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• <br />• <br />WS — Item 10 <br />WORK SESSION STAFF REPORT <br />Work Session Item 10 <br />Date: November 3, 2008 <br />To: City Council <br />From: Mary Alice Divine <br />Re: Economic Development Meeting <br />Background <br />One of the City Council's goals for 2008 -2009 is to "Diversify, Expand and Enhance the <br />City's Tax Base." (See attached goal.) The first objective was to prepare, approve and <br />carry out an economic development strategy to implement the Economic Development <br />portion of the Comprehensive Plan. The draft Comprehensive Plan, with a section on <br />Economic Development, is now under consideration by the Council. Based upon the <br />outcome of this first objective, the council then wanted to determine the role that the <br />Economic Development Advisory Committee (EDAC) would play in carrying out that <br />strategy. <br />A key action step was to meet with EDAC to clearly define the council's economic <br />development objectives and EDAC's role in meeting those objectives. Another council <br />action step was to establish a communication procedure so EDAC can better understand <br />the correlation between EDAC recommendations and council's development decisions. A <br />meeting date to discuss these issues was to be determined by the city council in the fourth <br />quarter of 2008. <br />EDAC has been meeting monthly since 1993. Members are appointed based on their <br />skills and experience in financial, real estate and economic development fields. Since its <br />inception, EDAC has developed five -year economic development plans which are broad <br />brush goals, and a one -year action plan designed to implement those goals. In 2008, <br />EDAC determined that it would be appropriate to wait until the Comp Plan was complete <br />and then revisit both the five -year plan and one -year action plan, using the new Comp <br />Plan as guidance. <br />1 <br />