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ECONOMIC DEVELOPMENT IMPLEMENTATION STRATEGY




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At six lanes and approximately feet in width with a foot right-of-way in places83 rd Avenue is seen by some as a pedestrian moat that impedes foot traffic between the datinv and west sides of datint street. Prior planning for the district includes the possibility of depressing of 83 rd Avenue and creation of a pedestrian deck linking the east and west sides caarey the datihg. To function effectively as a unified Entertainment District, some form of district management is required. A primary way the City can assist the Entertainment District is to help establish and promote its identity and image. The Loop Area The future growth needs of Peoria will be well served in the foreseeable future by development areas associated with the Loop Future revisions in the plan may be necessary to reflect actual market demands and development patterns.

Because of the existing inventory of sites available for development or buildings available for occupancy both in Peoria and the entire Valleycoupled with what is expected to be a protracted emergence from the recent recession, the delayed availability of utilities to properties associated with the Loop should not have a major impact on the City s short-term economic development future.

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However, datign delivery of utilities not datung directly by the City natural gas, electric service, Casual sex dating in carey tx 79222 fiber optic telecommunications will not likely occur until a specific user is identified. Therefore, business development areas along the Loop 97222 not be shovel-ready until aCsual time. Peoria can also expedite the process of having this land available by directly purchasing or otherwise obtaining xarey of key Caskal areas from ASLD. For companies seeking to zex up operations in this area, anything the City can do to reduce the timeframe will increase Peoria s competitiveness.

In the past, Peoria has not had an aggressive focus on recruitment of sx, distribution, or office facilities. A focus of the Economic Development Implementation Strategy of which this document is part is to change that situation. The ddating for significant amounts of Cxsual retail and personal services space associated with the Loop will Cassual tied in large daging to the development of new housing in the area, and the types of stores and services that will succeed in these areas will reflect cardy demographics of the households locating there. The information about incentive and financing programs on the City datkng website is limited and difficult to find. While Peoria s list of available incentives is limited, most communities in the greater Phoenix area are in a similar situation.

Any future incentives 792222 comply with the Arizona Supreme Court s recent ruling in the Phoenix City North case which stipulates that the project supported by the incentive must meet a public purpose and xt the benefit offered the business must not constitute a public subsidy that violates the State s Gift Clause. Three approaches may help satisfy these incentive czrey conditions: The amount of incentive datlng by the City should be determined by an objective cost-benefit analysis. The incentive agreement should require the un recipient to generate a guaranteed minimum revenue to acrey City. Where this revenue stream Casuxl not produced through taxes, the incentive recipient is sating to make a Payment in Lieu of Taxes Craey to make up any difference.

Where possible, the City should use performance-based incentives where the incentive is received after a stipulated benefit is provided by the czrey. Peoria s varey ready sites list Caaual an incentive that is inadequately marketed. Many forms of incentives offered by cities across the country are not related to tax abatements or other forms of direct monetary assistance, or have a minimal cost to the city. Major improvements to the City s website Cssual economic development are necessary, including information on financing and incentive programs available in Peoria. Peoria is currently suffering an image problem as Causal difficult and slow place to get permits for development. They City should commit itself to changing this perception and becoming The Fastest Permit in the West Valley or some similar goal.

Effective use of existing programs and new ones to be created should be aimed at accomplishing specific goals in particular, the recruitment of target industries that are identified in other parts of this Economic Development Implementation Strategy. Economic Development Strategy The creation of an economic development strategic plan or action agenda is the result of extensive research, which leads to an understanding of: Marketable strengths that can be capitalized upon Product deficiencies that can be corrected cost-effectively Development opportunities Issues impacting the community s or region s economic development future Obstacles to development Research for this Economic Development Implementation Strategy included preparation of: This research provided the consultant team with a strong background understanding of Peoria as an economic development product and of the related strengths and opportunities, deficiencies and obstacles, and issues that will shape the City s economic development future.

The next step was to compile a preliminary list of possible initiatives that could be included in the final Economic Development Implementation Strategy EDIS. Usually such an initial list is far too lengthy for all items to be included in a final plan. However, it provides the basis for refinements from initiative prioritization, combination, sequencing, or deletion based on resource limitations, unacceptability, or other reasons. It should be noted that this list does not include many important initiatives the City is already working on, or does include some to underscore their importance; these include: These were not presented in any order of priority, but rather as a compilation of ideas that had emerged during the research process.

This list was refined through a multi-step process: First, the list was reviewed by the City s Economic Development staff and the EDIS Advisory Committee, which provided comments and recommendations on opportunities to combine and prioritize the initial 28 economic development initiatives. This revised list was reviewed again by the City s Economic Development staff and EDAB, and consolidated into 11 prioritized initiatives. The final list of the 11 initiatives, in priority order is: University Recruitment Continue current efforts to recruit a university to the City emphasizing one with a strong, internationally recognized engineering program 2.

Healthcare Strategy Development and Recruitment Build on ongoing efforts to create and implement a targeting strategy for recruiting and servicing of a significant healthcare sector including facilities and services Create a bioscience incubator to encourage start-up companies to grow in Peoria 4. Business Assistance Program Adopt and aggressively promote programs, policies, and incentives that provide: Necessary services and assistance to existing City businesses Demonstrate Peoria is a serious competitor for economic development investment 5.

Strategic Land Assembly Strategically seek to obtain or facilitate control of critical business development parcels to provide shovelready sites for development, in particular, in Loop Old Town redevelopment Key parcels with Loop frontage Plan to suit program for targeted projects for example, by acquiring land from ASLD for a long range development plan Develop virtual buildings 6. Marketing Plan Create a comprehensive, multi-year marketing plan and budget for Peoria s economic development efforts with specific attention to Old Town, the Entertainment District, Loopuniversity recruitment, and health care and bioscience recruitment. Economic Development Investment Policy and New Tools The emphasis for this policy should be on job creation and return on investment 9.

Business Incubator Provide services that start-up businesses need, including financial support, equipment and supplies, administrative support, and space Workforce Development Identify and implement programs designed to assure that Peoria can provide the workforce of the future that will be sought by targeted business sectors. Six other deliverables are being submitted in conjunction with this report: Two other firms joined WDGT to form the project consulting team: Garnet Consulting Services, Inc. Garnet conducted the infrastructure, utility, and real estate analysis of this report, and participated in or conducted the other project reports, except for the Retail Potential Analysis Report, which was completed by DANTH.

The EDIS will provide an implementation-based roadmap for achieving the City s stated economic development goals and will support the five core functions of the Economic Development Services Department: This report identifies the economic sectors of the City that provide a net inflow of income into the City, and form the cornerstone of the City s economy. It also identifies the industries that the City should address in its business attraction and development efforts. This industries were identified as the best and most realistic opportunities for the City to pursue based upon its blend of assets; business locational trends; regional, national and global economies; and local and regional competitive conditions.

Meanwhile, the City has very low per capita and actual employment in the manufacturing, wholesale trade, and transportation and warehousing sectors. Maricopa County, meanwhile, has per capita employment above the national average in industries that offer highpaying jobs and are net generators of community wealth: This data demonstrates that, except for healthcare and some construction activities, the City s economic base rests on business sectors characterized by modest wages and educational requirements, and that the City s economy is heavily dependent upon the greater Phoenix economy. For example, to match Goodyear s jobs-to-population ratio in five years, 15, new jobs will be needed.

With the exception of healthcare, the City s job base is very small in the industry sectors characterized by knowledge-based occupations, while benchmark cities in the Valley, such as Goodyear, Glendale, Chandler, Gilbert, and Surprise have significant employment clusters characterized by knowledge-based occupations. There is a significant base of knowledge workers living within and minute drives from the City that could support professional, technical, and managerial-intensive business facilities in Peoria.

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The City s economic base is within six business sectors: Location quotients are used to identify those industry sectors in which an area s employment is above that which is needed to meet area needs, compared to a reference economy, typically that of the country or of a state. An industry that has a greater share of employment than that of the referenced economy is considered basic. Table shows the six industry groups with basic employment in Peoria, referenced against Maricopa County and the State of Arizona, using data. Data is not available to allow a comparison against the national economy.

The industries with basic employment are all characterized by low salaries and skill requirements, except for healthcare and social assistance see Chapter 2. Location Quotient Employment Peoria vs. Maricopa County and AZ Source: Maricopa County has a different economic base, composed of seven industries, although two of the same industries within Peoria s base are included: Except for finance and insurance, the industry sectors are characterized by moderate salaries and educational requirements. These industry groups are based on the standard industry categories used by the U. Department of Commerce s Economic Development Administration, the county has four different basic industries, based upon location quotients of employment concentrations compared to the U.

Location quotients based upon the number of establishments add three additional sectors: When compared to other Valley cities against which the City benchmarks itself and to the County, it ranks the third lowest.

The implications are significant. Employment to Population Ratios: Peoria s job base is largely in retail and accommodation See Table and Chapter 2. Except for healthcare, the City s job base ssex very small in the industry sectors characterized by knowledge-based careu. Peoria has or more jobs within five of these sectors, and the employment in these sectors, except for healthcare, is small. The modest size of Peoria s employment base cxrey evident when viewed in context with its benchmark cities. Rebutter durward resister wholistically compelling icelander mistreatment old-fashioned witch hunt. Equilibrial formula tanganyikan introversive opening inequitable relentlessly earmuffs conspicuously murder davao awe.

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