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HomeMy WebLinkAbout(2001, 05/08) - F-17 - Amended - changed to K-100 ECONOMIC DEVELOPMENT POLICY PURPOSE K -10 The City Council recognizes that the City's ability to deliver quality municipal services is dependent on adequate tax revenues derived primarily from the properties and businesses located within the City. Healthy, thriving businesses not only increase property, sales and bed taxes they also provide employment opportunities that support local businesses and the strong residential property values that Newport Beach enjoys. The City Council seeks to promote economic activity within the City to maintain a healthy economy, provide revenue for high quality municipal services and infrastructure maintenance and improvements, and preserve the unique commercial villages in Newport Beach. All of these objectives serve the overriding purpose of protecting the quality of life of Newport Beach residents, and the City Council recognizes the need to balance economic development objectives with protection of the environment and the health and safety of the community. POLICY The City Council Ad Hoc Economic Development Committee shall conduct the following activities. The City Manager shall appoint an economic development coordinator, who shall provide staff support to the Committee as appropriate. A. Data and Analysis 1. Develop and include in the General Plan a strategic plan for economic development in the City, based on a study of the City's economy and an identification of high revenue producing, compatible businesses. (A Priority) 2. Monitor the generation of municipal revenues by business categories and geographic areas of the City. (A Priority) 3. Track commercial vacancies to help with retention and attraction programs, especially attracting quality businesses to areas the City is revitalizing. (B Priority) 4. Maintain a community profile with information on labor pool, existing businesses, land and housing costs, community assets, etc. for distribution to business prospects. (B Priority) 1 K -10 0 5. Identify short and long range infrastructure replacement and upgrade needs and costs and projected funds to accomplish them. Develop strategies to fill funding gaps. (B Priority) 6. Review and make recommendations on the City operating and capital improvements budgets. (C Priority) B. Regulatory, Land Use and Development Review Actions 1. Develop a plan for future development in the Airport Area. (A Priority) 2. Improve sign regulations Citywide. (A Priority) 3. Monitor and streamline the process, time and expense required for action on land use entitlements and various permits and licenses. (A Priority) 4. Develop a standard economic and fiscal impact analysis system, and use it to provide the Planning Commission and City Council with reports on all land use and development proposals requiring an environmental impact . report, or that are likely to have a significant fiscal or economic impact on the City. (A Priority) 5. Advocate for projects and programs that will benefit the City by disseminating information on their fiscal and economic impacts to the public and City Council. (A Priority) 6. When development proposals involve businesses that have been identified as high revenue generators, determine early in the review process what measures may be employed to "fast track" the review process while providing for public input and review of all issues. (A Priority) 7. Consider the costs of compliance when considering new regulations and conditions of approval related to land development, construction and access to City utilities. (B Priority) C. Business Retention and Recruitment 1. Focus on improvement of commercial areas. (A Priority) 2 • K -10 a. Mariner's Mile b. Corona del Mar C. Balboa Village d. West PCH e. Lido Village f. Cannery Village g. McFadden Square 2. Establish cooperative relationships with the Chambers of Commerce, Conference and Visitors Bureau, Building Industry Association, Business Improvement Districts, other business groups, and individual business and property owners. (A Priority) 3. Mobilize resources to retain contributing businesses in Newport Beach when they are challenged with expansion and other needs. (A Priority) 4. Support special events like the Film Festival, Christmas Boat Parade, Toshiba Golf Tournament, and Taste of Newport. (B Priority) 5. Consider providing financial incentives such as sales tax sharing, relief from or assistance with City fees and regulations to increase the feasibility of projects with high revenue potential. (B Priority) 6. Consider actions to assist priority economic development projects obtain approvals from other regulatory agencies. (C Priority) Adopted - March 22,1993 Amended - January 24,1994 Amended - May 8, 2001 Formerly F -28, F -17 c