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CP077 (Economic Development Strategy)CITY OF JANESVILLE Policy No. 77 Page 1 of 4 CITY COUNCIL POLICY STATEMENT Date Issued: 1/11/99 Revised: 3/13/23 General Subject: Administration Effective Date: 3/13/23 Special Subject: Economic Development Strategy Cancellation Date Supersedes Responsible Dept/Div: Economic Development Office PURPOSE Per State Statue 66.1001 – Comprehensive Planning (2)(f), Economic Development is a required element of a city’s comprehensive plan. This element provides the framework for the City of Janesville’s economic development strategy, which builds upon the area’s asset base, industrial heritage and emerging sector-based opportunities; promotes and preserves speed-to-market, practices and policies; and leverages collaborative relationships with Rock County Economic Development Agency (including Rock County 5.0 and the Rock County Development Alliance), Forward Janesville, Inc., and the private sector to further develop, diversify and strengthen the regional economy. Where possible, free market forces should determine the location of private investments. Where business incentives are necessary to maintain Janesville’s economic competitiveness, the City shall follow the guidelines set forth in Council Policy Statements No. 61A - Industrial Economic Development Policy and 61B – Commercial Economic Development Policy. The implementation of the strategy shall be the joint responsibility of the City, Forward Janesville, Inc., and Rock County. The principles of the Economic Development Chapter of the Comprehensive Plan promote: • Reinvention of the City’s economy by promoting economic diversification, while continuously building from the City’s industrial heritage and unique place-based assets. • Enhancing the City’s overall quality of life, to facilitate the attraction and retention of a talent-rich workforce, ranging from young professionals, to skilled trades workers, to Baby Boomers approaching retirement. • Acknowledging community specific and regional market factors that connect, as well as separate, the City and the broader CITY OF JANESVILLE Policy No. 77 Page 2 of 4 CITY COUNCIL POLICY STATEMENT Date Issued: 1/11/99 Revised: 3/13/23 General Subject: Administration Effective Date: 3/13/23 Special Subject: Economic Development Strategy Cancellation Date Supersedes Responsible Dept/Div: Economic Development Office region. • Recognition that a sustainable economy is achieved through strategic deployment of policies, programs and resources that encourage entrepreneurship and small business development; business retention and expansion; and investment and business attraction activities. Goals and Objectives Goal No. 1: Retain existing businesses and facilitate their growth. Objectives: 1. Maintain/expand communications and relationships with local businesses. 2. Identify and address growth-related indicators, as well as barriers for local businesses. 3. Facilitate workforce and supply chain connections. Goal No. 2: Facilitate new business and investment attraction opportunities, by focusing on industry sectors that enhance, as well as diversify, the local economy. Objectives: 1. Maintain/expand opportunities within the economic development project pipeline. 2. Deploy and/or leverage collaborative targeted marketing resources, particularly those affiliated with strategic local and regional partners. 3. Secure attraction and/or investment commitments that foster employment and career-laddering opportunities. Goal No. 3: Continue to develop industrial parks to advance the ongoing industrial development program and speed to market industrial development strategy. CITY OF JANESVILLE Policy No. 77 Page 3 of 4 CITY COUNCIL POLICY STATEMENT Date Issued: 1/11/99 Revised: 3/13/23 General Subject: Administration Effective Date: 3/13/23 Special Subject: Economic Development Strategy Cancellation Date Supersedes Responsible Dept/Div: Economic Development Office Objectives: 1. Explore/identify real estate expansion opportunities. 2. Construct appropriate infrastructure to prepare industrial parks for users. 3. Certify industrial sites. 4. Maintain and market site information. Goal No. 4: Support and facilitate entrepreneurial activities and small businesses. Objectives: 1. Continue the relationship with Janesville Innovation Inc. for the operation of the Janesville Innovation Center (JIC). 2. Pursue funding opportunities to maintain, as well as expand, coaching and mentoring activities for non-JIC tenants. 3. Identify and address the square footage needs of current, as well as prospective, JIC tenants. Goal No. 5: Develop, enhance and/or maintain inter-and- intra organizational networks necessary to support Janesville’s Economic Development goals. Objectives: 1. Support collaborative local/regional economic and workforce development programming and policies. 2. Maintain adequate staff to continue the City’s “one- stop shop” development facilitation, review and related speed-to-market practices. Goal No. 6: Promote commercial/retail development. Objectives: 1. Promote downtown redevelopment and infill by leveraging local, state and/or national financial and technical assistance tools. CITY OF JANESVILLE Policy No. 77 Page 4 of 4 CITY COUNCIL POLICY STATEMENT Date Issued: 1/11/99 Revised: 3/13/23 General Subject: Administration Effective Date: 3/13/23 Special Subject: Economic Development Strategy Cancellation Date Supersedes Responsible Dept/Div: Economic Development Office 2. Enhance and build relationships with retail developers and tenants. 3. Identify and address barriers to real estate reuse/rehabilitation. 4. Further modify policy 61B - Commercial Economic Development Policy, as necessary. Implementation: This Economic Development Strategy will be implemented through the combined efforts of the City’s Economic Development Office, Rock County Economic Development Agency and Forward Janesville, Inc. The Economic Development Office takes the lead role for the City Administration in facilitating entrepreneurship and small business activities; existing business retention and expansion; and investment and new business attraction efforts. The use of business incentives shall follow Council Policy No. 61A - Industrial Development Policy. Commercial and downtown projects shall follow Council Policy No. 61B – Commercial Economic Development Policy. Where incentives are used, the industry or business receiving the benefits of the public incentives shall guarantee the creation of new property tax base and/or the creation and/or retention of jobs.