HomeMy WebLinkAbout19 - Investment in Orange County Business Council(90(5q-
CITY
EWp� OF NEWPk i BEACH Hearing te: October 28, 1996
gr19 COMMUNITY AND ECONOMIC DEVELOPMENT Agenda Item No.: 19
PLANNING DEPARTMENT Staff Person: Sharon Z. Wood
Zoo NEWPORT BOULEVARD (714) 644-3222
NEWPORT BEACH, CA 92658
(714) 6+4-3200; FAX (7,4) 644-3250
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REPORT TO THE MAYOR AND CITY COUNCIL i
APPRDVED
PROJECT: Investment in Orange County Business Countil�"""`�--
SUGGESTED
ACTION: Authorize staff to join the Orange County Business Council
Economic Development Consortium with an investment of
$5,000
The Economic Development Consortium, the economic development arm of the Orange County
Business Council, is a public/private partnership for business development and business retention
programs in the County. It is funded through investments by over 100 private companies and
cities in Orange County. Newport Beach has been asked to become an investor at a level of
$10,000 per year.
The primary functions of the Consortium are business retention, expansion and attraction;
increasing film production and tourism; and mitigating the impacts of defense conversion. Both
staff and members of the Economic Development Committee have participated in Consortium
programs on business retention and economic forecasts, the City receives "leads" on companies
seeking locations from the Consortium, and staff has begun participating in the Consortium's
Business Retention Committee.
The Consortium is gearing up for a "Top 100" business retention program, through which they
will coordinate visits by their staff and city managers with the major businesses in the County.
The preliminary list of businesses to be contacted includes many in Newport Beach. A business
visitation program is an excellent way of learning more about the condition, satisfaction level,
needs and plans of the business community, which helps in retaining existing businesses as well
as attracting new ones. It is a time-consuming program, however, and one that City staff might
not be able to accomplish to any significant degree on our own. With the Consortium staff doing
the coordination and research needed prior to a visit, it will be much easier for Newport Beach
staff to be involved in business retention activities.
Staff believes that Newport Beach is already receiving benefit from the Consortium, and can gain
more from more active participation. Therefore, it is appropriate for the City to become an
investor and support the Consortium's work. The 1996-97 budget includes $75,000 for services
to promote economic development. The City Council has authorized the use of up to $30,000 of
these funds for an economic and marketing study in the Airport area. The remaining funds may
be needed for projects such as a marketing and tenant mix program, Mariners' Mile, or
implementation of recommendations from the Balboa Peninsula Planning Study. Staff is
suggesting that the City make an investment of $5,000 in the Consortium this year, and evaluate r
its benefit to the City and the level of future investments on an annual basis.
SHARON Z. WOOD
Assistant City Manager
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