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0 <br />ECONOMIC DEVELOPMENT POLICY <br />PURPOSE <br />K -10 <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 they also provide employment opportunities that support <br />local businesses and the strong residential property values that Newport Beach enjoys. <br />The City Council seeks to promote economic activity within the City to maintain a <br />healthy economy, provide revenue for high quality municipal services and <br />infrastructure maintenance and improvements, and preserve the unique commercial <br />villages in Newport Beach. All of these objectives serve the overriding purpose of <br />protecting the quality of life of Newport Beach residents, and the City Council <br />recognizes the need to balance economic development objectives with protection of the <br />environment and the health and safety of the community. <br />POLICY <br />The City Council Ad Hoc Economic Development Committee shall conduct the <br />following activities. The City Manager shall appoint an economic development <br />coordinator, who shall provide staff support to the Committee as appropriate. <br />A. Data and Analysis <br />1. Develop and include in the General Plan a strategic plan for economic <br />development in the City, based on a study of the City's economy and an <br />identification of high revenue producing, compatible businesses. (A <br />Priority) <br />2. Monitor the generation of municipal revenues by business categories and <br />geographic areas of the City. (A Priority) <br />3. Track commercial vacancies to help with retention and attraction <br />programs, especially attracting quality businesses to areas the City is <br />revitalizing. (B Priority) <br />4. Maintain a community profile with information on labor pool, existing <br />businesses, land and housing costs, community assets, etc. for distribution <br />to business prospects. (B Priority) <br />1