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CC - Adoption of an Economic Development Implementation Plan Prepared by Strategic Economics.
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Meeting Date: February 10, 2020
Contact Person/Dept: Todd Tipton /Economic Development
Phone Number: (310) 253-5783
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas (02/04/20), Chamber of
Commerce (01/28/20); (E-Mail) stakeholders who participated in the plan preparation
process (01/28/20)
Department Approval: Sol Blumenfeld, Community Development Director (01/04/20)
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RECOMMENDATION
Staff recommends the City Council adopt the Economic Development Implementation Plan (Plan) prepared by Strategic Economics.
BACKGROUND
Culver City has become home to many major global technology/media industries including Apple, Sony, Amazon, Symantec and NantWorks among others. Despite the City's economic success, there remain economic challenges related to maintaining the economic momentum that has been established and creating opportunities for diversifying growth across broader areas of the local economy and expanding it to local businesses. The City is also facing a challenge of increasing expenditures in a time of decreasing revenues. There is 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 Council authorized the preparation of an Economic Development Implementation Plan that surveys area stakeholders, coordinates work that has been completed or that is underway and identifies new avenues for economic development given current and projected market conditions over the next five years.
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