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HomeMy WebLinkAbout2023-08-23 - SupplementalsPlanning Commission August 23, 2023 DRC2023-00169 Project Overview • Project: - A request for a conditional use permit to operate a large indoor fitness and sports facility (Legion Fitness) in a tenant suite of 7,977 square feet • Entitlement: Conditional Use Permit DRC2023-00169 • Zoning Designation: Neo Industrial (NI) • General Plan Designation: Neo Industrial Employment District Nartner nmmm• libald Center' ne Va ey t • ' ..pY• n r awthome r� • r Tral o dica sour,c 4 {A rescent Len t'ra EIa m•n r _ CITY OF RANCHO CUCAMONGA Street View Surrounding Context Neo Industrial Employment District, Neo Industrial Zone ®mmm p tl �_ Suburban Neighborhood Low, Medium Residential Zone Neo Industrial Employment District, Neo Industrial Zone J©©© Neo-Industrial Employment District, Neo-Industrial Industrial Employment District, Industrial Employment Zone Proposed Project • Conditional Use Permit to operate a large indoor fitness and sports facility; • Private training between fitness professionals and their clients; IN CITY OF RANCHO CUCAMONGA Floor Plan I frEG H MEASUREMENT Z mUt� SPACE 0 0OX w OWEREQUIP29 CUSTOM SOWERSRACKPOSSIBLE L11OFFICE EXPANSON MULTI -PURPOSE RIG CABLES UUPPERBODY SNACK ARMS/SHOULDERS SERVICE TURF UPPERBODY n 1 1 CHEST/BACK CARDIO MACHINE S MULTI -PURPOSE RIG /CABLES ILI POWER BOX �„ 1 201 ,202 9477 '7120 SF'2IIp SF 4.610 SF "20 91W b aINT _ +l 11,374 SF 10,707 SF 906 a a 6.737 SF m HAWrHORNE DRIVE i � SF aM 44�� mx cv - sJ sr C ms Jvo SF - a AI Jx ).0519F fCO Sf 18flBG G61 , y�y Id l]CU 5<._ 11J18i � LL.11 )A506 O C06 vo<€ F— 52oSF 2VJ6BF ei JSF 4mBF pf + esaosr i 0SF7 �F SQ. 209477 685 SF _ rl ! CITY OF RANCHO CUCAMONGA lrf Interdepartmental Review • The Fire, Engineering and Building Departments have reviewed the project and have provided conditions of approval included with this staff report. Environmental Assessment • Project is consistent with all applicable General Plan policies. • The project qualifies as a Class 1 exemption under State CEQA Guidelines Section 15301 - Existing Facilities Projects which includes leasing of existing private structures and facilities Public Noticing • Advertised in the Inland Valley Daily Bulletin on August 11, 2023 • Notices sent out to all property owners within 1,500 feet on August 9, 2023. To date, staff has not received any responses. Recommendation • Staff recommends that the Planning Commission adopt Resolution 23-18 approving Conditional Use Permit DRC2023-00169 subject to the attached Conditions of Approval. CITY OF RANCHO CUCAMONGA RECENT/EXPECTED EMPLOYMENT/HOUSING TRENDS/PATTERNS IMPACTS OF THE FEDERAL RESERVE GOAL OF 2% INFLATION AND BENEFITS/COSTS OF WAREHOUSE/DISTRIBUTION FACILITIES *PRESENTATION TO CITY COUNCIL - JULY 199 2023* BY EMPIRE ECONOMICS, INC. JOSEPH T. JANCZYK, PH.D. ORIGINAL STUDY DATE: APRIL 17, 2023 (JUNE 2023 - UPDATES TO FED POLICIES, EMPLOYMENT AND WAREHOUSE MARKET CONDITIONS) SECTION I HIGH MORTGAGE RATES CAUSING SLUGGISH FOR -SALE HOMES, WHILE APARTMENTS STRONG RANCHO CUCAMONGA — HOUSING INVENTORY (SUPPLY) AND PENDING LISTINGS (DEMAND) (2018 —2023 YTD) FOR 2018-2020, THE LEVEL OF FOR -SALE HOMES/INVENTORY WAS HIGHER THAN DEMAND/SALES, NORMAL CONDMONS RANCHO CUCAMONGA PENDING LISTINGS (DEMAND) AND INVENTORY (SUPPLY) BY MONTH, NOT SEASONALLY ADJUSTED (2018-20) 600 a 0 z � zo o z z a a o aoo �m i 300 o O z U ¢ Q 200 z o w � a V � a 1M1 V � oz a 0 a 'acJ Ja al 9 J 1J J O C¢ Oe `0 —')1ti J00o0LA4ANFI AV0—,018-2020SUPPLY/AVG SUPPLY TYPICALSUPPLY: ANNUAL AVERAGE ACROSS 2018, 2019 AND 2020 TYPICALDEMAND: ANNUAL AVERAGE ACROSS 2018, 2019 AND 2020 FOR 2022 —MAY 2023, THERE WERE DECLINES IN DEMAND (AFFORDABILITY) AND SUPPLY DECREASED (SLOW SALES) DUE TO HIGHER MORTGAGE RATES RANCHO CUCAMONGA PENDING LISTINGS (DEMAND( AND INVENTORY (SUPPLY) BY MONTH, NOT SEASONALLY ADJUSTED (2022-2023 YTD) 600 O Z z son z aoo �co SUPPLY z m 300 O M Z O i Q n 200 z N o— 100 DEMAND u 0 ¢ tiv �titi atiti titi atiti � c, tic, tiny by �tiy aTcy �-01 JNN � n, ar. of � �ti Sa a¢ 141 0 4,a NJ SJ vo yc1 OP �o oe 4a Fe ga .1 —DEM 4M1I0 —SUPFh 3 SALES OF EXISTING/NEW HOMES IN RANCHO CUCAMONGA SINGLE-FAMILY DETACHED AND ATTACHED, 2000-2022 • SALES OF EXISTING/NEW SINGLE FAMILY HOMES DECLINED FROM 1,509 IN 2021 TO 1,068 IN 2022, A RECORD LOW • SALES OF ATTACHED HOMES DECLINED FROM 391 IN 2021 TO 315 IN 2022, THE LOWEST SINCE 2013 • THESE DECLINES CAN BE ATTRIBUTED TO HIGHER MORTGAGE RATES o EXISTING HOMEOWNERS WANT TO KEEP THEIR HISTORICALLY LOW MORTGAGE RATES o PURCHASERS OF HOMES FACE HIGHER NEW MORTGAGE RATES RANCHO CUCAMONGA: SINGLE FAMILY DETACHED AND ATTACHED HOUSING SALES 3,500 3,000 2,500 2,000 1,500 1,4)0 4 RANCHO CUCAMONGA -ANNUAL HOUSING PAYMENTS BY MONTH (JAN. 2018 - DEC. 2024 FORECAST) ANNUAL HOUSING PAYMENTS = MORTGAGE PRINCIPAL + MORTGAGE INTEREST + PROPERTY TAXES ANNUAL HOUSING PAYMENT LEVELS J 2019-2020: LOWER RATES OFFSET HOUSING APPRECIATION PAYMENT -$38K IN 2018 2021: RISING PRICES AND STABLE RATES DROVE PAYMENTS HIGHER. EARLY 2022: HIGHER PRICES AND MORTGAGE RATES DROVE PAYMENTS EVEN HIGHER $60,000 z 550,000 O S40.` 5_ a z S30' w 0............. I ... 0.1.p.1-01................... 0 RANCHO CUCAMONGA (JAN. '18 - DEC. '24-F) -ESTIMATED ANNUAL HOUSING PAYMENT COMPONENTS (MORTGAGE INTEREST+ MORTGAGE PRINCIPAL+ PROPERTY TAXES) (IN 2023 WAGE $ DOLLARS) 2023 $SIK + -34% APR. ..........................20..1 MORTGAGE INTEREST RATES MORTGAGE PRINCIPAL (HOUSING PRICE APPRECIATION) _PROPERTY TAXES (HOUSING PRICE APPRECIATION) O C O O O O O O O O O O O \! N \ \ N \ \ N N N \ N N C .4 V1 O� 'r Ill Q1 -i V1 Ol Ifl Q1 .1 ■ PROPERTY TAX 0 MORTGAGE -PRINCIPAL "$38K ANNUAL HOUSING PAYMENT LEVELS (CON'T.) FALLING PRICES OFFSET BY RISING MORTGAGE RATES AS PAYMENTS GO EVEN HIGHER, $51,000 IF CURRENT HOUSING PRICES DECLINED BY-8% 0 AND MORTGAGE RATES DECLINED TO 4.5% BY DECEMBER 2024, N N m m m a a v O O O O O O O O N \ N N \ N N N 0 MORTGAGE -INTEREST THE PAYMENT WOULD FALL TO $38K RECENT TRENDS FOR OVERALL RENTS AND ALSO A NEW APARTMENT PROJECT RANCHO CUCAMONGA RENTS FOR EXISTING APARTMENTS ROSE FROM $1,750 IN 2015 TO A PEAK OF $2,750 IN 2022, BUT HAVE RECENTLY DECLINED SLIGHTLY RANCHO CUCAMONGA RENTS FOR NEW APARTMENTS ARE SIGNIFICANTLY HIGHER DUE TO NEW CONSTRUCTION AS WELL AS MANY AMENITIES RANCHO CUCAMONGA NEW ACTIVE APARTMENT PROJECT HOMECOMING AT THE RESORT 000 54,000 $3,799 $3,955 $3,199 $3,295 $2,808 DL499 1,000 50 776 825 1,046 1,142 1,438 1,680 2,349 Ct ESTIMATED ABSORPTION SCHEDULES FOR NEW APARTMENT PROJECTS • MARKET DEMAND IS ESTIMATED BASED UPON THE CITY'S OVERALL EMPLOYMENT GROWTH WITH SPECIAL CONSIDERATION FOR NEWLY DEVELOPING WAREHOUSE/DISTRIBUTION FACILITIES WITH -2,800 NEW JOBS. • ABSORPTION AMONG THE PROJECTS IS PRIORITIZED ACCORDING TO THEIR CURRENT DEVELOPMENT APPROVAL STATUS. • THE PACE OF NEW DEVELOPMENT IS EXPECTED TO OCCUR IN A SYNCHRONIZED MANNER TO MAINTAIN STABLE RENTS. • SHOULD EXCESS UNITS ENTER THE MARKETPLACE, RENTS WOULD NEED TO BE LOWERED TO MAINTAIN ABSORPTION. RANCHO CUCAMONGA NEW APARTMENT PROJECTS ACTIVE, UNDER CONSTRUCTION, PERMITS & FUTURE 500 a 450 ■ ' II11�IPi Z Z 400 ntin [uevrE — a 33-NORTH-311 e 350 HAVEN/ARROWJ" a ■ " PERMITS (SUED ' 100 HARVEST VItTA-66u ■ - CONSTRUC7n':f. IA MIRAGE-191 £. WFSTBIJRY-131 w z ■' ACTIVE' Z 511 HOMECOMING-P., 0- 2022 2023 2024 202S 2026 2027 202', SECTION tI NON-RESIDENTIAL WAREHOUSE/DISTRIBUTION (W/D), THE PRIMARY GROWTH SECTOR BUT MINIMAL ECONOMIC BENEFITS GEOGRAPHICAL DEVELOPMENT PATTERNS FOR WAREHOUSE/DISTRIBUTION MARKET IN THE INLAND EMPIRE RANCHO CUCAMONGA HAS A STRATEGIC LOCATION VS CITIES LOCATED EASTERLY IN SB-R COUNTIES CLOSER PROXIMITY TO THE PORTS/RAIL/HIGHWAYS AND ALSO CLOSER PROXIMITY TO THE LA POPULATION CORE �.,_-- - h M@G N� Y iFF x 7 _tt z ` � 4' 1 ✓t <- f i� ru y M1- :JV Legetl0 xu.e 1! i Estimated Warehouse Distribution in San Bernardino and Riverside Counties Fn DistnWtion in 2021 - Area Occupied by Warehouses t 041 229.0791E Total Number of Warehouses: 4 299 L 1_ 4 FORECAST OF NEAR -TERM AND FUTURE DEVELOPMENT FOR WAREHOUSE/DISTRIBUTION PROJECTS THE RANCHO CUCAMONGA PLANNING DEPARTMENT PROVIDED INFORMATION ON THE WAREHOUSE/DISTRIBUTION PROJECTS, THATARE CURRENTLY UNDER CONSTRUCTION OR AT VARIOUS STAGES IN THE PLANNING PROCESS. CITY OF RANCHO CUCAMONGA MAJOR WAREHOUSE/DISTRIBUTION FORTHCOMING PROJECTS - NEAR TERM 3,000,000 2,500,000 2,410,461 2,000,000 1'289,417 1,500,000 840,634 1,000,000 500,000 0 106,192 46,620 74,387 UNDER CONSTRUCTION: PLAN CHECK: 2024-2025 ENTITLEMENTS: 2025 2023-2024 2026 0 BELOW-75,000 SQ.FT. ApnviF 71, 00n ,�n F r CONSTRUCTION TIMES ESTIMATED BASED UPON EXPECTED MARKET DEMAND ACTUAL CONSTRUCTION AND MARKET ENTRY WILL BE DETERMINED BY THE DEVELOPERS/PROPERTY OWNERS. NEAR -TERM FORECAST FOR ADDITIONAL WAREHOUSE/DISTRIBUTION FOR RANCHO CUCAMONGA THE NEAR -TERM W/D PROJECTS HAVE AN ESTIMATED 4,500,000 SQ.FT. EMPIRE ECONOMICS ESTIMATED THE AMOUNT OF EMPLOYMENT WILL GENERATE ABOUT 2,833 NEW JOBS RANCHO CUCAMONGA WAREHOUSE/DISTRIBUTION ABSORPTION OF NEW BUILDING SPACE z00,000 1,625.548 1 630,442 1,600,000 of 1,400.000 01 1,2W.0M 1.0W 000 800.000 Z 602,615 644,]09 a 600.000 m 400,000 200.000 2023 2024 ■ 13UII I1ING ;� ABSORPTION ESTIMATED BASED UPON EXPECTED DEMAND ACTUAL CONSTRUCTION AND MARKET ENTRY WILL BE DETERMINED BY THE DEVELOPERS/PROPERTY OWNERS. RANCHO CUCAMONGA WAREHOUSE/DISTRIBUTION NEW EMPLOYMENT 1 200 1.025 1,021 1,000 � 600 O a g 600 z 400 383 403 2023 2024 2025 2026 ■ 1 VPi OYFFS BASED UPON RECENT DATA OF W/D EMPLOYMENT IN THE CITY. ABOUT 80% OF SUCH WORKERS RESIDE IN THE CITY OVERVIEW OF CURRENT MARKET CONDITIONS FOR WAREHOUSE/DISTRIBUTION AND ALTERNATIVE POTENTIAL LAND USES: RETAIL, OFFICE AND MULTIFAMILY/APARTMENTS ALTHOUGH THERE MAY BE POTENTIAL FOR THE DEVELOPMENT ALTERNATIVE LAND USES. SUCH AS OFFICE, RETAILAND MULTIFAMILY, THEIR DEVELOPMENT POTENTIAL. AS MEASURED BY ECONOMIC METRICS, ARE CURRENTLY NOT AS FAVORABLE RECENT VACANCY RATES 6.5% 5.3% 1A% FETA,L f,W(E %li - EMPLOYEES/RESIDENTS - PER ACRE 275 87 100 s0 14 0 W/0 RETAIL OFFICF MULTIFAMILY 12 RANCHO CUCAMONGA: COST/BENEFIT ANALYSIS OF WAREHOUSE/DISTRIBUTION AND OTHER POTENTIAL LAND -USES WAREHOUSE/ DESCRIPTION OF NUMERIC ESTIMATES DISTRIBUTION RETAIL OFFICE MULTIFAMILY VACANCY RATE 1.1% 6.59/0 5.3% 4.8% MARKET RENT PSF $1.51 S2.20 $1.95 $2.18 NET OPERATING INCOME (NOI) $87,210 $71,585 $270,168 $888,216 CAP RATE - USED TO ESTIMATE VALUE 4.5% 6.5% 6.5% 5.8% IMPLIED MARKET VALUE $1,938,004 $1,101,310 $4,156,431 $15,314,063 4LUE PRICE PER SQ. FT. OF LAND $268 S175 182 5225 BUILDING COVERAGE 41 % 38% 72% 125% 1 � TED PROPERTY TAX PER ACRE S32.946 S18 722 S70 659 S260.339 FUTURE DEMAND HIGH MODERATE MINIMAL HIGH TOTAL WORKERSIRESIDENTS PER SECTOR 8,271 17,177 31,239 61,769 WORKERS/RESIDENTS PER ACRE 14 87 275 100 AVERAGE WAGE - EMPLOYEES $54,826 $30,692 $52,495 $74,218 WAGE GROWTH POTENTIAL MINIMAL MINIMAL MODERATE MODERATE PRIMARILY CITY RESIDENTS, MINIMAL MINIMAL MODERATE YES SALES TAX ELIGIBLE NO YES YES YES IMPACTED BY REMOTE WORK NO NO YES NO IMPACTED NEGATIVELY BYAUTOMATION YES SOME YES NO NEGATIVE EXTERNALITIES/RISK TRAFFIC ECONOMIC CYCLE REMOTE WORK RENTERS POLLUTION OPPORTUNITY COST NOTES HIGH DEMAND FOR CAN SERVICE DAILY SUSCEPTIBLE TO WARE HOUSE/D ISTRIB AND REGIONAL REMOTE WORK, LOW UTION SPACE DUE TO NEEDS. VACANCY VACANCY IN RC PRIME INLAND AND RENT DRIVEN BY EMPIRE LOCATION. DEPENDENTON HEALTHCARE NEEDS. DEMAND CONCLUSIONS AND INSIGHTS I. RESIDENTIAL MARKET: HIGH MORTGAGE RATES, FOR -SALE HOMES SLUGGISH, WHILE APARTMENTS STRONG • MARKET FOR EXISTING HOMES EXPECTED TO REMAIN SLUGGISH THROUGH 2O24 • HOME SALES RELATIVELY LOW DUE TO CURRENT HOMEOWNERS HAVING HISTORICALLY LOW MORTGAGE RATES NEW RESIDENTIAL DEVELOPMENT ACTIVITY IN THE CITY PRIMARILY APARTMENTS H. NON-RESIDENTL4,L: WAREHOUSE/DISTRIBUTION (W/D) AS THE PRIMARY GROWTH SECTOR, BUT MINIMAL ECONOMIC BENEFITS • ROBUST DEVELOPMENT POTENTIAL FOR W/D IN THE CITY -NEAR -TERM 4M SQ.FT. • BUT ECONOMIC BENEFITS MINIMAL AND POTENTIAL TRAFFIC/HEALTH EXTERNALITIES THE PRIMARY SECTORS GENERATING NEW DEVELOPMENT IN THE CITY ARE W/D AND APARTMENT PROJECTS 26 Economic Development Strategy Planning and Economic Development Department August 23, 2023 lip w n 7T 'Y .. PLAN it Plan lays out a path towards building a itury world -class community that is ded in the foundational core values alth I Equity I Stewardship E • Hiring of new team members • Preparing a Marketing and Communications Plan • Updating the 2015 Economic Development Strategic Plan Economic Development Strategy 12023 3 SaM Grdhu r 49 Million People 'gs 301, Square Miles „�,..,. •Deapiror.n ror[ok INaM Fmpire 4.6 Million People 27k Square Miles • The Inland Empire and the State of South Carolina are relatively the same size both in square miles and population • South Carolina has clear centers of activity hubs identified by the purple spikes while the Inland Empire lacks these activity centers • The idea of establishing Rancho Cucamonga as the Cultural and Economic Hub of the Inland Empire surged from the community during the General Plan Update • The City has the potential to become an activity hub in the Inland Empire with more places to go, activities, art, culture and entertainment Economic Development Strategy 12023 4 Improve health outcomes through economic attainment flnn l Grow the local economy fl Diversify the local economy M t® Build economic health and long-term fiscal QGresiliency • •i":• Provide high -quality public services and _a_ amenities 5 W: i Strengths, Opportuniti Challenges es and ^111 MIN • _ • High -quality transportation access • Located near major population and employment centers • Proximity to complementary manufacturing businesses and skilled talent in the local region • Access to education opportunities that complement key industries in Rancho Cucamonga • Strong performing commercial real estate *Partial list. To view full list of Strengths, refer to the Economic Development Strategy V • Lack of downtown/city core identity • Potential retail spending leakage • Lack of population densities to attract higher -end retailers • Mismatch between resident worker talent and city employment opportunities 'Partial list. To view full list of Challenges, refer to the Economic Development Strategy 8 • Leverage transportation infrastructure projects to build a thriving HART District • Attract high -wage and high -skill jobs that match City resident population • Expand entertainment options unique to Rancho Cucamonga Partial list. To view full list of Opportunities, refer to the Economic Development Strategy 9 Target Industries �f Ce �p3 tof Advanced Manufacturing Medical Manufacturing Food and Beverage Manufacturing Finance, Insurance and Real Estate Professional and Medical Services Economic Development Strategy 12023 11 Table 13: Rancho Cucamonga Finns by IndusUV. 2022 62 Health Care and Social Asmsta" 760 154% aaJS Relall Trade 587 11.9% 54 Professional and T¢tlllYvl Sennoes 511 10.3% 81 other S� (eaQq Relic AArahsaal000) 469 9.5% 23 Cahstrucban 400 8.1% 72 Avamhodalena food Senores 385 7.8% 52 FaLalte and lnsumnce 278 5.6% 31.33 MaefaCU" 267 54% /2 VAnksae Trade 225 4.6% 53 Pogo Estate and Rental aid Leasng 213 4.3% 56 Aftiniskabon and Waste Malat a nmt 194 3.9% 61 EU tonal Services 128 2.6% 4549 Tmrspvtabon and Warehousing 89 1.8% 71 Ms. Entenanmeol. and Reaeatlan 83 1.7% 51 Inlumta4on 74 15% 92 ProfIc Adninntra0m 57 12% 1 t Agriculture and ForeSiry, 8 02% 55 Management of CarrpaMes 5 0.1% 22 uttlmes 3 0.1% WA 206 <2% LOW as 9_42 Source: Data Age, 2022 Figure 20: Top Rancho Cucamonga Industry Sectors by Employment. 2019 18% 16% E 14% 0 E 12% 0 a 10% E 8% 6% d% o% Manutactur819 ACCdllbrlodabOn and Food Semces III III III III I., Retail Trade Heats Care and Coostrucbon Educational Finance and Small Senlces Insurance Assistance ■ Rancho Cucamonga ■ San Bernardino County ■ State of CA Economic Development Strategy 12023 12 Rancho Rancho Industry Cucamonga Share of r CucarriongalSim Cucamonga Jobs Jobs County LOI Manufacturing Industries Advanced Manufacturing 1,974 3.2% 2 7 Medical Manufacturing 1,955 3.2% 5.8 Food and Beverage Manufacturing 1,398 2 3% 13 Office Industries Finance. Insurance, and Real Estate 5,789 9A%, 33 Professional Semces, 2.707 4 4% 2 7 E a 0 c 0 R 0 J 40 35 30 25 20 15 10 05 00 Figure 22: Most Concentrated Industries. 2019 Fnanceand Manufacturing Conslructan 11uiNes nlwrarlce ■ I Real Estate Professional Acaomnodanon and Technical and Food Services Services ■ Rancho Cucamcnga/San Bernardino County ■ San Bernardino County/State of CA Economic Development Strategy 12023 13 Declimm m iM Cwmty 8 CO Cwlano-al.a to the City a.5 FM.e aM Mura;a E • U o 3.0 15 2 2.5 Prot ., ana Teayace; Mana9emMt W Cemea S.. LP MaulacNyq 2.0 Rey ESGM V UNbes 4conlmopalq; aM FoaO Semce$ 0 m /• to • 1.6 CmSN O AVKVRUrt aro FweSVy � VIIILIaaiM Traw Otln ServKes le2ew PUNK Aannl - ,1al;nstrabae arlS Wafie Msupemen; -/80% -100X -60X 501E 100% IN Ift R,MT TraOe Np•I Cre am $wW A5sKlarKe nlamaoon 0. • EeuraOms Swnws • waK Mmimso-aoon 9,0 M5. E1KMiM111P11L a1G RKfpIIK(I Tmn5p4RatCn 3M NSmnanm9 DeelmmR m the County 8 Not Cw nitrated In the CM Growlm in tM County 8 No San Benar Canty EmOoM nI G(9 20I I-2019 ConcentraW.n the CIN We I'r.sze a'lne ool re0ecf5 fhe nurr10erdpOs pernqusOysMa Swu US Lensrs Bureau L hO "I 1, W19 Economic Development Strategy 12023 ICI Goals and Strategies .fir •. • , Economic DevZF r t� a egy I2Ot, t 4d A.. ._y .gin r'.-�-`�•. 7 ECONOMIC DEVELOPMENT STRATEGY GOAL 1 Grow and Diversify the City's Economy GOAL 2 Enhance Quality of Life Economic Development Strategy 12023 GOAL 3 Expand Retail, Entertainment, and Hospitality GOAL 4 Foster Growth of Local Businesses and Workforce Grow and Diversify the City's Economy • Grow the City's Target Industry Sectors • Market to businesses the advantages of locating in the City • Recruit and retain international companies • Connect businesses with commercial space opportunities in the City • Support the construction and redevelopment of commercial properties Economic Development Strategy 12023 Enhance the Quality of Life • Establish and promote the City's Downtown location • Promote and grow the HART District • Host and sponsor community and special events • Explore potential locations in the City that may benefit from enhanced revenues and services • Promote the City's historic cultural resources Economic Development Strategy 12023 18 Expand Retail, Entertainment, and Hospitality • Explore opportunities for retail business recruitment • Cultivate a cluster of breweries, wineries, and tasting rooms in the City • Attract restaurants to the City that are destination driven • Explore opportunities to expand hospitality in the City Economic Development Strategy 12023 19 Foster Growth of Local Businesses and Workforce • Expand higher education institutions in the City • Cultivate local innovation • Provide support for small businesses • Enhance data collection to track business activity in the City • Connect students, job seekers, and employers with workforce development opportunities Economic Development Strategy 12023 20 0 i r MALMAW ":. �` r.. The EDS will advance the long-term vision of making Rancho Cucamonga the cultural and economic hub of the Inland Empire 21 Presentation Planning Commission City Council EDS Implementation Action Comments and Feedback Consideration to Approve Economic Development Strategy Ongoing Upon Approval 22