Title
Receive a memorandum from Economic Development staff detailing Economic Development Accomplishments for FY24-25.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors receive a memorandum from Economic Development staff detailing Economic Development Accomplishments for FY24-25.
SUMMARY:
During FY 2024-25, Economic Development accomplished the following for each of the projects, programs and collaborations listed below:
Attraction, Retention and Expansion Projects: Provided economic development assistance to over 60 businesses. Assisted with 9 attraction leads from the Governor’s Office of Business and Economic Development (Go-Biz). Attended and presented at several events, including Monterey Bay DART Symposium, Monterey Bay Defense Alliance, Team California, California Association for Local Economic Developers, Salinas Inclusive Economic Development Initiative, and Monterey Peninsula Chamber of Commerce. Represented the County at the Internation Council of Shopping Centers (ICSC) Conference, World Agriculture Expo, Meet the Consultants, and several local conferences/events.
Economic Development Set-Aside Program: During FY24-25, the Economic Development staff worked closely with the Economic Development Committee to review and revise the Development Set-Aside Program. The revised program guidelines and criteria were approved by the Board of Supervisors.
Small Business Revolving Loan Fund (SBRLF) and City Partner Collaborations: The SBRLF was in revolving status during this fiscal year and was unable to issue new loans. The SBRLF did assist with retaining 9 jobs and helped to create 17.5 jobs. Economic Development along with Cal Coastal continued with marketing efforts to engage small businesses throughout the County. Economic Development is actively working with all 12 city partners and non-profit associations to identify economic development initiatives where the County can participate and collaborate.
Other Economic Development Projects/Programs: Economic Development has been partnering with neighboring Counties to market the Central Coast Recycling Market Development Zone (RMDZ) and resources associated with the program. Economic Development continues to work closely with Monterey Bay Economic Partnership (MBEP) on the Community Economic Resilience Fund (CERF) Jobs First Program. In collaboration with Grow America and CVL Economics completed the second annual update. Work on Year 2 update began in January 2024 with data analysis update for the three target sectors (Agriculture, Tourism and Hospitality, and Health Care & Social Assistance), and exploration of available data and literature related to Defense Department activity in the region and a qualitative review of the technology and innovation ecosystem in Monterey County. Economic Development has also been working in partnership with Nick Pasculli, Director of Communications and his team, to develop several hi-resolution marketing materials and business resource guides for economic development purposes.
OTHER AGENCY INVOLVEMENT:
County Counsel has approved the above memorandum as to form. The Economic Development Committee received and approved this report.
FINANCING:
Receiving this report does not impact the County budget.
BOARD OF SUPERVISORS STRATEGIC INITIATIVES:
The above memorandum provides economic development services that support the Board approved Strategic Initiatives.
Mark a check to the related Board of Supervisors Strategic Initiatives
X Economic Development
_ Administration
_ Health & Human Services
_ Infrastructure
_ Public Safety
Prepared by: Isela Sandoval, Management Analyst, x7514
Approved by: Richard Vaughn, Economic Development Manager, x5602
Attachments:
Economic Development FY24-25 Memo