Economic Development Strategy Salt Lake City Corporation October 2008.

Economic Economic Development Development

StrategyStrategy

Salt Lake City CorporationSalt Lake City Corporation

October 2008October 2008

Salt Lake City Salt Lake City Economic Development MissionEconomic Development Mission

To create a “Great American City” To create a “Great American City” that is prosperous, well-planned, that is prosperous, well-planned, educated, sustainable, and successful educated, sustainable, and successful for Salt Lake City residents, for Salt Lake City residents, businesses and visitors.businesses and visitors.

BackgroundBackground

.. Dynamic expanding economy for over Dynamic expanding economy for over a decadea decade

.. Economic downturn forecast will have Economic downturn forecast will have impactsimpacts

.. New opportunities will be createdNew opportunities will be created

.. Shape the future, capitalize on changeShape the future, capitalize on change

PurposePurpose

.. Identify forces that shape our growth Identify forces that shape our growth and developmentand development

.. Shared understanding of what Shared understanding of what comprises economic development comprises economic development

.. Articulate city economic development Articulate city economic development goalsgoals

.. Clarify steps and tools in the City Clarify steps and tools in the City economic development strategyeconomic development strategy

GoalsGoalsImprove the economic Improve the economic health of SLChealth of SLC

Encourage a strong Encourage a strong regional economyregional economy

Add high quality and Add high quality and well paying jobswell paying jobs

Support and nurture Support and nurture local businesseslocal businesses

Encourage Encourage entrepreneurship and entrepreneurship and

innovationinnovation

GoalsGoals

Grow the creative Grow the creative economyeconomy

Create a lively and Create a lively and vibrant downtownvibrant downtown

Encourage quality Encourage quality neighborhood business neighborhood business

districtsdistricts

Utilize community Utilize community partnershipspartnerships

New revenues to New revenues to support city servicessupport city services

Keep the cost of Keep the cost of business competitivebusiness competitive

Business and Economic Business and Economic BenchmarksBenchmarks

►EmploymentEmployment►HousingHousing►Retail SalesRetail Sales►WagesWages

Benchmarks ContinuedBenchmarks Continued

►Office and Industrial spaceOffice and Industrial space►Arts, culture, entertainmentArts, culture, entertainment►Tourism and Convention Tourism and Convention

spendingspending►Property valuationProperty valuation

New Business and Economic New Business and Economic BenchmarksBenchmarks

►Workforce EducationWorkforce Education►Global businessesGlobal businesses►Digital EconomyDigital Economy► Internet backboneInternet backbone►PatentsPatents►Academic R&DAcademic R&D►Venture CapitalVenture Capital►Science & engineering degreesScience & engineering degrees

Economic DriversEconomic Drivers

►Medical/Regional HealthcareMedical/Regional Healthcare►Research/Life SciencesResearch/Life Sciences►Distribution/IndustrialDistribution/Industrial►HospitalityHospitality►Professional ServicesProfessional Services►University of UtahUniversity of Utah

Economic DriversEconomic Drivers

►TechnologyTechnology►Creative EconomyCreative Economy►FinancialFinancial►GovernmentGovernment►AirportAirport►LDS ChurchLDS Church

Targeted ProjectsTargeted Projects

►Performing Theater/Arts and CulturePerforming Theater/Arts and Culture►Foreign Trade ZoneForeign Trade Zone►D.O.T/StreetcarD.O.T/Streetcar►Convention HotelConvention Hotel►Public MarketPublic Market►New energy companiesNew energy companies►Environmental products Environmental products

Targeted ProjectsTargeted Projects

► Intermodal Hub area developmentIntermodal Hub area development►Westside/North Temple CorridorWestside/North Temple Corridor►Neighborhood Business DistrictsNeighborhood Business Districts

Targeted ProjectsTargeted Projects

►Airport - access and air serviceAirport - access and air service►Regional and national headquartersRegional and national headquarters► Innovation and technology incubatorInnovation and technology incubator►Small business initiativeSmall business initiative

Business ClimateBusiness Climate

►PoliciesPolicies.. Parking and TransportationParking and Transportation.. SustainabilitySustainability.. Planning and ZoningPlanning and Zoning.. PermittingPermitting.. Expedited ReviewExpedited Review

Business ClimateBusiness Climate

►RecruitmentRecruitment

.. Incentives and criteriaIncentives and criteria

.. Development Team ReviewDevelopment Team Review

.. Proactive and supportiveProactive and supportive

.. PartnershipsPartnerships

.. Marketing and outreachMarketing and outreach

City ProgramsCity Programs

►Loans and financingLoans and financing►Technical AssistanceTechnical Assistance►Construction Construction

OmbudsmanOmbudsman►Doing business w/ Doing business w/

SLCSLC►Connections and Connections and

communicationscommunications

City ProgramsCity Programs

►Marketing and Marketing and promotionpromotion

►Public relationsPublic relations► Internal facilitationInternal facilitation►Research and Research and

informationinformation

Partnerships Partnerships

► City Council /RDA/ City BoardsCity Council /RDA/ City Boards► GOEDGOED► EDCUEDCU► Salt Lake ChamberSalt Lake Chamber► Regional and ethnic chambersRegional and ethnic chambers► Downtown AllianceDowntown Alliance► Convention and Visitors BureauConvention and Visitors Bureau► Vest Pocket and Local FirstVest Pocket and Local First► Business DistrictsBusiness Districts► Professional OrganizationsProfessional Organizations► Colleges and UniversitiesColleges and Universities

Measuring SuccessMeasuring Success

► Knowledge jobs► Creative economy► Technology growth► Global connections and reach► Small business expansion and formation► Sales and property tax collection► Employment and wages► Construction and development► Academic business ventures► Financing and capital formation► Quality of Life indicators

Salt Lake City Salt Lake City Economic Development Economic Development

StrategyStrategy►Collaboration across the regionCollaboration across the region

►Focus on people, places and producersFocus on people, places and producers

►Support our economic driversSupport our economic drivers

►Follow the planFollow the plan