HomeMy WebLinkAbout11-13-2006 Council Economic Development Committee
AGENDA
City of Iowa City
City Council Economic Development Committee
Monday, November 13, 2006
8:00 a.m.
City Hall
Lobby Conference Room
410 East Washington Street
1. Call to Order
2. Approval of Minutes - Oct. 31, 2006 Economic Development Committee Meetings
4. CDBG Application materials and policies - Tracy Hightshoe
5. Discussion of Economic Development Strategies, Policies
6. Committee time
7. Adjournment
NEXT REGULAR MEETING DATE: December 19, 2006
MINUTES
CITY COUNCIL ECONOMIC DEVELOPMENT COMMITTEE
OCTOBER 31, 2006
LOBBY CONFERENCE ROOM
PRELIMINARY
Members Present:
Regenia Bailey, Connie Champion, Bob Elliot
Members Absent:
NONE
Staff Present:
Karin Franklin, Wendy Ford
Others Present:
Joe Raso
RECOMMENDATIONS TO CITY COUNCIL:
NONE
CALL MEETING TO ORDER
Chairperson Bailey called the meeting to order at 9:00 AM.
APPROVAL OF MINUTES - OCT. 17.2006 ECONOMIC DEVELOPMENT COMMITTEE MEETING
MOTION: Elliot moved to approve the October 17, 2006 minutes as submitted. Champion
seconded the motion. The motion passed 3:0.
2006 (4th Quarter) COUNTY WAGE THRESHOLDS (Oct. 1 - Dec. 31. 2006)
Ford explained having received the county wage threshold guidelines form the Iowa Department of
Economic Development after a question about the thresholds during the NGI CEBA application process.
Elliot asked if the county wage map included all wages within the county. Raso explained the wage maps
only include private sector wages of the county. He said that the public sector is not included due to its
immobility. He added that to qualify for a High Quality Job Creation Program (CEBA) funds, a company
must meet the 130% county wage. Raso also clarified that company benefits could also be included in the
county wage average to qualify for CEBA at the 130% and 160% levels. The 100% only includes base
wages.
MEMO OF UNDERSTANDING -IOWA CITY AREA DEVELOPMENT
Ford said there are changes on the memo of understanding since the last meeting. She said in item 9
there was discussion on trying to get some detail on helping with a program of outreach to potential
business with Iowa City. Ford said that item 9 now reads, "ICAD President and Economic Development
Coordinator will meet monthly to share information and coordinate efforts."
Raso said regarding item 6, when redeveloping the content of the new marketing packet, all communities
are represented in their materials, but that ICAD will work together with Iowa City to develop a
complementary product.
MOTION: Champion moved to approve the Memo of Understanding for Services Provided by ICAD
Group to City of Iowa City. Elliot seconded the motion. The motion passed 3:0
DISCUSSION OF ECONOMIC DEVELOPMENT STRATEGIES. POLICIES
With the understanding that Raso had to leave the meeting shortly, Elliot asked for Raso's input on the
strategies and policies for the Economic Development Committee. Raso said that the number one goal
for economic development from a city's perspective is to be pro-business. He added that it is important to
provide the infrastructure necessary to be pro-business and to create policies for incentives.
Economic Development Committee Minutes
September 19, 2006
Page 2
Franklin said that none of the votes that have occurred in City Council have been negative to business
development. She added that the myth of Iowa City being bad for business stems largely from the active
discussion that occurs between the Council and the community.
Bailey suggested that the committee should start the discussion on the committee's approach to
economic development. Discussion ensued about the vision and its scope. Bailey suggested that a vision
of simply growing the tax base and creating high quality jobs is not very visionary.
She moved to the white board to take notes and lead discussion. She said that the committee should
decide if it wants a regional, national, or global vision. Champion said that global is important because
industry is no longer isolated to just the United States. After some discussion, Bailey suggested that the
overall vision of the committee should be to "position Iowa City globally as a creative community that has
a diversity of businesses."
Raso said that when looking at the entire Iowa City and Cedar Rapids area, he sees Iowa City as being
the most global. Elliot said that global is a fitting due to the University of Iowa, Procter & Gamble, and
ACT.
Raso said that the success of the Iowa City community will depend on the vibrancy of the downtown and
the planning and marketing around the downtown, how the community is addressing its infrastructure
needs to attract primary sector companies, and having the developable land available.
Bailey said that the vision and the objectives are two different things. Franklin said the vision of Iowa City
needs to be a globally creative community that has a diversity of business. She added that it will get to
the global, but you will start out with the basics of a vibrant community.
Raso added that the one issue that will determine whether our community will live or die is the workforce.
He said that Iowa City has always felt bigger than it really is; that is something to playoff of.
Champion said that she would like to focus on economic development objectives: infrastructure,
downtown, economic aid, available land, and workforce development.
Elliot asked about who the audience is for the strategy document. Franklin responded that it is mainly for
the committee and the City Council. She added the committee's big statement is what it projects. The
statement would be on the webpage. Elliot and Champion said that they like the vision statement.
Bailey added retention/expansion and entrepreneurship to the committee's focus. She said that the
committee needs a check list of how they did over the course of the year.
The committee listed external threats as: land for industrial development, available workforce, changes in
the downtown, financial constraints for industrial infrastructure, and the corridor concept.
Franklin said that the downtown needs to be protected. Bailey agreed. She added that it needs to avoid
a "campustown" feel.
Franklin also said that the City's sewer bonds are at their limit and that would limit infrastructure
expansion for industrial development. Bailey asked Franklin how they should address it. Franklin replied
that GO bonds are an option. She said that it is something to keep in mind. Champion asked Franklin if
we had the any money to put into sewer development in industrial land. Franklin said that not through
revenue bonds, but through GO bonds. Bailey asked Franklin if she could make a list of capital projects
related to economic development. Bailey said the City Council members need to know about industrial
infrastructure when putting together the budget. Elliot added that financial threats are going to be a
problem in the future.
The committee listed external opportunities as: entrepreneurial aspects, University of Iowa, the corridor
concept, networking, and the community is attractive to young professionals and families.
Economic Development Committee Minutes
September 19,2006
Page 3
Franklin said Iowa City can't compete with Oakdale for research park uses because businesses don't
have to pay taxes if they locate at Oakdale. She added that Iowa City cannot do that. Bailey said that
she believes Iowa City should have some publicly owned industrial park land.
Elliot said that Iowa City should work with Oakdale for entrepreneurial opportunities, not against them.
Franklin said historically that is not the case and Iowa City doesn't benefit from Oakdale because it
doesn't have anything to offer that Oakdale doesn't already have. Bailey said that Iowa City needs to
bring the research business projects closer to home.
Franklin said that NGI is the only industrial research business to spillover from Oakdale. She added that
this is a rare case, but Iowa City needs to ensure open private or public land with infrastructure in place
for industrial businesses development in the future.
The committee listed internal strengths as: quality community, small businesses, economically stable,
transportation, arts/culture, University of Iowa, downtown, and financial incentives.
The committee listed internal weaknesses as: one staff member for economic development, institutional
attitude, low unemployment, complacency, air travel. Bailey suggested another as institutional thinking,
which can stifle the entrepreneurial spirit. Franklin also added to the list of weaknesses that low
unemployment will make it difficult to locate new businesses due to the workforce.
COMMITTEE TIME
ADJOURNMENT
The meeting adjourned at 10:30 A.M.
NEXT MEETING DATE: November 13,2006 at 8:00 A.M.
Minutes submitted by Doug Ongie.
slpcd/minules/ecdev/2006/10-31-06.doc
Iowa City CDSG Economic Development Fund
Purpose: Stimulate private sector investment that results in the creation and/or
retention of permanent, private sector jobs for low-to-moderate income persons.
Referral Sources:
Referrals generated by private financial institutions, Small Business Development
Center, and the public.
If the applicant is referred by a financial institution or the Small Business Development
Center, Community Development staff will work with the private lender or technical
assistance provider to review the application, the underwriting analysis for the project,
and work with the private lender on a financial package that makes the project viable.
All applicants are encouraged, however not required, to apply to a financial institution
for financing. If applicant does not apply for funding through a financial institution, the
applicant must explain why.
Process:
1) Referral received from a financial institution, SBDC, or directly from the business
2) Applicant meets with staff/staff completes preliminary review. If referred by a
private lender, meet with lender to review project.
3) City Council Economic Development Committee approval
4) Council action/approval
5) CDBG agreement executed
6) Recipients must receive pre- and post-award technical and management
assistance from local non-profit providers such as the Small Business
Development Center and/or from participating lenders. If necessary, assistance
may be paid through loan proceeds. For applicants not working through a private
lender, the process begins with the identification of a qualified technical assistance
(T/A) provider approved by the City. The applicant and T/A provider or
participating lender will complete an assessment of the applicant's management
and business operations strengths and weaknesses. If weaknesses are identified
as a result of that assessment, the participating lender and/or City shall document
the T/A provider's recommendation and verify the applicant receives the technical
assistance identified as a condition of the award.
7) City monitoring and compliance
Review Criteria for the Economic Development CDBG Fund
Application will be evaluated based on the City of Iowa City Financial Assistance
Guidelines established on 9/24/1996, amended 2001, as applicable.
1) Meets all CDBG requirements and creates/retains employment opportunities for
low-to-moderate income persons
2) Applicant's financial contribution to the project
3) Quality of jobs created (federal poverty wage rate, 30% of area median income,
for a family of four in Iowa City is $1 0.48/hour as of 3/8/2006)
4) Economic Impact - potential for future growth
Revised 11/7/06
5) Consistency with the City's Comprehensive Plan
6) Environmental Impact
Business Plan (start-up businesses):
. Plan must demonstrate the feasibility of the business venture
. Creditworthiness of the business/applicant
. Reliability of the job creation and financial estimates
. All private financing options considered
. Business plan MUST be readable (font 11 or larger)
The City may verify the following (To verify some of these items, the City may be required to
ask the applicant's birth date and/or social security number.):
. Credit history - Applicant Credit Score
. Past employment
. Current references
. Financial institution - verify if assistance approved or denied. If denied, primary
reasons the institution denied the request. If approved, review private lender's
underwriting analysis.
. Any other information as supplied by the applicant on the application and
business plan to assist in evaluating the proposal
Special considerations of the CDBG Economic Development Fund:
. The City will not shop banks.
. The City will encourage applicants to seek private financing, but will not
recommend institutions.
. Job creation/retention by low-to-moderate income persons is a federal requirement
for COBG assistance. City will take all enforcement measures for repayment if
business fails to create or retain the jobs required by the Agreement the applicant
enters with the City.
. The COBG EO fund is not meant to compete with private lenders but to provide
incentives that lower private sector risk and leverage private sector dollars in order
to expand the amount of capital available to small businesses.
Revised 11/7/06
Business Financial Assistance
Application for Iowa City CDBG Economic Development Funds
Prior to submitting your Business Financial Assistance Application, please make sure to
do the following:
. Fill out the application completely. If any questions are left unanswered or required
attachments are not submitted, an explanation for the omission must be included.
. Should you have any questions while completing the application contact Community
Development staff at 319.356.5230 or by email at
tracy-hightshoe@iowa-city.org.
. Sign the application.
. All application materials are subject to the Open Records Law (1994 Iowa Code,
Chapter 22). Confidentiality may not be guaranteed. Please review the applicant
guide to review what specific information is considered proprietary and what
information is available to the public.
. Recipients must receive pre- and post-award technical and management assistance
from local non-profit providers such as the Small Business Development Center and/or
from participating lenders. If necessary, assistance may be paid through loan
proceeds. Please review the applicant guide for specifics.
. Application Deadlines: The City Council Economic Development Committee typically
meets the third Tuesday of the month. Completed applications for Business
Financial Assistance projects should be submitted to the Community Development
Department two weeks prior to the meeting at which the applicant wishes to have
the Committee review the application. However, under special circumstances the
Economic Development Committee will call special meetings to review Business
Financial Assistance Applications.
Prior to completing an application an applicant is strongly encouraged to
contact the Iowa City Community Development Department to discuss thE:
project for which they are requesting funding.
Have your application and related materials delivered to:
City of Iowa City
Community Development Department
410 E. Washington Street
Iowa City, IA 52240
Phone: (319) 356-5230
Fax (319) 356-5217
Iowa City CDBG Economic Development Funds
Application for Business Financial
Assistance
Business Requesting Financial Assistance:
Individual
Home Address
Name of Applicant Business
Full Street Address of Business
Phone Number & Email Address
DUNS Number (If awarded funds, applicant must obtain a DUNS number):
Type of Business
Date Business Established
Bank of Business Account and Address (if applicable):
NOTE:
The City will not provide assistance in situations where it is determined that any repre-
sentation, warranty or statement made in connection with this application is incorrect,
false, misleading or erroneous in any material respect. If assistance has already been
provided by the City prior to discovery of the incorrect, false or misleading
representation, the City may initiate legal action to recover City funds.
Revised 10/18/06
1
Section 1: Description of Business and Proposed Project
1.1. Describe the proposed "project" (for example, company relocation, building expansion,
remodeling, new product line, number of new jobs, amount of investment in machinery and
equipment) and the expected benefits it will receive from the financial assistance requested:
1.2. Provide a brief history of your company:
1.3. Describe the organizational structure of the business:
1.4. Management
(Proprietor, partners, officers, directors, all holders of outstanding stock, 100% of
ownership must be shown)
Name & PositionlTitle Complete Address %
Owned
Attach a brief description similar to a resume of the education, technical and business
background for all the people listed under Management.
1.5. Will the project involve a transfer of operations or jobs from any other Iowa City or
Johnson County facility or replace operations or jobs currently being provided by another
Iowa City or Johnson County company? If yes, please indicate the facility(s) and/or
company(s) affected.
Revised 10/18/06
2
Section 2: Financial Contributions to the Proposed Project
2.1. Use of Proceeds
USE OF Proceeds
Loan Requested
(Enter gross dollar
amount rounded to
Activity the nearest hundreds)
Land acquisition $
New Construction/Expansion Repair $
Acquisition and/or Repair of Machinery $
and Equipment
Inventory Purchase $
Working Capital (including accounts $
payable)
Acquisition of Existing Business $
All Other (provide description) $
Total Loan Requested (All Sources): $
2.2. Terms of Proposed Financing (Sources)
Proposed Financing
Financial Institution: $
Financial Institution : $
Other: $
Iowa City COBG Economic Oev. Fund $
TOTAL: $
Amount
Monthly
Payment
Type(1)
Rate
Term
(1)For example: forgivable loan, direct loan, or grant.
2.3. Explain why assistance is needed from the City, and why it cannot be obtained
elsewhere. If the applicant did not apply for a loan through a private financial institution,
please explain why. If denied assistance through a financial institution, please attach
the letter of denial.
Revised 10/18/06
3
2.4. Indicate the owner's contribution (cash, assets for the operation of the business, etc.) to
this project.
2.5. Identify all agencies or institutions involved in the project (financial, technical assistance,
etc.) and what their involvement is:
2.6. What type of security will the assisted business provide the City? If no security or less
than the dollar amount requested is offered, an explanation must be provided.
o Corporate Guaranty
o UCC Financing Statement
o Irrevocable Letter of Credit
o Personal Guarantee
o Surety Bonds
o Mortgage on Real Estate
o Escrow Account
o Other:
Before execution of a CDBG agreement, if the collateral consists of machinery and equipment,
inventory, or other, the applicant must provide an itemized list that contains serial and
identification numbers for all articles that had an original value of greater than $5,000. Include
a legal description of real estate offered as collateral.
2.7 If the City did not provide financial assistance, could the project proceed?
Section 3: Jobs to Be Created/Retained
Special Note: The Community Development Block Grant (CDBG) program requires that
at least 51% of the jobs created or retained must be held by or made available to low-
moderate income persons. The business acknowledges that if it fails to create and/or
retain the jobs identified below by the end of the project period and maintain them for a
period of time (usually 12 months from the date of the award); it may be required to
reimburse City funds for the employment shortfall.
3.1 If an existing business, how many employees are currently employed at your Iowa City
location? Please attach a copy of the company's quarterly Iowa "Employer's Contribution
and Payroll Report" for the most recent quarter.
Revised 10/18/06
4
3.2 Complete the following chart identifying the number of jobs to be created and/or retained
based on this specific project.
Type of Job and Hourly Rate for Created and/or Retained Positions in First 12
Months of Project Award (please see attached Job Category Definitions)
# of Jobs # of Jobs No. Hours Hourly Fringe
Created Retained Type of Job Per Week Rate of Pay Benefits*
Officials & Managers
Professional
Technicians
Sales
Office & Clerical
Craft Wokers (Skilled)
Operatives (semi-skilled)
Laborers (unskilled)
Service Workers
*If fringe benefits are provided, please attach a description of all employee benefits provided
by and paid for (in full or in part) by the business.
3.3 What is the estimated annual payroll for the new employees resulting from this project?
3.4 If an existing business, will any of the current employees lose their jobs if the project does
not proceed? If yes, how many? Explain why:
Section 4: Economic & Environmental Impact
4.1. What other Johnson County companies could be considered to be your competitors?
4.2. Please describe the energy and resource efficiency programs, waste reduction, waste
exchange, and recycling programs at your Iowa City operation.
Revised 10f18f06
5
Section 5: Community Involvement, Compliance with Law
5.1 In addition to your normal business activities, does your business contribute or have plans to
contribute to the community through volunteer work, financial contributions, or through other
means? Please describe.
5.2 Has the business been cited or found to violate any federal or state statute or regulation
within the last five years (including, but not limited to environmental regulations, payroll
taxes, Occupational Safety and Health Administration laws, Fair Labor Standards, the
National Labor Relations Act, the Americans with Disabilities Act)? If yes, please explain the
circumstances of the violation(s).
5.3 Has the company or any officer of your company ever been involved in bankruptcy or
insolvency proceedings? If so, please provide the details.
5.4 Are you or your business involved in any pending lawsuits? If yes, provide the case name of
the lawsuit, docket number, and city and state where it is pending.
Section 6: Summary of Required Attachments
Check off each attachment submitted. If not submitted, explain why.
[] Business plan (if start-up business)
[] Balance Sheet (3 year historical if an existing business. Start-ups must provide a pro-
forma balance sheet)
[] Profit and loss statements (3 year historical if an existing business)
[] Cash Flow Statement (one year)
[] Description of fringe benefits provided to employees, if applicable
[] Brief description of the education, technical and business background for all the persons
listed under Management (Question #1.4)
Revised 10/18/06
6
""________.0__..__ ...~__~,__,_._.__~'^_^._._..._._"__..,_'''w_._____._.____
[] Please provide the social security numbers for all the persons listed under Management
(Question #1.4)
[] If an existing company, copy of the company's quarterly Iowa "Employer's Contribution and
Payroll Report" for the most recent quarter.
[] Construction loans only: Cost estimates for construction and a statement of the source of
any additional funds
[] Include a list of any machinery or equipment or other non-real estate assets to be
purchased with the financial assistance and the cost of each item as quoted by the seller.
Include the seller's name and address.
Upon review of a submitted application, the City reserves the right to request additional
information in order to assist the City with its evaluation of an application.
Release of Information and Certification
NOTE: Please read carefully before signing
I hereby give permission to the City of Iowa City (the City) to research the company's history,
make credit checks, contact the company's financial institution, and perform other related
activities necessary for reasonable evaluation of this proposal. I understand that all information
submitted to the City relating to this application is subject to the Open Records Law (1994 Iowa
Code, Chapter 22) and that confidentiality may not be guaranteed. I hereby certify that all repre-
sentations, warranties or statements made or furnished to the City in connection with this
application are true and correct in all material respects. I understand that it is a criminal violation
under Iowa law to engage in deception and knowingly make, or cause to be made, directly or
indirectly, a false statement in writing for the purpose of procuring economic development
assistance from a state agency or political subdivision.
If applicant is a proprietor or general partner, sign below.
By:
Date:
If applicant is a Corporation, sign' below:
Corporate Name and Seal
Date
By:
Signature of President
Attested by:
Signature of Corporate Secretary
Revised 10/18/06
7
OPEN RECORDS/CITY ECONOMIC DEVELOPMENT DOCUMENTS
Most. documents in the possession of the City are "open records" and available to the pubic for
examination and review. The City may treat a record as a confidential record and withhold it from
examination only to the extent that the City is authorized by Iowa Code section 22.7, another applicable
provision of law, or a court order.
Any person who would be aggrieved or adversely affected by disclosure of a record and who asserts that
Iowa Code section 22.7, another applicable provision of law, or a court order authorizes the City to treat
the record as a confidential record may request the City to treat that record as a confidential record and to
withhold it from public inspection.
A request that a record be treated as a confidential record and be withheld from public inspection shall be
in writing and shall be filed with the City Planning and Economic Development Department. If the
original record is being submitted to the City by the person requesting such confidential treatment at the
time the request is filed, the person shall indicate conspicuously on the original record that all or portions
of it are confidential. The request for confidentiality must set forth the legal and factual basis justifying
such confidential record treatment for that record, and the name, address, and telephone number of the
person authorized to respond to any inquiry or action of the custodian concerning the request. A person
requesting treatment of a record as a confidential record may also be required to sign a certified statement
or affidavit enumerating the specific reasons justifying the treatment of that record as a confidential
record and to provide any proof necessary to establish relevant facts. Requests for treatment of a record
as such a confidential record for a limited time period shall also specify the precise period of time for
which that treatment is requested.
If the request is denied, the City shall notify the requestor of the determination and the reasons therefore.
On application by the requestor, the City may engage in a good faith, reasonable delay in allowing
examination of the record so that the requestor may seek injunctive relief under Iowa Code section 22.8,
or other applicable law. The City shall notify requestor in writing of the time period allowed to seek
injunctive relief.
Failure of a person to request confidential record treatment for a record does not preclude the City from
treating it as a confidential record. However, if a person who has submitted business information to the
City does not request that it be withheld from public inspection under Iowa Code section 22.7, the City
may proceed as ifthat person has no objection to its disclosure to members of the public.
NON-IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT PROJECTS
(Includes Community Development Block Grant Applicants)
The following records are considered confidential and will be withheld from public inspection:
1. Consumer credit reports (15 D.S.C. l68lb)
2. Income tax returns, employer's contribution and payroll report, and other "return
information" (Iowa Code sections 422.20 and 422.72; 26 D.S.C. 6l03(b); and 26 CFR
31.3406(f)-1 (a))
The following records may be considered confidential and withheld from public inspection:
1. Trade secrets (Iowa Code section 22.7(3))
2. Reports which, if released, would given advantage to competitors and serve no public
purpose (Iowa Code section 22.7(6))
.
Applications competing with other applications under a City-imposed
deadline will be kept confidential until the deadline passes.
Unless confidential, in whole or part, pursuant to above, the following are not considered
confidential and will be available to the public:
1. Business plan;
2. Profit/Loss Statement;
3. Balance Sheets;
4. Application for City Economic Development Funds
Although the document may be a public record, specific information in the document, if
confidential, will be redacted, such as a social security number or a tax payer identification
number.
IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT PROJECTS
The following records are considered confidential and will be withheld from public inspection:
1. Consumer credit reports (15 U.S.C. l68lb)
2. Income tax returns, employer's contribution and payroll report, and other "return
information" (Iowa Code sections 422.20 and 422.72; 26 U.S.C. 6l03(b); and 26 CFR
31.3406(t)-1 (a))
3. Iowa Dept. of Economic Development information on an industrial prospect with which
the Iowa Dept. of Economic Development is currently negotiating. (Iowa Code section
22.7(8))
The following records may be considered confidential and withheld from public inspection:
1. Trade secrets (Iowa Code section 22.7(3))
2. Reports which, if released, would given advantage to competitors and serve no public
purpose (Iowa Code section 22.7(6))
. Applications competing with other applications under a City-imposed
deadline will be kept confidential until the deadline passes.
Unless confidential, in whole or part, pursuant to above, the following are not considered
confidential and will be available to the public:
1. Business plan;
2. Profit/Loss Statement;
3. Balance Sheets;
4. Application for City Economic Development Funds
Although the document may be a public record, specific information in the document, if
confidential, will be redacted, such as a social security number or a tax payer identification
number.
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CITY OF IOWA CITY
MEMORANDUM
Date:
To:
From:
Re:
November 8, 2006
Economic Development Committee
Wendy Ford
Economic Development Strategic Planning, 2006-2007
On October 31, 2006, the Economic Development Committee considered the strengths, weaknesses,
opportunities and threats the community faces, as they relate to the pursuit of economic development.
The following table is a record of those observations.
Strengths, Weaknesses, Threats and Opportunities - an Economic Development Landscape
Strengths Weaknesses
. Quality community . Limited staff
. Affordability . Institutional attitude
. Economically stable . Low unemployment
. Transportation - geographic location . Complacency
. ArUculturalopportunities . Air travel
. University of Iowa
. Downtown
. Financial incentives
Opportunities Threats
. Entrepreneurial synergy with UI . Lack of land for industrial development
. Corridor concept . Available workforce
. Network . Changes in downtown that may be
. Attractive to young professionals campus town-like
. City financial constraints for infrastructure
development
Completing the S.W.OoT. exercise helps illustrate the landscape within in which economic development
activities in the community may be approached and can provide guidance for priority-setting.
Iowa City's numerous strengths and opportunities along with the global nature of business and
communication in the twenty-first century are the basis for the vision established by the committee:
To position Iowa City globally as a creative community with a diversity of businesses.
With the vision in mind, the mission or goal of achieving a vibrant local economy follows and becomes
the basis for the four areas of focus the committee has prioritized:
1. To foster the retention and expansion of existing business and attract new business to Iowa City,
20 To support the development of the downtown to recapture a healthy mix of retail, services,
entertainment, office, residential, lodging, and nightlife,
3. To assist in the development of entrepreneurial businesses in Iowa City, and
4. To support workforce development strategies
The following strategies and policies are designed to achieve measurable results for each area
of focus, and will be incorporated into a time and budget-based program of work for the
Economic Development Coordinator to accomplish and be accountable foro
DRAFt
City of Iowa City
Economic Development Strategies (Calendar Year 2007-2008)
VISION
Position Iowa City globally as a creative community that has a diversity of businesses.
MISSION/GOAL
To achieve a vibrant local economy.
OBJECTIVES (Areas of focus)
1. Foster the retention and expansion of existing business and attract new business to Iowa City.
Measurables: 2 expansions; 2 new businesses; 0 business losses; create/update marketing materials.
STRATEGIES
a. Have ability to respond as needed to infrastructure needs
. Plan and budget for ED infrastructure in CIP
. Apply for RISE and other financial opportunities for assistance
b. Market new and existing land for development and redevelopment
. The area south and west of the airport
. The area east of Scott Six
c. Design comprehensive marketing and presentation package with
. Updated Community Profile
. Updated "How to do Business in Iowa City" pamphlet, to market IC
. Updated Financial Assistance package information
. Zoning map and available land
d. Develop system of regular communications about business in Iowa City
. Recognize long term business (10, 20 years) and good corporate citizens
. Act upon ICAD's annual retention surveys and gather information to evaluate satisfaction
with governmental and area support services.
. Build confidence of land owners for planning of commercial/industrial and office growth
. Respond to selected set of targeted business leads through ICAD
. Through local media about positive economic climate in Iowa City
. Through city's Economic Development web pages
e. Review use of tax and other incentives to increase tax base through new construction facilities
and/or additions to existing improvements
. Review, refine and improve program policies
. Review, refine and improve program application processes
f. Propose redevelopment plans and/or invest in public spaces in areas of the community, such as
South Riverside Drive, Towncrest, South Gilbert Street, North Dodge Street and MuscatinelFirst
Ave. Mormon Trek Extension, Airport Commerce Park commercial areas
g. Develop local, regional and state business network by active involvement and presence with
. Chamber, Chamber government affairs committee, ICAD, CVB, IDED, POI
. University of Iowa departments
. Mid-American energy
2. Support the Development of Downtown to recapture a healthy mix of retail, services,
entertainment, office, residential, lodging, and nightlife
Measurables: Begin implementation of program of marketing to commercial tenants; retain existing
retailers, gain 5 new businesses.
STRATEGIES
a. Facilitate market niche analysis for downtown
. Use as guide for implementing program of marketing available commercial property
b. Assist where appropriate in the formation of a SSMID
c. Create a fa~ade renovation incentive program
d. Explore development of creative business incubator
DRAFt
e. Capitalize on the Cultural district designation
3. Assist in the development of Entrepreneurial Businesses in Iowa City
Measurables: fund 10 qualifying businesses with CDBG funds
STRATEGIES
a. Market financial assistance programs via bankers, the web, & community outreach
b. Explore possibilities of incubator development
c. Develop relationships with TIC businesses and opportunities for their expansion in Iowa City
d. Collaborate with the Chamber's SEED program to initiate a small business coaching system
4. Workforce Development
(Measurables: ??
STRATEGIES
a. Attract businesses with high quality jobs
b. Attract young professionals to Iowa City
c. Support community college efforts at workforce development
d. Support Iowa Workforce Development efforts
CAPITAL PROJECTS SUPPORTING ECONOMIC DEVELOPMENT
. 420TH Street- Hwy 6 to Taft: improved access for an expanded industrial
park
. Snyder Creek sewer: serve an expansion of the Scott-Six industrial park
. Aviation Commerce Park South: site preparation for a new
commerciallindustrial area south of the airport
. Burlington Street median: improved pedestrian access and traffic
control for expansion of downtown commercial opportunities south of
Burlington Street
. First AvellAIS Railroad crossing improvements: improved, consistent
access to First Avenue commercial area
. Lower Muscatine Avenue reconstruction--Sycamore to First Ave.:
improved traffic capacity and pedestrian access in Kirkwood Community
College/Sycamore Mall commercial area
. Oakdale Boulevard-Hwy 1 to Northgate: expansion of Northgate
Corporate Park and access to Hwy 1
. Riverside Drive Streetscape: improvement of commercial corridor
(underground utilities; consolidate drives; install sidewalks & landscaping)
. Aviation Commerce Park Spec Building: provision of 60,000 sq. ft. of
leasable/saleable space for commercial/industrial development
. Riverside Drive Redevelopment: commercial development of 7 acre
"public works" site at Riverside and Hwy 6/1