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I <br />n <br />u <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, 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 />POLICY <br />0 A. Strategic Plan for Fiscal and Economic Sustainability <br />1. Implement the adopted Strategic Plan. <br />2. Annually conduct a review of the Strategic Plan evaluating content and <br />implementation. When needed, update and consider necessary revisions. <br />B. Regulatory, Land Use and Development Review Actions <br />1. Periodically review the established thresholds for projects sent for fiscal <br />review to determine their effectiveness and value. <br />2. Analyze and provide details on projects and programs that may benefit <br />the City by disseminating information on their fiscal and economic <br />impacts to the City Council and the public. <br />3. Balance costs and benefits when considering new land use regulations <br />and /or conditions of approval related to land development. <br />4. Continually improve the City development review and approval process, <br />with focus on reducing the time and expense to the applicant while still <br />1