HomeMy WebLinkAboutIR 10576INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 21-10576
To the Mayor and Members of the City Council
April 20, 2021
Page 1 of 2
SUBJECT: ECONOMIC DEVELOPMENT STRATEGIC PLAN REFRESH
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
TIP Strategies (TIP) was selected as the vendor for the Economic Development Strategic Plan
following a Request for Proposal (RFP) process in late 2016/early 2017. The resulting plan, which
is available at https://www.fortworthtexas.gov/departments/ecodev/edplan , was accepted by City
Council in December 2017 and in August 2019, an 18-month update was provide to Council by TIP
Strategies as part of the original contract.
Given the ongoing aspects of the COVID-19 Pandemic, the Economic Development department
needs to determine the current business outlook and move quickly to adjust to the current
environment. TIP Strategies Inc. is a nationally recognized consultant in the economic development
field that brings a broad range of experience to the strategic planning process. TIP has worked with
more than 300 clients in the US and abroad to develop innovative strategie s, programs, and
outreach initiatives. Given their breadth of experience and knowledge, along with their intimate
familiarity with the existing economic development plan and recommendations, they will be able to
move much more efficiently in updating the p lan than another firm would be able to do.
As such, the Economic Development staff will be working with TIP Strategies to complete the
following Scope of Work:
DISCOVERY
What has changed in the last three years? In light of the COVID-19 pandemic, what trends are
likely to affect us going forward?
Project kickoff. TIP will facilitate a priority-setting conference call with the City to discuss
objectives and expectations.
Current conditions. TIP will prepare a targeted assessment of data and trends integral to
re-visiting the plan.
Organizational update. TIP will interview key personnel to discuss any changes to the
City’s mission, vision, and major initiatives, as well as any potential challenges or
opportunities. TIP can also conduct roundtables with ke y stakeholders and partners to
solicit input on the update.
OPPORTUNITY
What new opportunities are open to us? Which opportunities are no longer relevant?
Goals & objectives. TIP will collaborate with city staff to conduct a review of the existing
plan’s goals and objectives.
Target industry refresh. TIP will revisit the established sectors and emerging opportunities
identified in the 2017 plan to evaluate how these sectors have been impacted by the
pandemic and associated economic upheaval.
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 21-10576
To the Mayor and Members of the City Council
April 20, 2021
Page 2 of 2
SUBJECT: ECONOMIC DEVELOPMENT STRATEGIC PLAN REFRESH
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
Equity and inclusion. Emphasis will be placed on ensuring the strategies and
recommendations in the plan are approached through an equity lens. TIP’s current work
establishing an Office of Economic Equity and Opportunity for Harris County will inform this
work.
Strategies. Once the goals and objectives have been confirmed, TIP will work closely with
staff to build out a matrix showing current strategies and suggested revisions.
IMPLEMENTATION
How have our priorities and resources changed?
Recommendations. Findings will be presented in an abbreviated written document. TIP will
also collaborate with staff to prepare an updated implementation matrix.
Rollout presentation
As a part of the process, staff and TIP Strategies will engage with a number of stakeholders to
provide an assessment of Fort Worth’s current economic development efforts and where we need
to adjust initiatives. Proposed stakeholders would include; Fort Worth Now, the Fort Worth
Chamber of Commerce, Fort Worth Metropolitan Black Chamber of Commerce, Fort Worth
Hispanic Chamber of Commerce, the Real Estate Council of Greater Fort Worth, Downtown Fort
Worth Inc., Southeast Fort Worth Inc., Near Southside Inc. and the East Fort Worth Business
Association.
The estimated time frame for completion is 5 to 6 months at a cost of $95,000, including expenses
(if any). The Economic Development Department is able to utilize funds currently included in the
FY21 departmental budget for this effort.
If you have any questions concerning this information, please con tact Robert Sturns, Economic
Development Director at 817-392-2663 or robert.sturns@fortworthtexas.gov.
David Cooke
City Manager