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is done exclusmely online has nearly doubled, 6.9% of total retail sales in Qt 2015 versus 13% in Q3 2021°, this trend is troubling for an economy that is, comparatively speaking, more reliant on retail sales than the regional or national eronomy. However, the local economy very fortunate to be anchored by the Moen Corporation, the City's largest employer whose global headquarters is located on Moen Drive in North Olmsted. The purpose of the Economic Ceve opment Strategic Plan is to provide guidance and serve as a framework for uture economic development efforts. Accomplishing this goal requires three equally important components. Firstis to provide an overview of the current economic conditions. The analysis of existing conditions should give considerable emphasis to a retail niche analysis focused on identifying key opportunities and threats associated with the city's current retail marketplace. Second, an in-depth analysis of the existing stockrf avalone real estate by asset class and asset grade to create baseline occupancy statistics from which one City can benchmark its progress. Lastly, is to develop a focused plan that emphasizes implementable strategies for growing its existing businesses and attracting new investment to diversify the City's eamomic base over time. Scope of Services The scope of this project is tie cooperation of a Strategic Economic Development Plan. The etements of which will guide and act as a in uepcnt to direct the future economic development efforts of the City of North Olmsted Part one o` the clan will be to examine existing conditions and should give considerable emphasis to the retail niche analysis. This will set the current economic context for the strategic plan. Part two will focus on fostering employment growth in businesses already located in the City. The City seeks to identify policies and programs _hat will assist existing businesses expand and create jobs. The plan should include recommendaticrs `o, positioning the City to compete for investment in attracting quality jobs through evaluating its business attraction efforts and policies. The final portion of the plan should include recommendations for iirl ng Internal processes and enhancing the "tools" available at the municipal level better assist in attracting jobs and investment in the City. The resulting Flan should be bot, a physical and policy based plan, provide strategic objectives, implementation plans or strategies as well as performance metrics. Elements of the plan should include, but need not be limited to 1. An evaluation of curve it conditions a. retail niche analysis b. real estate ste arc building inventory analysis by asset class and grade c. benchmarking of economic incentives against cities of comparative size it Analysis of current economic development tools, policies and procedures e. Evaluation of the current workforce in terms of availability and commuting patterns f Identify North Olnisted's position within the regional economic development ecosystem Recommendations for as=sisting Existing Businesses a. Interviews with key industry corporate executives, entrepreneurs and other to get feedback regarding the challenges they face and how the City help their business grow b. Create a busiress advisory council comprised of corporate executives, small business owners, local and rag'.onal business and trade organizations to advise in the creation, adoption and 'rice mentation of the economic development strategic plan c Identify Stage 1 companies (less than $1,000,000 in annual revenue less than 10 employees) and Stage 2 companies (Annual Revenue $1,000,000 and $50,000,000 and 10-99 Employees) within the City of North Olmsted and develop recommendations for a local business -eterI and expansion strategy. 3. Business Attracticn a. Ident ficatlor c1 e,TargIng industries and/or clusters expected to grow for which the City is Source- Federul Reserve ➢ nk of Sai t Louis Economic Research h_trQs:_//trecistlou'sfed.ore ser es CCOMECTSA 2of3