Economic Development Strategic Plan
August 24, 2016
On August 8, 2016, the City Council held a study session and received an update from staff and the City Council Economic Development Ad Hoc Subcommittee. The subcommittee is comprised of two council members, Vice Mayor Bronitsky, myself, and City Manager Kevin Miller, Assistant City Manager Dante Hall and his team. The City Council was presented with an update of the subcommittee’s work and an Economic Development Strategic Plan (EDSP). After discussing the plan, the City Council gave its approval for the committee to continue its work and develop the programs outlined in the plan.
After months of meetings and discussions with residents, businesses and key stakeholders about economic development in Foster City and with the Committee’s vision statement in mind; “Preserving its heritage as a planned community, Foster City will continue to be a viable economic competitor, providing a vibrant, diverse dynamic environment for businesses to enhance its reputation as “The Place” to live work and play.” the committee identified six themes to improve the economic climate in Foster City.
- Foster a strong, sustainable local economy and business climate through improved business customer service and communication.
This includes the establishment of Business Ombudsman Program, Business Development Portal, Business Communication Initiatives and Policy Review.
- Facilitate public-private agreements to leverage private investment in businesses and privately owned buildings.
This includes Kiva Foster City, Commercial Improvement Program, and Grow Foster City Loan Program.
- Recruit and secure new businesses in priority locations/industries that are a good fit for Foster City, with focus on biotech, technology, research and development, and business-to-business sales tax generators.
This includes Comprehensive Brand Assessment and Marketing and Communications Strategy, Welcome to Foster City Program, and Gig Economy Policy Review.
- Support existing businesses, especially in the areas of promotion, and facilitate the availability and diversity of goods and services for residents and the daytime employee population.
This includes Retail/Commercial Assessment Report Update, creating cross promotional opportunities for new and existing businesses.
- Protect existing affordable workforce housing whenever possible.
This includes developing funding resources for protecting and creating workforce housing, protecting existing workforce housing resources, and provide housing subsidies to meet the affordability of existing market housing for workforce.
- Facilitate an improved transportation and circulation network that provides for the diverse transportation needs of daytime employees and residents.
This includes Connect Foster City Portal, Foster City Carpooling Incentive Program, promote and facilitate opportunities for addressing regional and local transportation challenges in a coordinated manner.
I’m excited about the development of the EDSP and am looking forward to the work ahead as we move into the implementation stage. The EDSP is a two year work plan with identified deliverables that we believe will benefit the community at large. Having a vibrant, thriving business community does not only benefit the City’s tax revenue, it also provides the amenities for our residents and employees that enhance the experience of living, working and playing in Foster City.
Your comments are always welcomed. I can be reached at shindi@fostercity.org.
