The vendor is required to provide consultant to create a five-year action plan for its economic development activities.
- Economic background analysis
• Completion of a swot analysis to determine the city's strengths, weaknesses, opportunities, and threats in order to identify areas for improvement and growth in golden valley to determine our competitive position for business.
• Review process for doing business in the city through the permitting and planning processes. (i.e., development strengths and weaknesses)
• Conduct a retail gap analysis.
• Determine industry concentrations and employers by including population to employment ratios and longitudinal employer-household dynamics.
• Review and provide labor force and employment data for golden valley, include any entrepreneurial activity.
• Completion of business climate analysis for golden valley.
- Business development, attraction, retention, and expansion strategy
• Analysis of key existing industries, and recommended industries to pursue
• Provide an action plan to implement an equitable business retention and expansion (BR&E) program.
o Ensure ways for diversity, equity, and inclusion in the process
o Include recommendations on how to attract independent restaurants and retailers to golden valley's downtown area.
• Provide ways for equitable attraction and recruitment of businesses to golden valley's downtown area, commercial, and industrial areas.
o Include regional and local comparative analysis
o Include relevant marketing and communications strategies
- Placemaking integration
• Identifying policy options for equitable transit-oriented development
• Analysis of proposed transit and transportation developments in golden valley that could impact development such as highway 55 BRT study and country 169 study.
• Identify ways housing could potentially be an asset in placemaking and the downtown area.
• A plan to establish branding and marketing including placemaking that incorporates current studies and plans related to economic development activities
- Equitable economic development integration
• Identification of inequities in economic development practices and policies
• Analysis and evaluation of local residents' access to economic hubs
• Regional and national examples of best practices (programs and initiatives) which target affected and vulnerable communities
- Community engagement
• Interviews and focus groups with existing large, medium, and small businesses in or considering golden valley.
• Special attention given to underrepresented businesses in the community.
• Interviews and focus groups with property owners, developers, and brokers that work in, or have considered working in, golden valley
• Interviews and focus groups with HRA commissioners, city council members, and key city staff.
• Engagement with residents to receive feedback on plan.
- 5-year action plan:
o SUMMARY actions - short range - (1-2 years), medium- (2-5 year), and long-term (5+ years) actions for the or city to achieve defined economic development goals. include partners, timeline, lead, support, measures, and outcomes.
o Policy recommendations - suggestions for changes to ordinances to support the mission, goals, and action plan.
o Staffing plan: recommended staffing plan to support the action plan above.
o Partnerships: include how partnerships with organizations such as greater county, and department of employment and economic development (deed) could assist the city.
o Technology: recommendations needed to track progress.
o Fiscal impact: budget estimates for implementation of identified strategies. include detailed recommendations of funding sources that build on the 2040 comprehensive plan, 2025 budget and capital improvement project (CIP) budget as well as potential staff and technology and data tracking needs that may be needed for implementation of deliverables.
- Questions/Inquires Deadline: April 18, 2025