04-03-2023 JDA Agenda Packet - Laserfiche WebLink

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Joint Development Authority TCAAP Redevelopment Project Joint Development Authority TCAAP Redevelopment Project AGENDA ITEM 6b MEMORANDUM DATE: April 3, 2023 TO: Joint Development Authority Board of Commissioners FROM: Director Collins SUBJECT: Equity Framework Presentation In 2019, Ramsey County led the development of a comprehensive economic development strategy centered around equitable growth and the intent to strengthen economic competitiveness in the region. This process was led by the county with the help of local and national consultants that supported the development of in-depth analyses of the county’s economy, including: • A market and industry cluster analysis. • A property-based fiscal analysis. • A countywide housing assessment. The data was startling and demonstrated county-wide deficits in housing infrastructure (particularly deeply affordable housing units), missing or weakened pathways to intergenerational wealth through avenues such as homeownership, and limited accessibility to start and grow a business/access to livable wage jobs. The research and engagement led by the team coalesced around the following eight strategies: 1. Preserve and increase the supply of rental housing units for lowest-income residents. 2. Expand affordable home ownership opportunities and improve housing stability for communities that have experienced historic wealth extraction. 3. Foster inclusive economic development within county transit and key commercial corridors. 4. Support communities in equitable site development. 5. Sustain and accelerate workforce recovery programs. 6. Develop pathways to entrepreneurship and Black, Latinx, Asian, and Indigenous business ownership. 7. Attract and grow high-wage industry and innovation: technology, advanced manufacturing, and life sciences. 8. Strengthen business retention and expansion infrastructure to support communities.