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It brings in new income into the community helping to spawn local spending <br />and wealth creation. And most importantly, it impacts the City’s ability to <br />retain and return its best and brightest by expanding local employment and <br />creating opportunities for new businesses. <br /> <br /> <br />Economic Development Strategy <br />The economic development model is based on the Economic Development Model <br />overlap of industry and innovation, human talent, and <br />quality of place. <br /> <br />Industry & Innovation. In the economic development <br />model, “industry” considers the full complement of <br />economic activities, from traditional industrial <br />employers to entrepreneurship, as well as the physical <br />infrastructure (industrial parks, sites, transportation <br />etc.) and business climate to support those activities. <br />“Innovation,” is about the opportunities for expansion <br />of existing companies, and the best targets for <br /> <br />recruitment. These are important building blocks of an <br />Economic development occurs where industry and <br />economic development plan. <br />innovation find talent in a place that offers a quality <br /> <br />of life that attracts and retains both. <br />Talent. “Talent” refers to the individuals that possess <br />the skills and values to make organizations effective. <br />The concept of “talent” means more than a skilled workforce. It means <br />bringing talented people to the community, as well as cultivating the existing <br />talent pool. It refers to groups as diverse as students, retirees, and <br />entrepreneurs. It also involves ensuring that the employees and companies <br />that have been responsible for a community’s economic health continue to <br />see reasons to remain in the area. <br /> <br />Quality of Place. Much has been written about the importance of “quality of <br />life” to the site selection process. Communities throughout the nation have <br />positioned themselves by touting their advantages in this regard – good <br />schools, attractive neighborhoods, strong presence of history and culture, <br />safe streets, pleasant weather. These factors are obviously important, but <br />the focus is still too narrow. Quality of life assumes that everyone thrives in <br />the same environment and is attracted to the same amenities. It assumes <br />that current residents’ view of what makes a community would be shared by <br />all. <br /> <br />By contrast, “quality of place” considers what is attractive to a range of <br />residents, both existing and new. Assessing the “quality of place” involves <br />viewing the assets of the City through the eyes of the talent it wishes to <br />attract and retain. The idea of quality of place accommodates growth and <br />recognizes the benefits of change. It recognizes that one person’s “good <br />5.3 <br /> <br />Economic <br />2. <br />3 Adopted July 20, 2009 <br />Dlt <br /> <br />