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CC - Approval of a Professional Services Agreement with Strategic Economics for the Preparation of an Economic Development Implementation Plan in an Amount Not-to-Exceed $150,000.
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Meeting Date: November 12, 2018
Contact Person/Dept: Todd Tipton / CDD
Phone Number: (310) 253-5783
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas (11/06/18), Chamber of Commerce (11/06/18)
Department Approval: Sol Blumenfeld, Community Development Director (11/05/18)
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RECOMMENDATION
Staff recommends the City Council approve a professional services agreement with Strategic Economics for the preparation of an Economic Development Implementation Plan (Plan) in an amount not-to-exceed $150,000.
BACKGROUND
The City of Culver City is a modern and progressive community that is home to Apple, Sony, Amazon, Symantec and NantWorks among others. In spite of the City's economic success, there remain economic challenges related to maintaining the momentum that has been created, and moving the City forward. The City is facing a challenge of increasing expenditures in a time of decreasing revenues. The City has limited vacant land for new commercial development, and a low vacancy rate, making the attraction of new companies a challenge, in addition to the retention or expansion of existing businesses. To address these challenges, the City is seeking to prepare a Plan that considers concerns and interests of stakeholders, builds on the economic development work already completed or underway, and guides the discussion about what is feasible in the City with respect to economic development.
A Plan was previously prepared in 2014. The City's Economic Development Division has been implemen...
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