Economic Development Strategy Salt Lake City Corporation October 2008

Salt Lake City Economic Development Mission To create a Great American City that is prosperous, well-planned, educated, sustainable, and successful for Salt Lake City residents, businesses and visitors. To create a Great American City that is prosperous, well-planned, educated, sustainable, and successful for Salt Lake City residents, businesses and visitors.

Background Background.Dynamic expanding economy for over a decade.Economic downturn forecast will have impacts.New opportunities will be created.Shape the future, capitalize on change

Purpose.Identify forces that shape our growth and development.Shared understanding of what comprises economic development.Articulate city economic development goals.Clarify steps and tools in the City economic development strategy

Goals Goals Improve the economic health of SLC Encourage a strong regional economy Add high quality and well paying jobs Support and nurture local businesses Encourage entrepreneurship and innovation

Goals Goals Grow the creative economy Create a lively and vibrant downtown Encourage quality neighborhood business districts Utilize community partnerships New revenues to support city services Keep the cost of business competitive

Business and Economic Benchmarks Employment Employment Housing Housing Retail Sales Retail Sales Wages Wages

Benchmarks Continued Office and Industrial space Office and Industrial space Arts, culture, entertainment Arts, culture, entertainment Tourism and Convention spending Tourism and Convention spending Property valuation Property valuation

New Business and Economic Benchmarks Workforce Education Workforce Education Global businesses Global businesses Digital Economy Digital Economy Internet backbone Internet backbone Patents Patents Academic R&D Academic R&D Venture Capital Venture Capital Science & engineering degrees Science & engineering degrees

Economic Drivers Medical/Regional Healthcare Medical/Regional Healthcare Research/Life Sciences Research/Life Sciences Distribution/Industrial Distribution/Industrial Hospitality Hospitality Professional Services Professional Services University of Utah University of Utah

Economic Drivers Technology Technology Creative Economy Creative Economy Financial Financial Government Government Airport Airport LDS Church LDS Church

Targeted Projects Performing Theater/Arts and Culture Performing Theater/Arts and Culture Foreign Trade Zone Foreign Trade Zone D.O.T/Streetcar D.O.T/Streetcar Convention Hotel Convention Hotel Public Market Public Market New energy companies New energy companies Environmental products Environmental products

Targeted Projects Intermodal Hub area development Intermodal Hub area development Westside/North Temple Corridor Westside/North Temple Corridor Neighborhood Business Districts Neighborhood Business Districts

Targeted Projects Airport - access and air service Airport - access and air service Regional and national headquarters Regional and national headquarters Innovation and technology incubator Innovation and technology incubator Small business initiative Small business initiative

Business Climate Policies Policies.Parking and Transportation.Sustainability.Planning and Zoning.Permitting.Expedited Review

Business Climate Recruitment Recruitment.Incentives and criteria.Development Team Review.Proactive and supportive.Partnerships.Marketing and outreach

City Programs Loans and financing Loans and financing Technical Assistance Technical Assistance Construction Ombudsman Construction Ombudsman Doing business w/ SLC Doing business w/ SLC Connections and communications Connections and communications

City Programs Marketing and promotion Marketing and promotion Public relations Public relations Internal facilitation Internal facilitation Research and information Research and information

Partnerships City Council /RDA/ City Boards City Council /RDA/ City Boards GOED GOED EDCU EDCU Salt Lake Chamber Salt Lake Chamber Regional and ethnic chambers Regional and ethnic chambers Downtown Alliance Downtown Alliance Convention and Visitors Bureau Convention and Visitors Bureau Vest Pocket and Local First Vest Pocket and Local First Business Districts Business Districts Professional Organizations Professional Organizations Colleges and Universities Colleges and Universities

Measuring Success Knowledge jobs Creative economy Technology growth Global connections and reach Small business expansion and formation Sales and property tax collection Employment and wages Construction and development Academic business ventures Financing and capital formation Quality of Life indicators

Salt Lake City Economic Development Strategy Collaboration across the region Collaboration across the region Focus on people, places and producers Focus on people, places and producers Support our economic drivers Support our economic drivers Follow the plan Follow the plan