What is a strategic plan part 1

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Part 1 of a presentation created for online and in person general community outreach concerning the Monterey Park Economic Development Strategic Plan.

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What is a strategic plan part 1

  1. 1. What is the Monterey Park Economic Development Strategic Plan?
  2. 2. What is a Strategic Plan? <ul><li>A Strategic Plan is a framework for short-term and longer-term decision making, based upon an expression of a common vision and priorities. </li></ul>
  3. 3. What is an Economic Development Strategic Plan? <ul><li>A tool for dealing with a dynamic future </li></ul><ul><ul><li>Involves targeting revenue improvement. </li></ul></ul><ul><ul><li>Recognizes the financial challenges that the City is facing </li></ul></ul>
  4. 4. What is an Economic Development Strategic Plan? <ul><li>A tool for dealing with a dynamic future </li></ul><ul><ul><li>where decisions made today need to be: </li></ul></ul><ul><ul><ul><ul><li>monitored, </li></ul></ul></ul></ul><ul><ul><ul><ul><li>reevaluated, and </li></ul></ul></ul></ul><ul><ul><ul><ul><li>modified periodically as conditions change. </li></ul></ul></ul></ul>
  5. 5. What does the 2010 Economic Development Strategic Plan provide? <ul><ul><ul><li>Provides a comprehensive economic analysis of Monterey Park along with an extensive survey of influential residents, business leaders and elected and appointed officials . </li></ul></ul></ul>
  6. 6. What does the 2010 Economic Development Strategic Plan provide? <ul><ul><ul><li>Assesses Economic Performance Metrics: </li></ul></ul></ul><ul><ul><ul><ul><li>That are measurable </li></ul></ul></ul></ul><ul><ul><ul><ul><li>That are tied to specific marketing goals can be a vital tool in strengthening the economy of Monterey Park. </li></ul></ul></ul></ul>
  7. 7. What does the 2010 Economic Development Strategic Plan provide? <ul><ul><li>Focuses on the challenges needed to be faced beginning with: </li></ul></ul><ul><ul><ul><li>The perception of an &quot;Asian&quot; community </li></ul></ul></ul><ul><ul><ul><li>A lack of chain stores and main stream restaurants </li></ul></ul></ul><ul><ul><ul><li>Few entertainment options </li></ul></ul></ul><ul><ul><ul><li>Commercial areas looking rundown. </li></ul></ul></ul>
  8. 8. What does the 2010 Economic Development Strategic Plan provide? <ul><ul><ul><li>Examines the competitive municipal landscape of the western San Gabriel Valley. </li></ul></ul></ul><ul><ul><ul><li>Articulates a clear vision for the future of Monterey Park </li></ul></ul></ul><ul><ul><ul><li>Set goals, policies and implementation </li></ul></ul></ul><ul><ul><ul><li>Recommends actions that can set the framework for short-term and longer-term economic decisions. </li></ul></ul></ul>
  9. 9. What does the 2010 Economic Development Strategic Plan provide? <ul><ul><ul><li>Implements an Urban Design Concept study prepared to built upon the City’s adopted Pedestrian Linkages Plan </li></ul></ul></ul><ul><ul><ul><li>Provides pro forma analysis showing that under current market and planning conditions, many projects are not able to generate a reasonable rate of return without basically financial assistance from redevelopment </li></ul></ul></ul>
  10. 10. What does the Economic Development Strategic Plan provide? <ul><ul><ul><li>Identifies areas where the economic potential and community wealth could be increased </li></ul></ul></ul><ul><ul><ul><li>Provides recommendations for the 17 Economic Districts making up Monterey Park </li></ul></ul></ul>
  11. 11. What are Monterey Park’s Land Use and Economics foundations? <ul><li>Monterey Park is well located just east of downtown Los Angeles with regional access to major freeways, rail and bus transit systems; its neighborhoods are generally “walkable” with opportunities for improvement. </li></ul>
  12. 12. What are Monterey Park’s Land Use and Economics foundations? <ul><li>Excellent connectivity through freeway access and regional rail transit </li></ul><ul><li>Economic districts are generally assessed to have at least medium walk-ability with several districts exhibiting high walk-ability scores </li></ul>
  13. 13. What primary economic factors impact the City of Monterey Park? <ul><li>Land use </li></ul><ul><li>Business development </li></ul><ul><li>Job formation </li></ul><ul><li>Investment </li></ul>
  14. 14. What economic factors constrain the City of Monterey Park <ul><ul><ul><li>Lack of larger, vacant parcels, </li></ul></ul></ul><ul><ul><ul><li>Multiple parcel owners </li></ul></ul></ul><ul><ul><ul><li>Older structures. </li></ul></ul></ul><ul><ul><ul><li>Limited lot size </li></ul></ul></ul><ul><ul><ul><li>Limited viable development opportunities </li></ul></ul></ul>
  15. 15. What is noticeably missing from Monterey Park <ul><li>Largely due to limited fiscally viable and developable land </li></ul><ul><ul><li>Missing regional, super regional shopping centers and “big box” retailers </li></ul></ul><ul><ul><ul><li>Wal-Mart, Target, Kohls, Costco, Home Depot, and Lowe’s </li></ul></ul></ul>
  16. 16. Resulting “Retail Gap” for the City of Monterey Park <ul><li>Indicates that the actual point-of-sales retail expenditures in City stores were much lower than the estimated retail spending potential of City households </li></ul>
  17. 17. Resulting “Retail Gap” for the City of Monterey Park <ul><li>The current retail leakage -- or lost retail opportunity -- estimated in 2009 at $290.0 million </li></ul><ul><li>Certain selected economic districts evaluated as particularly under-performing in terms of retail sales tax generation </li></ul>
  18. 18. Resulting “Retail Gap” for the City of Monterey Park <ul><li>The downtown Central Business District (CBD) is the heart of the city and yet it is underperforming in terms of retail sales tax indicators ($58/sqft vs. 106/sqft city-wide average) </li></ul>
  19. 19. Resulting “Retail Gap” for the City of Monterey Park <ul><li>Conversely, other selected economic districts, such as Monterey Pass Road, were performing well in terms of non-retail sales tax generation -- i.e., business-to-business </li></ul>
  20. 20. Creating a Community Vision <ul><li>Creating a Community Vision that directly addresses these perceptions and realities with the true potential of Monterey Park is the challenge </li></ul>

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