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A Presentation and Discussion on the Village’s Economic Vitality Strategic Plan.
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Introduction
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The purpose of this agenda item is to provide the Board of Trustees with a comprehensive update on the Village's Economic Vitality Strategic Plan efforts and progress to date.
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Recommended Action
Staff recommends the Board of Trustees provide feedback on the Economic Vitality Strategic Plan efforts and progress to date.
Prior Board Action
• Approval of Resolution 24-227 Approving a Professional Services Agreement with Camoin Associates, Inc., to Complete a Comprehensive Economic Vitality Strategic Plan in an Amount Not to Exceed $125,000.00 and Authorizing its Execution
Background
On April 12, 2024, the Village issued a Request for Proposals ("RFP") for a comprehensive Economic Vitality Strategic Plan in accordance with Village Board Goal 6.1: Update the Village's Formal Economic Vitality Strategy. The RFP was posted for a three (3) week period with final responses due at 4pm on May 8, 2024. The Village received three (3) responses to the RFP with Camoin Associates, Inc. submitting the lowest qualified bid at a total cost of $125,000.00.
On July 23, 2024, the Board of Trustees approved Resolution 24-227, approving a Professional Services Agreement with Camoin Associates, Inc. to complete a Comprehensive Economic Vitality Strategic Plan. Since approval of Resolution 24-227, staff representing the Manager's Office, Development Services, and Neighborhood Services have met with the consultant on a biweekly basis.
Timing Considerations
The consultant will host an Open House in February 2025, with full adoption of the Plan tracking for March 2025.
Budget Impact
There is no additional budget impact associated with this item.
Staffing Impact
There is no staffing impact associated with this item.
DEI Impact
Goals and objectives related to diversity, equity, and inclusion will be developed, assessed, and refined throughout the development of the Plan. These goals and objectives will focus on fostering a more inclusive local economy that supports businesses and individuals from diverse backgrounds, providing equitable access to resources, creating opportunities for minority and disadvantaged entrepreneurs. Success as it relates to DEI will be defined by a dynamic partnership between staff, the consultant, and the public.
Community Input
Since August 2024, the following community engagement has occurred:
1. Three (3) engagement sessions were held at project launch between August 25 and 28, 2024. Two (2) included Village Staff and one (1) included members of the community
2. Four (4) focus groups were held between October 21 and 22, 2024. Focus groups consisted of representatives from the Business Advisory Council; Retail, Tourism, and Entertainment Stakeholders; Real Estate Developers; and Workforce and Education Professionals.
3. Individual focus groups were held throughout October with representatives from the local business community.
4. A community survey was open throughout November 2024.
5. Staff and the consultant have engaged with the public throughout the development of the Economic Vitality Strategic Plan.
Staff Recommendation
Staff recommends Trustees and the public provide feedback on progress to date.
Alternatives
At this time, there are no alternatives associated with this presentation and discussion.
Anticipated Future Actions
Staff anticipates the final Economic Vitality Strategic Plan will be presented to the Board for adoption in March 2025.
Prepared By: Brandon Crawford, Deputy Director Development Services
Reviewed By: Ahmad Zayyad, Deputy Village Manager
Approved By: Kevin J. Jackson, Village Manager
Attachment(s):
1. Presentation - Jan. Board Meeting - VOP