Economic Development Strategic Plan Services

The Vendor is required to provide economic development strategic planning experience to finalize an agreement to provide professional services in developing and administering a strategic plan for the department.
- Business recruitment and attraction:
•    The plan should focus on positioning as a competitive destination for new investment and job creation, which includes both regional, national, and international business recruitments. 
•    The plan should address targeted growth areas for various types of industry clusters and help identify potential emerging sectors that align with the city’s economic development goals. 
•    This should include both traditional industry target sectors and creative industry sectors, such as the growing film and media industry.
- Business retention and expansion: 
•    The plan should focus on strengthening relationships with existing employers and supporting their growth. 
•    The plan should provide clear strategies for business and stakeholder engagement and a tactical plan for ensuring the city’s major and primary employers continue to be successful.
- Revitalization program: 
•    The plan should provide strategies and tactics to drive economic activity and investment in targeted corridors and neighborhoods. 
•    The plan should include an evaluation of the existing revitalization target areas and revitalization tools, and provide recommended updates and revisions. 
•    The plan should provide a clear, implementable framework for a revitalization program with key metrics and KPIs to measure future investment and success.
- Goals
•    Improve the economic vitality and attractiveness of the city; 
•    Support efforts in building a stronger economic base and increase the city’s ability to compete for projects regionally, nationally, and internationally; 
•    Build on the city’s existing strengths in advanced manufacturing, energy, healthcare, aviation and aerospace, information technology, professional services, and transportation and logistics; 
•    Identify new business opportunities or emerging industries and cultivate new business sectors or clusters
•    Determine appropriate role for the city in broader economic development activities and engagement with key partners; 
•    Promote an economic environment and development pattern, consistent with the city’s comprehensive plan, that will help attract highly skilled and educated professionals; 
•    Align economic development efforts to leverage major infrastructure projects; 
•    Support efforts to attract new investment to the city, particularly in targeted investment areas, and to maximize the impact of such investment on the city; 
•    Develop a framework for a sustainable revitalization program that aligns community needs and encourages appropriate redevelopment and investment; and 
•    Develop a formal strategy, metrics, and tools related to measuring the success of economic development efforts.