ECONOMIC DEVELOPMENT STRATEGY

Introduction


Very Rough 1st Draft - click for an editable version. Make your changes in this document and I will post to this blog.

The purpose of this Strategy is to provide direction for the efforts of the Sarasota Sister Cities Economic Development program to promote economic growth, increase the diversity of the economic base, provide good wages for our citizens, and assist the City in recovering from the current recession. It is also intended to develop our strategy to work with our eight Sister Cities, with the State of Florida Sister Cities, and with Sister Cities International.

International business development is increasingly important. The economic is increasingly global, and new markets are developing and expanding throughout the world. People do business with people they know and trust.  We will build on the relationships we have built with sister cities throughout the world to increase trade and economic activity.


This Strategy is consistent with the City Comprehensive Plan. It amplifies the Economic Development recommendations of the Plan and other plans developed and adopted by the City.


Past Strategies and Plans


The Comprehensive Plan focuses economic development efforts on office, commercial and industrial development. Redevelopment efforts began with projects in downtown neighborhoods and in development of the underutilized waterfront property. The City developed an aggressive program to renew and revitalize the older portions of the City near and south of downtown.

Strategy Task Force
In 2013 a task force of key economic development leaders from Sarasota Sister Cities met to briefly evaluate past accomplishments. The continuing national and local recession has created a need to review and reassess past strategies. The team reviewed strategy and proposed needed changes.

 
Key Findings

▪ City efforts were succeeding despite the national recession
▪ The City is concerned about lost jobs and investment
▪ The training of our workforce is vital
▪ Improvements to the performance of our Schools are required
▪ More shovel ready industrial sites are needed
▪ The City core must be a vibrant civic, cultural and living environment
▪ Parts of the inner city continue to decline



Post Recession Economy Challenges:
▪ Competition for business will increase
▪ The USA will continue to lose unskilled jobs
▪ Business retention will become more difficult
▪ Globalization will provide challenges / opportunities
▪ Business will become more high tech and white collar



Strategy
This strategy continues the efforts of previous plans and strategies, further refining existing programs, and improving our implementation strategy. It incorporates citizen input that was part of the comprehensive planning process and addresses negative trends that were identified in the development of the Comprehensive Plan. It adds some additional strategies which create a cohesive comprehensive economic development approach combining current programs with a vision for future opportunities. The strategy also incorporates current trends appropriate for Sarasota in the development of business and industry.


Economic Development Goals

▪ Retain and Expand Existing Businesses
▪ Nurture and Grow New Businesses
▪ Revitalize older areas of the City
▪ Increase Sustainable Development and “Green” Technology
▪ Attract New investment and Business
▪ Create a Positive Image of the City
▪ Increase the Diversity of the Economic Base
▪ Provide Solid Jobs at Good Wages


Retain and Expand Existing Businesses

Keep what you have. Grow what you have. These two statements are a key for a successful economic development strategy and program. Too many economic development departments spend most of their time seeking new companies. Success begins with working to keep your existing business owners’ satisfied with their city, and then helping them succeed and expand.

The City also must continue to nurture relationships with its major employers. In this day and age when industry is often not led by local CEO’s, it continues to be important that the leadership of the City be on a first name and relationship basis with the CEO’s of major industry. The recent move by Boeing from its long time Seattle headquarters, because among other items, its dissatisfaction with its treatment by the community highlights the need for this effort. Attention should be paid to the industrial and medical sectors of the City. This would be an effort led by the Economic Development Department and City Manager, but led by the Mayor with participation from other elected officials.



Nurture and Grow Start-Up Businesses


The City nurtures new and expanding businesses.  The City will continue to move as it has recently done to capture the results of its nurturing efforts by locating new business or industries in the City. The City should not support developmental efforts of business only to lose production facilities and active business as they enter the market. This will require all of the above strategies to work as well as creative thought to make incentives work.

The City will also use the programs and the incubator as precursors for these efforts as well as discussions surrounding retirees and spin-offs from existing industries. What can the City do to support developing businesses, especially job producing businesses and industries that will be leaders in the new economy? The City should create an environment where it hears about new business creation opportunities. It should also try to capture the ensuing business or industry when providing incentives for development of the business or industries.

The following strategies will be continued to resolve this problem.

▪ Continue to seek companies providing jobs with good wages in strategies further developed in other sections of this Strategy.

▪ Continue and expand upon marketing the first time home buyer incentives. This incentive should regularly be promoted with young professional and first time home buyers. These residents tend to be less fearful of crime and the incentive will help overcome concerns about property values. Because of fears of falling property values, the program might be enhanced to include all buyers in troubled neighborhoods to shore up pricing values and to maintain and reintroduce middle income buyers to these neighborhoods. As values increase in these neighborhoods, the need for the program is reduced and it can be phased out. An increase in housing values in these homes will also help to pay for the program.

▪ Enhance Quality of Life programs. Efforts should be made to promote recreational and arts programs within the City. Current cable and public television promotions are not enough. The City should consider a yearly calendar of events which is then produced as a promotion item for both the Economic Development Department and the City as a whole. This could be updated monthly.

▪ Improve and implement the Artist Relocation Program that encourages artists to locate their homes, studios, and shops in older neighborhoods.

▪ Continue the incentive program to support the purchase and rehabilitation of older homes and investigate new programs. Older homes inherently have additional maintenance costs. The City could recognize these maintenance costs in a program that promotes the purchase of older and historic homes through tax credits. As values increase in these neighborhoods, the need for the program is reduced and it can be phased out. This tax credit could encourage the maintenance and upkeep of single family historic homes. An increase in housing values in these homes will also help to pay for the program. Criteria would be necessary to target this program.

▪ Working with other departments the Economic Development Department should identify land which could be purchased and cleared. Although there is a small budget for this, if done correctly, land banking could allow for additional new housing and commercial developments in redevelopment areas.  Additional housing alternatives in the downtown area are an attraction to the young and new workforce members as well as those seeking to downsize their homes.

▪ Celebrate and ballyhoo economic successes of the City and region.



Increase Sustainable Development and “Green” Technology” Technology

The Environmental movement is now fully part of American and World thinking. Almost everyone agrees that we should improve our air and water quality, and use less energy. Local governments are becoming leaders in efforts to enhance Sustainability and implement Green Technology.

The following are items that the City should support:

▪ Promote more efficient buildings
▪ Use passive solar orientation of buildings
▪ Encourage solar and wind energy systems
▪ Use recycled material in buildings
▪ Update City / County codes to permit and encourage “green” development
▪ Recycle building material waste
▪ Revisit development requirements, minimizing pavement widths and cost
▪ Encourage rain harvesting & irrigation
▪ Support the development of the local production of “green” technology equipment
▪ Support the use of natural landscaping
▪ Employ green roofs
▪ Incorporate bikeways and pedestrian paths into new and older developments
▪ Design wetlands, drainage systems, retention and bio swales into parks
▪ Improve City and County staff knowledge of “green” techniques
▪ Support quality construction for long lived buildings
▪ Encourage mixed use development
▪ Support walk to work programs
▪ Encourage development that supports transit
▪ Support efforts to redevelop older communities
▪ Permit Live / Work Space development
▪ Support natural open space and parks
▪ Use open surface natural drainage where feasible
▪ Require street trees
▪ Encourage the use of geothermal energy
▪ Support recycling

Attract New Investment and Business

Attracting new investment and business to the City is a vital function. Some businesses will fail or move to overseas locations. New investment and new businesses must be sought to replace lost business and jobs, and to further grow our economy.

The City works closely with the region and State on an aggressive attraction program. The City has professionally prepared brochures, an active electronic marketing program, and attends national business development conventions. Working with the State and EDC, the City responds to RFP’s from a variety of business interested in moving into the Midwest. The City also reaches out to a variety of businesses with direct mail, and initiates contacts with business that the city council or staff believes may fit the City.

The City works with developers to provide affordable land, to make the development process seamless and to find incentives that will make this City more competitive in today’s market.


Create a Positive Image of the City and Region


Some citizens feel that Sarasota has a negative image or they feel negatively toward the City. Rather than help promote the success of the City, these citizens inadvertently work to the City’s worst interest. It is important that the City promote itself internally. The City must work to instill pride in its citizens and staff.

Likewise, the City must continue to promote itself externally. These efforts can be combined through regional efforts that showcase the metropolitan area. The City will continue to work with the EDC and others to showcase our City and region at various national events such as the International Shopping Center Conferences. We will cooperate in joint advertising in appropriate real estate magazines and in the development of promotional materials.

The City and County have developed their own promotional materials and have a wide selection of materials available through E-Resources (Electronic Information on the Internet). The City should continue to use written materials and continue its efforts with E-Resources. The City has aggressively moved to provide very frequent E-updates of information about the City’s economic development opportunities.


The City will continue its E-Resource efforts, updating and improving them over time. The City will continue its wide use of Web Sites, Blogs, LinkedIn, Facebook, and Twitter to market the City.

Increase the Diversity of the Economic Base


During the past ten years the City has diversified with professional and medical services increasing dramatically.

The City will continue to encourage the diversification of the City economic base. High tech, medical, and “green” technology businesses are opening and expanding, and the City will support this encouraging trend.

Provide Solid Jobs at Good Wages


The recent national recession has been hard on Sarasota and the larger metropolitan area. Unemployment is high though it has been improving. A major effort of this strategy must be to help restore our businesses and increase jobs, wages and income. To achieve that end we must:

Create New Industrial Parks


The need for a diversification of the economic base with its accompanying increase in good wage jobs is an ongoing theme for all economic development programs. Sarsota finds itself at a competitive disadvantage with neighboring communities. Surrounding communities are prepared with low cost improved land ready for industry. Sarasota does not have these sites and parks.

Sarasota currently lacks land ready for industrial development. Industrial redevelopment sites are available, but are not readily marketable even with incentives. Small redevelopment sites are available, but no improved land has been set aside for industrial purposes. When opportunities are available, either they bypass the City or the City scrambles to accommodate them. The City should work on a strategy to develop an industrial park that provides improved land at competitive prices


Improve the School System


There have been many references to the need for improved schools in comments by residents, professionals and elected officials. While the continued improvement and provision of a quality education are laudable goals, they are ones which can have only one response by the City’s economic development program. If economic development programs result in an increase the City’s tax base within the School District’s boundaries, then the decreasing tax base and ongoing funding problems of the school system will diminish. However, to improve the tax base, it must be recognized that there is a need for the City and School District to collaborate on targeted incentives that result in a long term viable tax base for the City and its other taxing districts.

Continue County, Regional, State and National Participation


Working with other groups, learning from others mistakes and understanding new programs are all benefits for working outside the City. The City should continue its ongoing participation with other groups to nurture, refine and enhance economic development.

In addition, the City should use these groups to refine and enhance its economic development incentives themselves. Most knowledge of “best practices” for programs and incentives comes from associations with these groups. To know what is on the horizon and appropriately make it part of its program and incentive arsenal makes the City competitive in economic development. Participation in these groups allows the City to stay on top of, improve, and evaluate its program and incentive arsenal.

Finally, participation in these groups helps educate staff. This education helps to make the staff more professional in their interactions within and out of the City. It improves the caliber of the City’s economic development efforts.

Embrace the Future


It has already been noted that the City should embrace the future by nurturing businesses that are going to create the jobs base for the future. The City should also embrace new technical programs that have the opportunity to result in long term job viability for the City. Such items as sustainability and new technologies are musts in this endeavor. Support of sustainability means more efficient businesses which are more likely to thrive. .

Continue and Refine Existing Urban Redevelopment Programs


While these are the last strategies listed, as they are not new endeavors; they are the most important strategies. They combine with many of the above strategies and are key to the future success of the City. These programs and their current status and the next key steps in their implementation are identified below.

Conclusions

Trend is not destiny. The current recession demands that the City work hard to improve our economy. This Strategy is dynamic, and must be frequently reviewed and revised as necessary. The City will follow this strategy, and revitalize our City and our economy.

Following this strategy will promote economic growth, increase the diversity of the economic base, provide good wages for Sarasota’s citizens and assist the City in recovering from the current recession.


Sustainable Economic Development

Sustainable "Green" Economic Development combines environmental improvement and traditional economic development into one discipline. Traditional economic development can be employed to increase employment while improving our environment. Economic Development and “Green” Development should be synergistic, improving our overall quality of life.

Sustainable Development – Definitions
"Development that meets the needs of the present without compromising the ability of future generations to meet their own needs." United Nations

"We believe sustainable development begins at home and is supported by effective domestic policies, and international partnerships. Self-governing people prepared to participate in an open world marketplace are the very foundation of sustainable development."
US State Department http://www.state.gov/g/oes/sus/

"We pledge to transmit this city not only not less, but far greater and more beautiful than it was transmitted to us." Oath written by Pericles. From 594 to 404 B.C., literature, science, philosophy, and the arts flourished in Athens. The birthplace of democracy had its golden age during the rule of statesman Pericles (c. 495-429 B.C.), who made sweeping political reforms and actively supported the arts. Pericles is credited with the Athenian oath of fealty.
"Leave your campground better than you found it." Scouting Principle.
“Leave your community better than you found it.” Our Principle.

Traditional Economic Development
Economic development is the increase in the amount of people in a nation's population with sustained growth from a simple, low-income economy to a modern, high-income economy. Its scope includes the process and policies by which a nation improves the economic, political, and social well-being of its people.

Gonçalo L Fonsesca at the New School for Social Research defines economic development as "the analysis of the economic development of nations.

The University of Iowa's Center for International Finance and Development states that: "'Economic development' or 'development' is a term that economists, politicians, and others have used frequently in the 20th century. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used when discussing economic development. Although no one is sure when the concept originated, most people agree that development is closely bound up with the evolution of capitalism and the demise of feudalism.

The Canadian Center for Community Renewal defines “Community Economic Development as the process by which local people build organizations and partnerships that interconnect profitable business with other interests and values - for example, skills and education, health, housing, and the environment. In CED a lot more people get involved, describing how the community should change. A lot more organizations look for ways to make their actions and investments reinforce the wishes and intentions of the whole community. Business becomes a means to accumulate wealth and to make the local way of life more creative, inclusive, and sustainable - now and 20 or 30 years from now.”

Sustainable Economic Development
KISS (Keep it Sweet and Simple)
Our simple rule set and acronym is:

KEEP
Keep the businesses and jobs that you have
Expand the businesses you have
Enhance your community to attract new businesses
Protect and continuously improve the environment

Sustainable Economic Development is the art of keeping and expanding your businesses while continually improving the Environment. As economic developers we provide information and assistance to companies who create new jobs. We create the policies and incentives to retain our existing businesses and support expansion. A good economic development office strives to have the most comprehensive and current information available on the following subject matter areas:
• Local demographics
• Quality of life
• Public infrastructure
• Business assistance
• Real estate
• Taxes, fees, regulations
• Market the community to targeted business industries

Both successful economic development and continuing improvement to the environment are a hallmark of a quality community. Some people still think that economic development is chasing smokestacks and that economic development hurts the environment.
But that view is outdated. Working intelligently, business and government can expand the economy and retain and attract quality jobs while enhancing and improving the environment.

Sustainable Economic Development Strategy
Feel free to use this adapt this brief strategy to your own local situation.
VISION

Our communities will provide quality jobs at good wages while improving our environment.

MISSION STATEMENT

We are committed to providing an environment in which our natural resources, our people, and our economy are balanced. We will not compromise the future by focusing solely on the needs of today. We aspire to make our communities regional leaders who develop, promotes, and improves the quality of our community through sustainable practices.

Recommended Improvements
The following are our recommended improvements to "Green" our communities that we will pursue that are aimed at retaining and expanding our businesses and jobs:
· We will retain our existing businesses and jobs
· We will help our existing businesses expand
· We will attract new businesses
· Energy efficiency in all businesses is encouraged
· Developers are encouraged to create green buildings

· Mixed use development will be emphasized
· Historic buildings will be adaptively reused
· Walk ability of the city will be encouraged
· Incentives will be employed to support improvements
· Energy efficient buildings will be required

· Sedimentation and erosion controls will be enforced
· The ecology of waters edge areas will be enhanced
· Bike trails and racks will be emphasized
· Transit will be maintained
· Trees and natural landscaping will be planted

· Renewable energy sources will be sought
· Recycling will be supported
· Air and water quality will be improved
· We will ensure a just and fair society
· We will seek to provide jobs for all of our citizens

We will follow the principles below:

Promote efficient buildings
Use recycled material in buildings
Recycle building material waste
Encourage rain harvesting and irrigation
Use passive solar orientation of buildings

Encourage solar and wind energy systems
Employ green roofs
Support the use of natural landscaping
Improve municipal staff knowledge of “green” techniques
Support quality construction for long lived buildings

Encourage mixed use development
Support walk to work programs
Encourage development that supports transit
Support efforts to redevelop older communities
Permit Live / Work Space development

Support natural open space and parks
Use open surface natural drainage where feasible
Design wetlands, drainage ways and retention into parks
Support the local production of “green” technology equipment
Incorporate bikeways and pedestrian path

Minimize pavement widths & cost & material
Update codes to encourage “green” development
Encourage geothermal energy
Require street trees
Sustainable Land Use Planning

Smart Growth, New Urbanism, and Mixed Use Development

Sustainable Economic Development is consistent with the principles of Smart Growth, New Urbanism, and Mixed Use Development. Growth presents a tremendous opportunity for progress and change. Communities around the country are looking for methods to optimize development and to amend zoning rules that make it difficult to place workplaces, homes, and services closer together. Citizens are faced with economic pressures and seek ways to save on car and gas use and on commuting time.

To address these challenges we must make a commitment to sustainable land use planning, often called "smart growth." Taking steps such as preserving open space, providing a variety of transportation choices, encouraging compact building designs and creating walk able communities will help the city choose smart growth strategies that encourage social, cultural and physical activity. Smart growth is a way to offer more choices to citizens in terms of deciding where to live, how to get around, and will protect the environment while stimulating economic growth.

Mixed use development and new urbanism both emphasis reducing travel times between work and home. This is certainly consistent with sustainable development.

Sustainable Economic Development operates within a social and economic context. Smart growth also strongly supports the revitalization and/or redevelopment of established and emerging urban neighborhoods. It promotes neighborhood-centric activity centers that employ a smart growth development template that integrates a mix of uses, multi-modal circulation options, public spaces and other elements.

Environmental sustainability is a part of this operation and is best achieved when integrated with other components. A sustainable economic development organization seeks to participate within its community, integrate economic development with environmental protection, and minimize the impacts of development on the community. Through seeking balance, an organization will take into account the needs of future generations.

With financial difficulties and environmental concerns facing the global and national economy, we will place a high priority on sustainable economic development, energy efficiency, and responsible growth management.

CONCLUSION

Sustainable Economic Development will be the standard for future economic development and “green” environmental improvement efforts. We can and will improve our environment while providing jobs and tax base for our community.

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References

On Line References

Sarasota

edcsarasotacounty.com/strategic-plan-site-selectors.html

edcsarasotacounty.com

sarasotagov.com/CityBusiness.html

scgov.net/EconomicDevelopment/Pages/default.aspx

suncoastbizresource.com

facebook.com/edcsarasotacounty

sarasotachamber.com

agency.governmentjobs.com/sarasotagov/default.cfm?action=viewclassspec&ClassSpecID=785286




cityeconomicdevelopment.blogspot.com


sustainableeconomicdevelopment.blogspot.com

cityplanningnews.com

economicdevelopmentstrateg.blogspot.com

themayorsroleineconomicdevelopment.blogspot.com


economicdevelopmentnews.blogspot.com