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2 <br /> Land and built space. Most businesses require a physical space (e.g., office, warehouse, factory, or storefront). <br />ECOnorthwest has developed an innovative method of mapping and geographically analyzing real estate data to <br />produce maps of regional development activity. <br /> Labor and entrepreneurship. Businesses need people, and the talent of those people helps determine business <br />performance. <br /> Local infrastructure and local services. For a business and its building to function properly, it needs access to <br />appropriate infrastructure and services—including, at minimum—electricity, water, transportation, and <br />telecommunication connections. The review of existing plans and the engagement with businesses will help <br />identify key issues. Innovation and R&D. <br /> Research and Development (R&D) is the foundation for increasing productivity and new industry-changing <br />companies. R&D is not just a university activity. <br /> Industrial clusters. Places with concentrations of certain types of businesses create economies that reduce the <br />costs of production for those businesses. The Puget Sound Regional Council has identified driving clusters for the <br />region, many of which have a major footprint in this part of the county. <br /> <br />This work will also include the first elements of stakeholder engagement. <br />Identify Keystone Projects <br />Once we have assessed the situation, we will determine the areas or initiatives that will help the city achieve its broader <br />comprehensive goals. In assessing the area, we will have to address important questions such as: <br /> Which of these areas or initiatives will have the greatest impact on the city? <br /> How will the marketplace react to public actions? <br /> Which initiatives are most urgent? <br /> How will we measure progress and determine success? <br />Develop Plan(s) <br />This step requires determining the actions necessary to achieve progress on the areas or initiatives. The planning process <br />will seek to identify gaps for improvement and areas where significant trade-offs might exist. To do this, we will brainstorm <br />short- and long-term approaches and evaluate actions based on factors like: <br /> Feasibility: How realistic and achievable can public actions influence the outcomes? <br /> Impact: How deep and broad will the impact be in the city? <br /> Cost: Are there significant costs that will be incurred? <br /> Alignment: Do the actions support the city Comprehensive Plan Goals? <br />From this approach, we will work to devise a detailed action plan, which covers timelines, milestones, resource <br />requirements, responsibilities, and risks and challenges. With a detailed action plan, the city can move from abstract goals <br />to concrete steps for these plan areas,