15 Staff Report Economic Vitality Program Annual Update
DATE: TO: FROM: COUNCIL AGENDA REPORT FEBRUARY 24,2004 MAYOR AND TOWN COUNCIL DEBRA 1. FIGONE, TOWN MANAGER MEETING DATE: 03/01104 ITEM NO. /5 SUBJECT: ECONOMIC VITALITY PROGRAM ANNUAL
UPDATE RECOMMENDATION: Discuss and accept Economic Vitality Program Annual Update BACKGROUND: In July, 2002, the Town Council approved the Town ofLos Gatos Economic Vitality Program.
The Program is intended to serve as one ofthe many tools to implement the Town ofLos Gatos General Plan and enhance the fiscal stability of the Town. Attachment 1 is a copy of the Program
which indicates that annually a report should be prepared for the Town Council summarizing the previous year's efforts. Following is a summary of accomplishments for the calendar year
2003. DISCUSSION: This. challenging fiscal time highlights the importance of the Town's economic vitality program. Retaining and expanding existing businesses, and assisting others to
locate in Los Gatos help to strengthen the economic base. In particular, strong businesses contribute to the Town's revenue base that funds services to the community. Given the downturn
in the Town's economically-sensitive revenues, such as sales tax, hotel/motel tax, interest income, and others, it is important to focus on helping the business community to be successfuL
In addition to contributing to the Town's fiscal health, local businesses also provide employment opportunities and a local source of goods and services for the community. PREPARED BY:
LeA10 Pamela S. Jacobs Assistant Town Manager Bud . \":s. CommunitY Development Director j Reviewed by: Town Manager __Town
Attorney __Clerk jt/Finance __Community Development Revised: 2/26/04 3:37 pm Refonnatted: 5/30/02
PAGE 2. MAYOR AND TOWN COUNCIL SUBJECT: ECONOMIC VITALITY PROGRAM ANNUAL UPDATE February 26, 2004 Summary of Accomplishments -2003 During the calendar year 2003, the Town undertook many
activities to enhance economic vitality in the Redevelopment Area and town-wide. Efforts were in the areas of Business Retention, Expansion and Attraction; Infrastructure Improvements;
Marketing; and Affordable Housing and Real Estate. Business Retention, Expansion andAttraction • Met with the Los Gatos Auto Dealers on a regular basis, including holding a discussion
to determine their interest in pursuing a joint advertising campaign. • In conjunction with the Chamber of Commerce, helped organize the Los Gatos Lodging Association. . • Visited over
100 businesses as part of the Business Visitation Program. • Facilitated the Council business commendation program. • Assisted Silicon Valley Bentleyin 0 btaining approvals to renovate
and operate a Rolls Royce showroom in a former fitness studio. • Assisted Trader Joe's in the opening oftheir store in theLos Gatos Village Shopping Center. • Assisted the Learning Game
with the opening ofa store in the former Any Mountain Space. • Assisted Walgreens obtain approvals to renovate the former Staples building for a store. • Continued to work with Netflix
to ensure they keep their headquarters in Los Gatos in order to retain their corporate presence and sales tax in Los Gatos. • In conjunction with the Director ofFinance, worked with
one ofthe Town's previous top ten sales tax generating companies and the State Board of Equalization to protect nearly $1 million in sales tax generated from this business that other
cities were attempting to claim. • Initiated a study ofPersonal Service Businesses in the downtown and began the process of formulating regulation reconimendations for consideration
by the Council. • Hosted a business outreach event for the Northside area. In conjunction with the Town Hall in the Neighborhood program, invited businesses to attend neighborhood outreach
meetings for East Los Gatos and the La RinconadaIVasona Station areas. Completed business surveys for these areas. • Served as the business liaison to the community and assisted businesses
navigate through Town development processes. Infrastructure Improvements and Beautification • In conjunction with the Parks and Public Works Department, completed the second phase ofthe
Downtown Streetscape project. • Initiated the downtown Gateway Design process and facilitated a working group to develop recommendations for gateway elements at Highway 9/Santa Cruz
Ave. and Wood Rd.lSanta Cruz Ave. Recommendations will be presented to Council in Spring 2004.
PAGE 3 MAYOR"AND TOWN COUNCIL SUBJECT: ECONOMIC VITALITY PROGRAM ANNUAL UPDATE February 26, 2004 Marketing •• In conjunction with the Chamber of Commerce, developed a commercial promoting
the Town that was aired during November and December, 2003. Completed the banner design process for Downtown and Los Gatos Blvd. and ordered and installed hardware and banners in the
spring of 2003. A holiday banner was designed and installed in November 2003. Affordable Housing and Real Estate • . Assisted Habitat for Humanity in completing a house at 25 Charles
St. • Structured an agreement with Project Match to renovate a house on Blossom Hill Rd. to serve as a senior residence for five very low income seniors. . . • Continued discussions
with the owners of20 Ditto's Lane regarding the potential use of this property for affordable housing development. • Worked to assist in the development of a loan program for new second
units in order to make them affordable. • Participated in discussions with the County regarding an exchange of property at Vasona Park and coordinated the appraisal ofthe properties.
• Managed the rental of Town-owned homes. o Completed the process to extend the Agency's Eminent Domain Authority for an additional 12 years. Looking Forward -2004 Staffing for Redevelopment
and Economic Vitality In January, 2004, Marty Woodworth, the Town's Redevelopment andEconomic Vitality Manager left the Town to pursue other interests. The Town Manager is viewing the
vacancy as an opportunity to evaluate options for the effective delivery of redevelopment, affordable housing and economic vitality services. At present, a team of staff has assumed
the duties of the vacant position. The Town Manager, Assistant Town Manager, Community Development Director, and Finance Director are ensuring that economic vitality remains a priority.
In particular, the Town Manager and Assistant Town Manager are maintaining contact with businesses and the Chamber of Commerce. The Community Development Director is assisting businesses
with the development process, the Assistant Town Manager is continuing to lead marketing efforts, and the Finance Director is continuing to monitor Redevelopment Agency matters. In addition,
the Community Services Director continues to manage the Town's Below Market Price housing and rental dispute programs. Regardless of the option ultimately selected for redevelopment
and economic vitality responsibilities, a team approach will be implemented. More than one individual will be responsible for keeping economic vitality a priority, although one staffperson
may be the "point
PAGE 4 SUBJECT: ECONOMIC VITALITY PROGRAM ANNUAL UPDATE February 26, 2004 person" for analysis, and 900rdination of efforts. The
team noted above will have key roles in ensuring a high profile for economic vitality. In addition, the entire Executive Team (i.e., Department Directors) will be ambassadors for the
Town and participate in building and maintaining positive relations with the business community. Options being considered for managing specific redevelopment and economic vitality responsibilities
include assigning some redevelopment, housing, and project development duties to the new Assistant Director of Community Developmeht when hired, depending on the individual's skill set.
The current Redevelopment and Economic Vitality Manager position may evolve into a "Specialist" position in recognition of the shared duties with other positions. This position would
serve as the "point person" for economic vitality as described previously. The Town Manager is considering options for the location ofthis position in the Manager's Office or the Community
Development Department. Key Projects for 2004 In addition to ongoing activities in Business Retention, Expansion and Attraction; Infrastructure Improvements; Marketing; and Affordable
Housing and Real Estate, staff will focus on two key projects in 2004. First is marketing the Town. At the Town Council retreat in January 2004, the Council concurred that the Town should
pursue the development and implementation ofamarketing plan. The goals ofthe marketing plan will be to encourage Los Gatos residents to shop in Los Gatos, and to encourage non-residents
to visit and stay here. Staffwill bring a draft lIlarketing'plan to the Council in the Spring, which will set forth the goals and describethe roles of the ToWn, Chamber of Commerce,
and business community in implementing the plan. The second key project in 2004 will be the focus on the North 40 Specific Plan. Having a plan in place to guide development of the last
remaining, sizable parcel of land is vital to the Town's economic outlook. The North 40 Specific Plan is on the Advanced Planning Work Plan for FY 04/05. CONCLUSION: Economic vitality
remains a priority for the organization. In these fiscally challenging times, it is increasingly important to help local businesses succeed. A team of staff is committed to carrying
forward redevelopment and economic vitality activities on behalf of the Town. ENVIRONMENTAL ASSESSMENT: Is not a project defined under CEQA, and no further action is required.
PAGE'S MAYOR AND TOWN COUNCIL SUBJECT: ECONOMIC VITALITY PROGRAM ANNUAL UPDATE February 26, 2004 FISCAL IMPACT: There is no fiscal impact associated with this action. Attachments: Town
9fLos Gatos Economic Vitality Program, July 2002
I THE TOWN OF LOS GATOS ECONOMIC VITALITY PROGRAM ADOPTED BY THE TOWN COUNCIL JULY, 2002 Prepared by the Los Gatos Redevelopment Agency 110 E. Main St. Los Gatos, CA 95030 ATTACHMENT
1
THE TOWN OF LOS GATOS ECONOMIC VITALITY PROGRAM TABLE OF CONTENTS Page 1. Introduction 1 2. Purpose and Mission 2 3. Guiding Principals 3 4. Economic Vitality Program Summary 3 5. The
Town ofLos Gatos -A Brief Overview 3 6. Strengths, Weaknesses, Opportunities and Threats (SWOT) 4 7. Detailed Economic Vitality Work Program A. Business Retention and Expansion 6 B.
Targeted Business Attraction and Development 8 C. Working with Specific Groups of Businesses/Properties 8 D. Annual Monitoring 9
1. Introduction The Economic Vitality Program is one ofthe many tools used to implement the Town ofLos Gatos General Plan. The General Plan is the community's constitution for development,
the foundation upon which all land use decisions are to be based. The General Plan is a legal document that reflects the interests ofthe citizens of Los Gatos in terms ofhow they would
like their community to look and feel. The Los Gatos General Plan was recently updated after extensive citizen involvement, including the involvement oftwo major tasks forces which met
for seven months each reviewing issues. These tasks forces included members from all neighborhoods, area, and business districts of the Town in order to represent all interests. The
Economic Vitality Program will directly or indirectly implement the following General Plan Goals: L.G.1.1 L.G.5.1 L.G.5.2 L.G.6.2 L..G.7.4 L.G.7.5 T.G.1.1 T.G.6.1 Y.G. 1.1 To preserve,
promote, and protect the existing small town character and quality of life within Los Gatos. To provide residents with adequate commercial and industrial services. . To maintain a balanced,
economically stable community within environmental goals. To preserve downtown Los Gatos as the historic center of the Town with goods and services forlocal residents while maintaining
the existing Town identity, environment and commercial viability. . To promote commercial activity that complements the whole Town. To provide a dependable source of income, employment
opportunities, goods and services To develop transportation systems that meet current and future needs ofresidents and businesses. To provide adequate parking for existing and proposed
uses, and to minimize impacts on surrounding residential neighborhoods, including construction new public or private parking structures, and valet parking. To promote the construction
of Vasona Light Rail and mass transit facilities in the Route 85 median. The Economic Vitality Program will serve the citizens ofLos Gatos in several direct ways. First, it will work
to maintain, expand and attract successful businesses that serve the needs of local residents. These businesses include retail, service and food related businesses upon which residents
depend. By having businesses local, residents do"not have to drive longer distances to neighboring communities and it helps foster a true sense of community. In addition, local sales
tax dollars remain within the community for uses to serve its residents. Second, the Program will help keep the Town of Los Gatos Government fiscally stable, thereby allowing for continued
high quality services to its residents. Although Los Gatos is an affluent area, the Town government"has limited resources and limited ability to increase revenues. High 1
quality Town services are an important component in maintaining the high quality of life in the Town. Services such as public safety, land us(;: review and approval, parks and recreation,
and street repairs are critical to the Town, but costly. Under California Law, the Town has limited ability to increase tax revenues to pay for services. Maintaining and increasing sales
tax and hotel tax revenues are one ofthe few areas where the ToWn has some control, without increasing taxes to residents. Therefore, the Economic Vitality Program focuses on business
retention, attraction and expansioIf as means to generate Townrevenue in order to provide services to its residents. However, in doing so the Town has the ability to be selective about
the businesses it assists while maintaining .the high· quality standards for which Los Gatos is known. Third, the Program will help to generate jobs for Los Gatos residents. By having
a diversity of business types, a variety oflocal jobs are created for which Los Gatos residents may be eligible. Employment within a community in which residents live is extremely desirable,
thus avoiding lengthy commutes that may otherwise be required. Finally, many ofthe businesses in Los. Gatos are locally owned and operated. The Economic Vitality Program strives to help
local businesses be successful. This benefits not only the Town and its residents but also the local owners of these businesses. In surrnnary, the Economic Vitality Program shall serve
as an important tool in implementing the goals and policies ofthe Town's General Plan. Itwill serve the community by assuring the provision oflocal goods, services ap.d employment for
while generating revenue for the Town in order to provide municipal services. Through this proactive approach, the Town is more likely maintain a stable economy and
a healthy community. 2. Purpose and·Mission The purpose and mission ofthe Town of Las Ga.tos Economic Vitality Program is to: • Preserve and enhance the Town's charm and high quality
oflife • Provide goods and services desired by Los Gatos residents • Increase the economic vitality and diversity of the Town • Maintain and increase sales tax revenues • Maintain and
increase Transient Occupancy Tax (i.e., Hotel or TOT) • Maintain and increase tax increment revenue to the Redevelopment Agency • Create jobs for Town residents • Diversify and balance
the local economy • Recognize the contributions that businesses make to the Town • Anticipate changes in the local economy and deal with them in a proactive manner 2
I --, 3. Guiding The Los Gatos Economic Vitality Program is based on the following principles: • Protecting the Town's high quality of life while balancing the need for
goods and services for Town residents and tax revenues to support the Town's municipal operations • Providing a wide variety of good and services to serve the community in order to minimize
the need for residents to travel to other communities • Recognizing that the Town is not an island, and that it is subject to the economic changes of Silicon Valley, California and the
nation, thus requiring a proactive approach in protecting and enhancing its local economy • Being "User Friendly" which provides the best Customer Service for all of the Town's customers
• Using a Team Approach to bring all Town departments and resources together to work cooperatively with businesses 4. Economic Vitality Program Summary The focus of the Town ofLos Gatos
Economic Vitality Program is developed around the following core programs which will be detailed later in this document: A. Business retention and expansion, including business visitations,
business recognition, business surveys, and working with the Chamber of Commerce B. Targeted business attraction of key businesses that have been determined to be -absent in the Town
but desirable by residents to have here. C. Working with specific groups ofbusinesses and property owners including, but not limited to the auto dealers, hotels/motels and the ''North
Forty." D. Annual monitoring of activities and reporting to the Town C0UI?-cil 5. The Town of Los Gatos -A Brief Overview The Town ofLos Gatos is nestled at the base ofthe Santa Cruz
Mountains, approximately 60 miles south of San Francisco in the southwestern portion of Santa Clara County. The Town is by the City of San Jose to the north and east, the
City of Campbell to the north, and the cities ofMonte Sereno and Saratoga to the west, and unincorporated County of Santa Clara and the County of Santa Cruz to the south. Los Gatos is
one of Santa Clara County's oldest communities, being incorporated in 1887. It has a population of approximately 30,000 persons and encompasses about 14 square miles. The Town originally
developed at a distance from other population centers and therefore 3
evolved as an independent community having residential, commercial and industrial areas. The economics of the 'Town have changed front wheat fanning, milling, logging, 'orchard and cannery
businesses in the 19th and 20th centuries to the suburban, "high tech", visitor destination businesses oftoday. The Town is situated within the largest metropolitan area ofnorthern California,
and is close.ly tied to Silicon Valley and its fast paced economy. Los Gatos, however, retains a mix ofresidential, commercial and light industrial uses, attracts many visitors, and
continues to retain its small town image. Los Gatos prides itself as a "self contained community." Hundreds of businesses serve the residents and act asa destination point for visitors
who are attracted to its restaurants, hotels and variety ofshops within apedestrian oriented downtown setting. The Town is. also an"inclusive" community with the full mix of ages, family
sizes and incomes. Los Gatos has many parks and greenbelt areas, as as a vibrant downtown area. Downtown Los Gatos is listed on the National Register ofHistoric Places and is
the model ofwhat communities strive to achieve in a downtown. What makes Los Gatos special is its small town atmosphere, strong sense ofplace, varied architecture, reminders ofthe past,
traditions, unique physical s<:,tting, good schools, low crime rate, and the concerned and involved people who make up the community: The overall community consensus is that Los Gatos:
• Be a full-serve cormllUnity that is also environmentally sensitive; • Maintain a balanced, well-designed mix ofresidential, commercial, service and open space uses, fostering a pedestrian-oriented
community with a small town, village-like character; . • Support an active business community that provides a wide variety of goods and services and a broad range of employment opportunities,
minimizing the need to travel to other corrimtmities; • Provides a well-run, efficient municipal government that is fiscally healthy, with high levels ofpublic safety, recreational,
art, cultural amenities and that is committed to high quality education. This Economic Vitality Program is one ofmany tools that the Town will use to strive to achieve the aforementioned
goals. 6. Los Gatos Strengths, Weaknesses, OlWortnnities and Threats (SWOT Analysis) A. Strengths • Highly desirable community with high incomes· • Small town atmosphere and strong sense
ofplace • Well educated and involved residents 4
• Strong land use protection policies • Excellent public education system • Extremely successful downtown area • Located in Silicon Valley, the most successful high-tech region in the
world • Redevelopment Agency and Chamber of Commerce to assist businesses • Significant Town revenue from auto sales and hotel taxes • Balance of retail, professional and high technology
uses • Stable Town government and budget + Good access from Highway 17 and Highway 85, and future light rail B. Weaknesses· • . Town has limited funding for needed capital improvements
such as street upgrades, repair of storm drain lines, downtown parking and traffic improvements • Limited vacant commercialloffice/industrialland for new development + High cost ofland
• High lease rates for commercial buildings + High cost ofhousing • High cost ofIabor + Large portion of sales tax revenue (27% comes from a single sector -auto sales) + Traffic in the
Town and in the region • Town "perceived" as expensive -may hurt certain uses + Town has little room for expansion of commercial/retail uses + Town has limited ability to increase revenues
for municipal services· c. Opportunities + Enhancements to the downtown including beautification improvements and parking which will further strengthen the downtown and increase tax
revenues • Development of"North Forty" -largest piece ofland available in the Town for commercial uses -could be significant revenue generator, employment center, ahd provide uses that
are desirable but currently lacking in the Town. • Sobrato Development -Winchester Blvd. & Highway 85 -one of the largest office sites remaining in the Town. Nearly 300,000 sq. ft. of
office space and 135 apartment units to be constructed-could house a corporate headquarters with name recognition for the Town and potential tax revenues depending on the use • .Redevelopment/retenan
ting of certain older properties in town to bring in new and desirable uses, improve the appearance of these buildings, and 5
increase tax revenues + New hotels (e.g. Los Gatos Hotel on Main St.) and expansion of older hotels (e.g., Los Gatos Lodge, Toll House) thereby increasing TOT and tax increment revenue
to the Redevelopment Agency + Enhance the image ofLes Gatos Blvd. to strengthen this important business district in the Town + Protect and enhance the viability ofneighborhood shopping
area throughout the Town as an important resident serving use D. Threats + Loss ofsome ofthe auto dealers as they move to "auto rows" or "auto malls" (McHugh recently moved to Capital
Expressway Auto Mall). Could have significant impact on sales tax revenue for the Town + Slowing local economy'-reduction in sales tax (particularly auto dealers) and lower occupancy
rates in hotels thus reducing TOT + Loss of one or more high-tech finns.that generate significant tax revenue and provide a significant number ofjobs for the community + Attempts to
address downtown parking issues through parking management plan may not go far enough + Reduced Town revenues resulting in a reduction ofmunicipal services and deterioration ofTown infrastructure
. 7. Detailed Economic Vitality: Work Program A. Business Retention and Expansion AI. Business Visitations: The Town should develop a structured business visitation program whereby the
most significant businesses in Town in terms of revenues generated and employment will be'll1et with annually. The purpose of the visitations will be to develop relationships with the
businesses, discuss how the business is doing (planS to expand or downsize) and offer any assistance that the Town may provide. Staying in touch with businesses will allow the Town to
monitor business activity in Town better and project Town revenues. A2. Business Recognition Annual Event: Annually, the Town should hold a business recognition event. This may take
the form of a reception or lunch where the larger businesses are invited to meet with Town officials and appreciation is extended by the Town. A3. Letters to New Businesses: When a new
business license is issued, a letter from the Town welcoming the business to Town should be sent out along with other Town and/or Chamber information. 6
A4. Annual Letter to Businesses with renewal ofbusiness license: Annually in December of each year, business licenses are renewed. This is an opportunity to send out with the renewed
license a letter from the Town expressing appreciation for the business being in Lo"s Gatos AS. Survey ofBusinesses: Periodically, a briefbusiness survey should be mailed out to specified
businesses asking for input on how their business is doing and seeking input on how the Town can be more responsive to. business. A6. Business Expansion: When staff learns of an existing
business that plans to expand, every effort should be made to facilitate an expansion at their current location or with a relocation to a large space within the Town ofLos Gatos. The
Manager may serve as a liaison in helping to facilitate the permitting process. A7. Business Liaison: The Redevelopment Manager should serve as a liaison between
the business community and Town Hall. Businesses that have a concern or problem may contact the Redevelopment Manager who can assist them in resolving the matter. Assistance may include
referral to the proper person or department that should handle a matter, scheduling meetings with appropriate Town officials and offering advice. AS. Special Meetings for Non-Downtown
Shopping Districts: The shopping centers/district that are not in the downtown area have sometimes expressed concern that they don't feel part ofthe Town. For these three or four areas,
an annual meeting should .. be held in the area with Town officials to discuss issues and express appreciation for these businesses. A9. Monitor Sales Tax: The Town receives quarterly
sales tax reports from its consultant, MBIA. The Redevelopment Manager and Finance Director should review these on a regular basis and look for trends or areaS of concern and thencontact
businesses as maybe-necessary to determine problems or trends. AIO. Work with Chamber ofCommerce: The Chamber plays a very important role in working with businesses throughout the Town.
The The Town and Chamber need to continue to work as partners in assisting the business community. All. Marketing Materials/Gifts: Simple, yet high quality, marketing materials and/or
gifts should be developed and distributed when making business visits or during recognition events. These materials should portray the look and feel ofthe Town. They may take the form
of coffee cups, paper weights, a professionally designed Town brochure or similar items. 7
B. Targeted Business Attraction & Development B1. Targeted Business Attraction: Through citizen surveys and resident contact, the Town should identify uses that are desirable in Town,
but currently absent. The Redevelopment Manageron an ongoing basis should contact these businesses and work with them to see ifit is possible for them to expand into Los Gatos. Such
uses must be in keeping with the Town's vision and character and be of the highest quality design. B2. .Targeted Tenanting of Specific Buildings: The Redevelopment Manager should network
with the real estate brokerage con:;u:nunity and business and property owners in order to be aware when key buildings will have a vacancy. The Redevelopment Manager should work with
the building owner, their broker and prospective tenants to find a tenant desirable to the community and assist them through the permitting process. B3. Development ofKeyParcels: There
may be specific vacant orunderutilized parcels that the Town takes a specific interest in their development or redevelopment. The Redevelopment Manager should work to develop a list
of potential parcels and then work with the property owners should the wish to pursue development. C. Working with Specific Groups of Businesses/Properties C1. Auto Dealerships: The
seven auto dealerships in Los Gatos provide a number ofbenefits to the Town including
sales and service to Town residents, significant sales tax to the Town (nearly $2 million annually), and jobs for Town resident's. The auto dealers need assistance from the Town in order
to update their facilities and make improvements that will keep them competitive in Los Gatos. The Town should meet periodically with the auto dealers to discuss ways to strengthen the
automobile sales business in Los Gatos while remaining sensitive to the concerns of sUlTounding neighborhoods and other land use considerations. C2. HotelslMotels: The Town has six hotels/motels
with a seventh one to be completed by summer 2002. The hotels/motels are an important part of the Los Gatos economy for several reasons.. They provide lodging for business and vacation
travelers coming to Los Gatos and Silicon Valley. Those travelers also spend money in the Town which support local businesses as well as generates sales tax for the Town. The hotels/motels
provide employment for Los Gatos residents and other. Finally, they are an important source ofrevenue for the Town -Transient Occupancy Tax (TOT) of over $1 million annually. The Redevelopment
Manager should meet with the owners/managers ofthe hotels/motels and provide recommendations or suggestions in terms ofhow the 8
Town may assist them. This could include plans for expansion and/or renovation of facilities, marketing, and other logistical issues. C3. North Forty: The "North Forty" also know as
the "Yuki" property is primarily an orchard area located adjacent to Highway 17 and Highway 85 at the . northen end ofthe Town. This property represents the largest and most significant
commercial development opportunity for the Town. Potential for the property includes providing retail uses desired, but currently lacking in the Town, as well as generating significant
tax revenues for the Town. The Town should continue to work closely with the Yuki family and the community in completing the Specific Plan to guide future development in this key area.
D. Annual Monitoring Dl. Annual Monitoring Report: Annually, the Redevelopment Manager should prepare a report for the Town Council summarizing the previous years economic development
efforts, reporting trends, areas ofconcerns, and areas to focus on for the upcoming year. N:\DEVlMarty\econdevitem\econdevplan2002.wpd 9