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CITY OF NEWPORT BEACH <br />CITY COUNCIL STAFF REPORT <br />Agenda Item No. 9 <br />June 10, 2008 <br />TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL <br />FROM: Planning <br />Leigh M. De Santis, Economic Development Administrator 949 - 644 -3207 <br /> <br />SUBJECT: Amendments to City Council Policy on Economic Development (K- <br />10) and Resolution Establishing the Economic Development <br />Committee <br />RECOMMENDATION: <br />1. Adopt the proposed amendment to the City Council's Policy on Economic <br />Development provided as Attachment 1. <br />2. Adopt Resolution No. 2008- _ revising the membership of the Economic <br />Development Committee provided as Attachment 2. <br />DISCUSSION: <br />City Council Policy: <br />Newport Beach City Council created the Economic Development Committee (EDC) in <br />January 1993 to assist the City Council with economic development. Their first task <br />was to write an economic development policy for the City Council that was adopted <br />three months later. Since then, the Policy has been revised twice, most recently in May <br />2001. Each revision has been subsequent to a review and recommendations by the <br />EDC. <br />The proposed policy revisions are the work of the EDC, first by a sub - committee and . <br />then reviewed and approved by the body as a whole. They reflect the July 2007 <br />adoption the of City's Strategic Plan for Fiscal and Economic Sustainability. Current <br />policy called for the development of the Strategic Plan. The proposed update calls for <br />implementation and monitoring of the Strategic Plan. The proposed policy also has <br />sections on Regulatory, Land Use and Development Actions and Business Retention, <br />Enhancement and Recruitment, as did the previous policy. New to this revision is a <br />