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HomeMy WebLinkAbout(0004) IR 21-10576 - Economic Development Strategic Plan RefreshINFORMAL 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 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 strategies, 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 plan 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 key 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. ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS 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 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 contact Robert Sturns, Economic Development Director at 817-392-2663 or robert.sturns@fortworthtexas.gov. David Cooke City Manager ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS