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ECONOMIC DEVELOPMENT WORK PLAN <br /> 2011 <br /> Introduction <br /> Economic Development is essential for the long-term prosperity of any community and a top priority for the <br /> City of Everett. The work plan outlined below is designed to deploy, in a fiscally responsible manner, the <br /> tools available to local government to serve and expand our business community. While this plan is for the <br /> current year, it is recognized that economic development is often a long-term process and work on many of <br /> the initiatives has been ongoing for some time and will likely extend beyond 2011. <br /> The three main goals of economic development are recruitment, retention, and revitalization. This work <br /> plan is designed to further the objectives of these goals and many of the elements of the plan serve two or <br /> even all three. The following definitions are provided to create context for the work plan objectives and how <br /> these terms are used specific to economic development. <br /> Recruitment <br /> The task of recruitment is often assumed to apply only to the relocation of businesses to our city. However, <br /> true economic recruitment casts a much broader net. This is especially true in times of recession or in areas <br /> that are in transition from a natural resource-based economy to a technology/knowledge-based economy. <br /> Recruitment can and must include encouraging businesses both large and small to locate in the community, <br /> but it doesn't end there. Effective recruitment also involves: <br /> • seeking out and bringing together developers, investment dollars, and project financing <br /> • building an educated workforce with access to institutions of higher education <br /> • providing events and other tourism opportunities that will attract consumers and the attention of the <br /> media <br /> Retention <br /> The overarching goal of retention is to help businesses already located in the city to expand and prosper. <br /> This is perhaps the most important component to any comprehensive economic development plan as 80%of <br /> job growth comes as a result of retention rather than recruitment. <br /> Inherent in an effective retention effort is an "ombudsman" - like approach to connect businesses with local <br /> government, making sure that public policy cultivates growth and addresses the needs of the business <br /> community. Community attributes that are among the most important to retention include a strong <br /> infrastructure, convenient transportation, and availability of affordable housing. <br /> Page 1 of 11 <br />