2012 Draft Economic 2012 Draft Economic Development PlanDevelopment Plan

Presentation toPresentation to

City CouncilCity CouncilMonday, March 19, 2012

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2012 Draft Economic Development Plan2012 Draft Economic Development Plan

On January 11, 2010, the City Council adopted an Economic Development Vision Statement for Evanston:

The two main goals of the Vision Statement: •Job Creation (a/k/a “employment growth)•Increased taxes/revenues (a/k/a “tax base enhancement”)

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“Evanston promotes and supports a citywide entrepreneurial culture that retains and expands existing businesses, attracts new businesses and fosters start-ups, including technology companies. Employment growth and tax base enhancement are two essential elements of this vision. Increased employment of Evanston residents by Evanston employers is an important component of this vision.”

The 2010 Economic Development Strategy identified four major components of economic development activities. These include:

o Business Retention and Expansion

o Business Attraction

o Area and Commercial Revitalization and Redevelopment

o Marketing

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2012 Draft Economic Development Plan2012 Draft Economic Development Plan

This Plan builds off Vision Statement; based on strengths of Evanston:

Quality of life; Culturally and socio-economically diverse population; High quality public school system; Internationally recognized university; Renowned cultural and performing arts; Strong health care institutions; Access to public transportation; Lake Michigan waterfront; and Strong entrepreneurial and innovative business community

These assets enable Evanston to retain, grow and attract businesses, strengthen commercial centers throughout the City, and encourage investments in work force training.

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2012 Draft Economic Development Plan2012 Draft Economic Development Plan

As the City’s economic development focus continues to evolve and adapt to changes in the marketplace, efforts will be guided by Key Economic Development Principles derived from the Vision Statement:

•Retain, expand, and attract businesses Citywide, emphasizing Innovation;

•Nurture Entrepreneurship in Evanston;

•Create jobs and Workforce Training opportunities for Evanston residents in diversified business sectors; and

•Promote Evanston – locally, regionally, and nationally – as an innovative and progressive place by reinforcing the strengths of our diverse residential, educational, cultural, and business communities.

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2012 Draft Economic Development Plan2012 Draft Economic Development Plan

This Plan encourages growth of the economy through continued support of neighborhood and commercial areas throughout the city through traditional industries:

•Retail (general retail, restaurant, neighborhood services)

•Office

•Manufacturing

…and identification of Five Targeted Industries to promote additional diversification in job creation and revenue growth, and which compliment strengths of the City.

 

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2012 Draft Economic Development Plan2012 Draft Economic Development Plan

Technology-Based Businesses - With private-sector/institutional partners, the City plans to:

• Galvanize existing entrepreneur base to create innovation hub

• Support physical and virtual programs/spaces to foster transition from startup to growth stages

• Provide a focal point for angel and venture capital investors

• Identify opportunities for modern office/laboratory space for business expansion and attraction

Health Care and Wellness• In 2009 ~18% of US workforce was in health care industry; by 2018, this is expected to

grow to 22%, adding ~3 million jobs1

• Evanston’s advantage = two Hospitals (North Shore Evanston and St. Francis)

• City will explore opportunities for medical device suppliers/manufacturers, ancillary health care services and wellness facilities

• City will assess existing space; recruit development partners, as needed, to meet space needs

1 Source: Centers for Disease Control and Prevention

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2012 Draft Economic Development Plan2012 Draft Economic Development PlanFive Targeted IndustriesFive Targeted Industries

Baby Boomer Markets • As of 1/1/11, Baby Boomers made up 26% of U.S. population, ~78 million people 2

• Evanston is attractive to Boomers: nationally recognized university, strong health care options, an active downtown, and a diverse cultural and entertainment base

• City will explore opportunities for “age-friendly” businesses and cultural and entertainment venues

• Consideration of future age-in-place opportunities and challenges

Arts and Entertainment• Evanston’s strong arts culture appeals to various age groups and supports

creative/innovative residents, businesses/workers, and visitors

• Retaining/expanding arts and entertainment opportunities adds creative sector jobs and generates additional revenue opportunities (liquor, amusement taxes)

• NEA grant and interviews with key stakeholders will allow more detailed study of opportunities for performing arts and entertainment venues throughout the City

2 Source: “Baby Boomer Insight” Website

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2012 Draft Economic Development Plan2012 Draft Economic Development PlanFive Targeted Industries – cont’dFive Targeted Industries – cont’d

Water Industries • One of Evanston’s greatest assets is access to water

• Provides advantage in targeting water research, water sciences, and related industries and water-intense businesses (such as bio-tech)

• City will assess existing space; identify opportunities for development of modern office and laboratory space for water-based businesses

• Sale of water is one of Evanston’s biggest revenue generators: when local development is not an option, City will explore opportunities for regional economic development partnerships in communities which buy water from Evanston.

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2012 Draft Economic Development Plan2012 Draft Economic Development Plan

Next Steps•City will draft Updated Economic Development Work Program

•Updated Work Program will define strategies and actions for the implementation of this Plan

•Updated Work Program will include measurable outcome criteria for evaluating economic development activities

Ongoing Evaluation•City will re-assess priorities and programs in light of changing conditions and opportunities on regular basis

•City will track measurable outcomes to allow for annual updates

•City will embark on comprehensive review of the goals, principles and targeted industries every two years

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2012 Draft Economic Development Plan2012 Draft Economic Development Plan