The URL can be used to link to this page

Home My WebLink About2023-04-03 Resolution 2023-134_Economic Development Business Retention and Expansion Action PlanTHE CITY OF WAUKEE, IOWA RESOLUTION 2023-134 APPROVING AND ADOPTING THE CITY OF WAUKEE ECONOMIC DEVELOPMENT BUSINESS RETENTION AND EXPANSION (BRE) ACTION PLAN IN THE NAME AND BY THE A UTHORITY OF THE CITY OF WA UKEE, IOWA WHEREAS, the City of Waukee, Dallas County, State of Iowa, is a duly organized Municipal Organization; AND, WHEREAS, the City Council and the City of Waukee have established business retention and expansion as a Fiscal Year 2023 Council goal; AND, WHEREAS, City staff have made numerous business visits and hosted roundtable discussions to gather insight on the challenges facing Waukee business owners in the current economic climate; AND, WHEREAS, a City of Waukee Economic Development Business Retention and Expansion (BRE) Action Plan is proposed as a guide for collaboration between the City and existing business owners in an effort to address those challenges; AND, NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council that it hereby approves and adopts the City of Waukee Economic Development Business Retention and Expansion (BRE) Action Plan, attached hereto as Exhibit A. Passed by the City Council of the City of Waukee, Iowa, and appr e `day of April, 2023. R. arles Bottenberg, Mayor Pro Tem Attest:�6�" V. AA�k� Rebecca D. Schuett, City Clerk RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN Anna Bergman Pierce X R. Charles Bottenberg X Chris Crone X Larry R. Lyon X Ben Sinclair X EXHIBIT A NA►� ',. _ 1 4 W,; Waukee ECONOMIC DEVELOPMENT Business Retention & Expansion (BRE) Action Plan Research shows that approximately 80% of net new jobs and capital investment in any economy are generated by existing companies and working with existing customers is 10 times more cost effective than continually cultivating new ones. Waukee's existing businesses are crucial to the economic growth and stability of the entire community. Over time, a quality and targeted BRE program improves the business climate, ensures competition remains healthy, provides quality jobs and employment opportunities, and assists in stabilizing the economy. Most importantly, a comprehensive BRE program demonstrates that our community cares about existing businesses and their economic impact. The City of Waukee's Business Retention and Expansion (BRE) program focuses on a mix of annual business visits, roundtable discussions and business walks to better understand and respond to local business needs. General goals of BRE strategy: 1. To demonstrate to existing businesses that the community appreciates their contribution to the local economy 2. To encourage expansion that leads to sustainable job growth 3. To help businesses find solution to problems and address challenges 4. To raise awareness for the resources available for business retention and expansion activities 5. To develop collaborative relationships for participating in comprehensive retention and expansion activities 6. To develop economic development strategies based on business input and intelligence 7. To provide better information and understanding for all local leaders of the strengths and weaknesses of the business climate Goal 1: Build relationships with local businesses by engaging them in an annual business visit program. • Action 1: Evaluate benchmark data and update current BRE survey. • Action 2: Create and mail postcards as invitation to participate in BRE program. • Action 2: Visit 40 businesses annually to identify needs, challenges, and opportunities. Goal 2: Meet with local and regional partners to identify opportunities for enhancing existing BRE program. • Action 1: Partner with the Waukee Chamber of Commerce to host business roundtable discussions quarterly. • Action 2: Champion volunteer business retention subcommittee with Waukee Chamber of Commerce Economic Development Committee. • Action 3: Coordinate a Downtown Business walk with the Downtown Business Group. Goal 3: Leverage new CRM to organize and prioritize a master business visit list. • Action 1: Develop a master list of Waukee business; update aggregate business lists from multiple sources. • Action 2: Organize visit list by neighborhood and category (Major employers, Downtown District, Business Parks etc.) • Action 3: Develop a secondary list of businesses that do business in Waukee but are not located in the city. These businesses can offer a different perspective and unique insights especially brokers and lenders. Goal 4: Retain businesses and facilitate opportunities for growth by being responsive to needs identified in BRE program. • Action 1: Follow up all BRE activities with handwritten thank you and/or email with responses to items requiring action. • Action 2: Track all action items from business visit in CRM and/or spreadsheet. Assign tasks to corresponding contacts and mark with follow up dates. • Action 3: Provide timely connections to local, state and federal resources. Goal 5: Nurture relationships in the Downtown District through an annual Downtown Business Walk • Action 1: Coordinate a Business Walk with the Downtown Business Group in late summer 2023. • Action 2: Create a brief BRE questionnaire with questions unique to downtown. • Action 3: Conduct the Business Walk over a 3 -day period and promote over social media. • Action 4: Report results to City Council and Downtown Businesses in fall of 2023. Goal 6: Gather annual business insights and economic outlooks of the Waukee business community. • Action 1: Develop a brief economic survey focused on current and upcoming year outlook questions. • Action 2: Partner with the Waukee Chamber to promote and distribute survey in Nov/Dec. • Action 3: Share results in digital report and promote via city and chamber channels. Goal 7: Provide comprehensive tools and resources for business retention and expansion. • Action 1: Leverage economic developments partners to access market research from JobsEq, Placerai and other data intelligence to develop customized reports. • Action 2: Proactively distribute new economic development resources via the Economic Development Quarterly newsletter and local partners. • Action 3: Participate in economic development partner meetings for the most current connection to resources. Goal 8: Measure and communicate the success of the BRE Program. • Action 1: Collect and track key data including jobs, investment, wages and footprint expansion. • Action 2: Report results of the BRE program twice per year. • Action 3: Capture business testimonials for the economic development webpage and share via social channels. • Action 4: Add short business "spotlight" stories from target districts and/or leading industries on a quarterly basis. Goal 9: Support the current and future workforce needs in Waukee's growing and target industry sectors. • Action 1: Partner with Waukee Community School District to promote retail, food service and hospitality job opportunities. • Action 2: Host a roundtable on workforce transportation issues. • Action 3: Connect APEX program to new business partners for short and long-term workforce solutions such as the 2023-24 automotive program. Goal 10: Provide creative solutions for funding business expansion projects. • Action 1: Promote Dallas County Development Alliance Revolving Loan Fund Program. • Action 2: Identify partners willing to take on higher risk lending in Waukee's leading and target industries. Goal 11: Increase businesses opportunity in the Downtown District. • Action 1: Establish a Tax Increment Financing District in the Downtown District. • Action 2: Assess and modify incentive programs. • Action 3: Develop RFP for city -owned lot.