Consistent with best practices, and based on direction provided in the City's current Strategic Plan, staff has developed a draft economic development strategy (Strategy) document. The  Strategy focuses on identifying and leveraging the strengths of the City of Rocklin and its public and private partners in order to foster a thriving business environment that is conducive to business growth, attraction and creation. These efforts are an investment of public resources that can result in a strong and diverse business community by increasing employment opportunities, fostering higher wage jobs, and securing tax revenues that fund the City’s high-quality public services.

The draft Strategy consists of several sections, including:

• Goals
• Strengths, Weaknesses, Opportunities and Threats (SWOT)
• Data
• Business Retention and Expansion
• Business Attraction
• Fostering Local Entrepreneurship and New Business Formation
• Workforce Development
• Establish and Promote Incentives
• Marketing, Promotion and Communication

Implementation of the 2022-2025 Economic Development Strategy will support the quality of life for Rocklin residents by enhancing the competitiveness of our local economy and maintaining a strong and diverse revenue and job base in the City.

Costs associated with the implementation of an economic development strategy will be included in the City's operating budget for Fiscal Year 2022/23, and will be attributed to the appropriate funds including the general fund, the economic development fund and to American Rescue Plan Act funds. A total of $9,600 in annual costs are proposed for data collection and reporting software.