Economic Vitality Committee Agenda and Packet 2023 10 27

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EVC identified in its 2023 Work Plan, and recent updates to the initiatives. Economic Vitality Committee Meeting Minutes September 15, 2023 Page 5 of 7 the current status of each of the initiatives Chair Leh asked about the timing of the Market Gap Analysis and when the City could expect a final product. Director Zuccaro responded that the Market Gap Analysis will be completed by a sub consultant as part of the Comprehensive Plan update. The Comp Plan group is currently working on a master schedule for the project, but the Market Gap Analysis is a separate deliverable. He concluded that staff will provide an update on the timing of the Market Gap Analysis once the master schedule has been completed. He clarified that the analysis will occur sometime within the Comp Plan process and that it will be available prior to completion of the full Comp Plan. Councilmember Most cautioned against using a Market Gap Analysis, which provides a snapshot of time, to influence future decisions when some of the variables present in the analysis may have changed. She recommended that the report include a model with the ability to change variables over time. Director Zuccaro clarified that the current scope does not include an adaptable model, but rather a static analysis of the current conditions. He continued that since this is part of the Comp Plan, it will be used to guide land use policy. Councilmember Most concluded that the City may want to consider planning for the unknown. Chair Leh agreed that he likes the idea of generating a model, but acknowledged that it is not included in the current scope. He added that it's possible some conditions may change even during the process of performing the report. He concluded that the Parcel O Study is a good example of a useful report and asked whether the Market Gap Analysis will be similar to this report. Director Zuccaro clarified that there will be some difference because the Parcel O study focused on one parcel, while the Market Gap Analysis will be citywide. Mayor Pro Tern Fahey agreed that a model that could be adjusted for current rates, trends, etc. would be useful. Director Zuccaro and City Manager Durbin confirmed that this is not within the current scope of the Market Gap Analysis. Chair Leh asked about the timing of the RFP for the Business Satisfaction Survey. Manager Brown responded that he anticipates the RFP will be completed in early 2024, but acknowledged that late 2023 could still be a possibility depending on staff capacity. Chair Leh asked for feedback from the rest of the committee around business retention. Mayor Pro Tern Fahey responded that business retention is critical, especially in both the downtown area and McCaslin. Councilmember Most agreed that retention is important, but added that things that a business retention program can't control happen and can cause businesses to close or leave town. Agenda Packet P. 6