 2011 1 CITY FUNDING $150,000 $150,000 $150,000 $150,000 $150,000 2 COUNTY FUNDING $100,000 $150,000 $150,000 $150,000 $150,000 3 CHAMBER FUNDING $300,000 $300,000 $300,000 $300,000 $300,000 $550,000 $600,000 $600,000 $600,000 $600,000 2 Marketing Materials $10,000 $25,000 $10,000 $25,000 $10,000 3 Direct Marketing $25,000 $25,000 $35,000 $27,500 $29,000 Targeted Marketing Trips $5,000 $5,000 $10,000 $5,000 $10,000 Trade Shows $5,000 $10,000 $10,000 $7,500 $10,000 Direct Mail $5,000 $5,000 $5,000 $5,000 $5,000 Real Estate Signage $2,000 $2,000 $2,000 $2,000 $1,000 Mid-Mo Bio $3,000 $3,000 $3,000 $3,000 $3,000 Spec Building Promotion $5,000 $0 $5,000 $5,000 $0 4 Research and Analysis $10,000 $20,000 $20,000 $20,000 $20,000 5 Existing Business Development $20,000 $31,000 $31,000 $31,000 $31,000 Existing Business $5,000 $10,000 $10,000 $10,000 $10,000 Small Business Tech Assistance $14,000 $20,000 $20,000 $20,000 $20,000 HR Committee $1,000 $1,000 $1,000 $1,000 $1,000 6 Advertising $15,000 $15,000 $15,000 $15,000 $15,000 7 WEB Site / Technology $70,000 $50,000 $50,000 $70,000 $50,000 8 Public Relations $5,000 $5,000 $5,000 $5,000 $5,000 9 Special Projects $5,000 $25,000 $25,000 $5,000 $25,000 10 Staff Costs $330,000 $340,000 $350,000 $360,000 $370,000 Professional Development $10,000 $10,000 $10,000 $10,000 $10,000 Salary and Benefits $320,000 $330,000 $340,000 $350,000 $360,000 11 Grants and Incentives $30,000 $34,000 $29,000 $11,500 $15,000 12 Administrative Expense $30,000 $30,000 $30,000 $30,000 $30,000 $550,000 $600,000 $600,000 $600,000 $600,000 $0 $0 $0 $0 $0 TOTAL ED EXPENSES NET BUDGET PROPOSED FUNDING PLAN PROPOSED SPENDING PLAN TOTAL ED FUNDING Allocation of Staff Time to ED Activities 90 . 0 0 % 90 . 0 0 % 90 . 0 0 % 90 . 0 0 % 40 . 0 0 % 30 . 0 0 % 30 . 0 0 % 10 . 0 0 % 10 . 0 0 % 10 . 0 0 % 0. 0 0 % 0. 0 0 % 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% Di r e c t o r o f E c o n o m i c D e v e l o p m e n t Ec o n o m i c D e v e l o p m e n t A s s i s t a n t Ex i s t i n g B u s i n e s s S p e c i a l i s t Co m m u n i t y D e v e l o p m e n t S p e c i a l i s t Pr e s i d e n t / C E O Di r e c t o r , E d u c a t i o n a n d S m a l l B u s i n e s s Ac c o u n t i n g A s s i s t a n t Di r e c t o r o f F i n a n c e a n d O p e r a t i o n s Me m b e r s h i p a n d S m a l l B u s i n e s s A s s i s t a n t Co m m u n i c a t i o n s A s s i s t a n t Di r e c t o r , M e m b e r s h i p a n d S p e c i a l E v e n t s Sp e c i a l E v e n t s A s s i s t a n t Director of Economic Development Economic Development Assistant Existing Business Specialist Community Development Specialist President /CEO Director, Education and Small Business Accounting Assistant Director of Finance and Operations Membership and Small Business Assistant Communications Assistant Director, Membership and Special Events Special Events Assistant 2007 Staff Time Allocation Board of Directors Dec. 12, 2006 •Motion: The Board of Directors approve the 2007 Operating Budget as presented, which combines the Chamber’s economic development efforts with membership programs and services. Further, the Board approves the additional revenue funding sources to accommodate the 2007 combined spending plan including requests to City and County to increase their levels of funding and further, the Board authorizes the creation of 3 new full-time positions designated for economic development efforts. Board of Directors Dec. 12, 2006 •Will ask the City to add $50K in Supplemental Budget for 2007 and allocate $150K for 2008 thru 2011. •Will ask the County to add $50K in Budget for 2007 and allocate $150K for 2008 thru 2011. •Plan will assume that the Chamber will use 21st Century Assets to match City and County Funding for 5 year program equal to $300k per year for the 5 year period. Board of Directors Dec. 12, 2006 •New Staff will be: –Economic Development Assistant –Existing Business Specialist –Community Development Specialist