As the market has become more competitive and with the dissolution of Redevelopment Agencies in California, revenue sources for local governments have become more limited, while unfunded mandates continue to be generated at the state and federal level. Within this context over the last several years, the City has begun to take a more proactive and creative approach to supporting local businesses and identifying and creating additional revenue sources to increase funding for the wide variety of community services provided by the City. The City is developing the First Economic Development Strategic Plan to help crystalize the goals and tasks necessary to build a prosperous community. The scope of work for this plan was approved by City Council on August 3, 2021 (Staff report and Scope of Work can be found below)

• Staff Report

The consultant selected to assist the City in this effort is Tech Coast Consulting Group LLC. The agreement was approved by City Council on June 21, 2022. TCCG Tech Coast Consulting Group LLC (TCCG) is an economic development, strategic planning and economic research firm based locally in Orange County. The consulting group has 22 years of experience which includes assisting in the development of Orange County’s Comprehensive Economic Development Strategy (CEDS). The managing partner Wallace Walrod Ph.D., will be the project manager for the City’s Economic Development Strategic Plan. Mr. Walrod is the Chief Economic Advisor for the Southern California Association of Governments, Orange County Business Council, the Draper Hero Institute, and ESRI. He consults with local, regional and state government agencies as well as world-class financial organizations, including JP Morgan Chase and Merrill Lynch. His knowledge of the local economy is well recognized, and his passion for the economic success for Orange County has been witnessed by hundreds every year at the Economic Development Summit in Los Angeles when he provides economic professionals with an update to the Orange County economy. TCCG is not only dedicating its firm’s resources to this work effort but has assembled a team that provides the expertise necessary to successfully complete the City’s full scope of work.

• Staff Report

The economic development strategic plan will kick-off efforts soon. The scope of work includes:

1. Studies & Analysis - establish a clear economic baseline;
2. Vision & Goal Setting - identify a vision and economic development goals to be implemented over the next several years;
3. Develop Action Plan & Priorities - establish a menu of action items that meet community goals and improve the City’s economic prosperity;
4. Develop Tools, Metrics, Models, and Evaluate Resources - provide tools for staff to execute the action plan after its completion, and develop indicators and metrics for ongoing evaluation of economic prosperity and the success of the City’s implementation actions moving forward;
5. Provide Materials & Branding - provide materials and branding for ongoing implementation and identify the next steps to move the plan forward.