06-05-2023 JDA Agenda Packet - Laserfiche WebLink

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Director Collins stated 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. Director Collins explained 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 eight strategies. These eight strategies were as follows: 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. Director Collins explained these strategies have become the roadmap that is now referred to as the Economic Competitiveness & Inclusion (ECI) Plan. The ECI Plan was adopted on March 23, 2021, after 18 months of engagement with residents, businesses, community leaders, a steering committee, and the Ramsey County Board of Commissioners. The plan now acts as a guide directing community objectives, staffing and budgets for the next five years. The county has also been tracking its investment into these eight strategic areas through an ECI Tracker which can be found on the Plan’s website. Director Collins stated lastly, and per the recommendations of the ECI Plan, the County in 2021 worked with the Alliance for Metropolitan Stability on developing an Equitable Development Framework. This Framework is included in the packet and has become the tool in which County staff vet proposals requesting county funding, as well as proposals seeking the acquisition of county land. It was noted the core tenets of the Equitable Development Framework include: