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K-10 <br />1 <br />ECONOMIC DEVELOPMENT POLICY <br /> <br />PURPOSE <br /> <br />The City Council recognizes that the City’s ability to deliver quality municipal services <br />is dependent on adequate tax revenues derived primarily from the properties and <br />businesses located within the City. Healthy, thriving businesses not only increase <br />property, sales and bed taxes, but they also provide employment opportunities that <br />support local businesses and the strong residential property values that Newport Beach <br />enjoys. The City Council seeks to promote economic prosperity and growth within the <br />City to maintain and enhance a healthy economy, provide revenues for high quality <br />municipal services, and infrastructure maintenance and improvements, and preserve <br />the unique commercial villages in Newport Beach. All of these objectives serve the <br />overriding purpose of protecting the quality of life of Newport Beach residents, and the <br />City Council recognizes the need to balance economic development objectives with <br />protection of the environment and the health and safety of the community. <br /> <br />POLICY IMPLEMENTATION <br /> <br />This Policy shall be implemented by the City Manager with an annual update to the <br />City Council as to the outcomes and progress of the City’s economic development <br />strategic initiatives. The City Manager shall provide an effective and efficient structure <br />for implementing economic programs, utilizing staffing or consulting services in <br />support of annual key directives from the City Council. <br /> <br /> <br />Adopted – March 22, 1993 <br />Amended – January 24, 1994 <br />Amended – May 8, 2001 <br />Amended – June 10, 2008 <br />Amended – September 27, 2011 <br /> <br />Formerly F-28, F-17