2012 draft economic development plan

1. 2012 Draft Economic2012 Draft Economic
Development PlanDevelopment Plan
Presentation toPresentation to
City CouncilCity Council
Monday, March 19, 2012

2. 07/23/14 2

3. 2012 Draft Economic Development Plan2012 Draft Economic Development Plan
On January 11, 2010, the City Council adopted an Economic
Development Vision Statement for Evanston:
The two main goals of the Vision Statement:
•Job Creation (a/k/a “employment growth)
•Increased taxes/revenues (a/k/a “tax base enhancement”)
07/23/14 3
“Evanston promotes and supports a citywide entrepreneurial
culture that retains and expands existing businesses, attracts
new businesses and fosters start-ups, including technology
companies. Employment growth and tax base enhancement
are two essential elements of this vision. Increased
employment of Evanston residents by Evanston employers is
an important component of this vision.”

4. The 2010 Economic Development Strategy identified four
major components of economic development activities.
These include:
o Business Retention and Expansion
o Business Attraction
o Area and Commercial Revitalization and
Redevelopment
o Marketing
07/23/14 4
2012 Draft Economic Development Plan2012 Draft Economic Development Plan

5. This Plan builds off Vision Statement; based on strengths of Evanston:
 Quality of life;
 Culturally and socio-economically diverse population;
 High quality public school system;
 Internationally recognized university;
 Renowned cultural and performing arts;
 Strong health care institutions;
 Access to public transportation;
 Lake Michigan waterfront; and
 Strong entrepreneurial and innovative business community
These assets enable Evanston to retain, grow and attract businesses,
strengthen commercial centers throughout the City, and encourage
investments in work force training.
07/23/14 5
2012 Draft Economic Development Plan2012 Draft Economic Development Plan

6. As the City’s economic development focus continues to evolve and
adapt to changes in the marketplace, efforts will be guided by Key
Economic Development Principles derived from the Vision Statement:
•Retain, expand, and attract businesses Citywide, emphasizing
Innovation;
•Nurture Entrepreneurship in Evanston;
•Create jobs and Workforce Training opportunities for Evanston
residents in diversified business sectors; and
•Promote Evanston – locally, regionally, and nationally – as an
innovative and progressive place by reinforcing the strengths of our
diverse residential, educational, cultural, and business communities.
07/23/14 6
2012 Draft Economic Development Plan2012 Draft Economic Development Plan

7. This Plan encourages growth of the economy through
continued support of neighborhood and commercial areas
throughout the city through traditional industries:
•Retail (general retail, restaurant, neighborhood services)
•Office
•Manufacturing
…and identification of Five Targeted Industries to promote
additional diversification in job creation and revenue growth,
and which compliment strengths of the City.
07/23/14 7
2012 Draft Economic Development Plan2012 Draft Economic Development Plan

8.  Technology-Based Businesses - With private-sector/institutional partners,
the City plans to:
• Galvanize existing entrepreneur base to create innovation hub
• Support physical and virtual programs/spaces to foster transition from startup to
growth stages
• Provide a focal point for angel and venture capital investors
• Identify opportunities for modern office/laboratory space for business expansion and
attraction
 Health Care and Wellness
• In 2009 ~18% of US workforce was in health care industry; by 2018, this is expected
to grow to 22%, adding ~3 million jobs1
• Evanston’s advantage = two Hospitals (North Shore Evanston and St. Francis)
• City will explore opportunities for medical device suppliers/manufacturers, ancillary
health care services and wellness facilities
• City will assess existing space; recruit development partners, as needed, to meet
space needs
1
Source: Centers for Disease Control and Prevention
07/23/14 8
2012 Draft Economic Development Plan2012 Draft Economic Development Plan
Five Targeted IndustriesFive Targeted Industries

9.  Baby Boomer Markets
• As of 1/1/11, Baby Boomers made up 26% of U.S. population, ~78 million people2
• Evanston is attractive to Boomers: nationally recognized university, strong health care
options, an active downtown, and a diverse cultural and entertainment base
• City will explore opportunities for “age-friendly” businesses and cultural and
entertainment venues
• Consideration of future age-in-place opportunities and challenges
 Arts and Entertainment
• Evanston’s strong arts culture appeals to various age groups and supports
creative/innovative residents, businesses/workers, and visitors
• Retaining/expanding arts and entertainment opportunities adds creative sector jobs
and generates additional revenue opportunities (liquor, amusement taxes)
• NEA grant and interviews with key stakeholders will allow more detailed study of
opportunities for performing arts and entertainment venues throughout the City
2
Source: “Baby Boomer Insight” Website
07/23/14 9
2012 Draft Economic Development Plan2012 Draft Economic Development Plan
Five Targeted Industries – cont’dFive Targeted Industries – cont’d

10.  Water Industries
• One of Evanston’s greatest assets is access to water
• Provides advantage in targeting water research, water sciences, and related
industries and water-intense businesses (such as bio-tech)
• City will assess existing space; identify opportunities for development of modern
office and laboratory space for water-based businesses
• Sale of water is one of Evanston’s biggest revenue generators: when local
development is not an option, City will explore opportunities for regional economic
development partnerships in communities which buy water from Evanston.
07/23/14 10
2012 Draft Economic Development Plan2012 Draft Economic Development Plan

11. Next Steps
•City will draft Updated Economic Development Work Program
•Updated Work Program will define strategies and actions for the
implementation of this Plan
•Updated Work Program will include measurable outcome criteria for evaluating
economic development activities
Ongoing Evaluation
•City will re-assess priorities and programs in light of changing conditions and
opportunities on regular basis
•City will track measurable outcomes to allow for annual updates
•City will embark on comprehensive review of the goals, principles and targeted
industries every two years
07/23/14 11
2012 Draft Economic Development Plan2012 Draft Economic Development Plan