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Home My WebLink About2013-01-08; City Council; 21103; Economic Development Activity UpdateCITY OF CARLSBAD - AGENDA BILL 26 AB# 21,103 RECEIVE AN ECONOMIC DEVELOPMENT ACTIVITY UPDATE FROM THE CITY'S ECONOMIC DEVELOPMENT MANAGER [DEPT.CHRECTOR ^^TIY", MTG. 1/8/2013 RECEIVE AN ECONOMIC DEVELOPMENT ACTIVITY UPDATE FROM THE CITY'S ECONOMIC DEVELOPMENT MANAGER CITY ATTY. ^J4f DEPT. CED RECEIVE AN ECONOMIC DEVELOPMENT ACTIVITY UPDATE FROM THE CITY'S ECONOMIC DEVELOPMENT MANAGER CITY MGR. j/ ^ RECOMMENDED ACTION: Receive and file an economic development activity update from the City's Economic Development Manager regarding the FY2012-13 goals and initiatives. ITEM EXPLANATION: , The City of Carisbad hired an economic development manager in 2011 to strengthen the city s strong and diverse economy and its position as an employment hub in north San Diego County and to promote business diversity, increased specialty retail and dining opportunities, and Carisbad's tourism. In FY2012-13, city council established four strategic goals related to economic development: • implement a business retention and expansion program e develop a strategy focused on attracting the talent and innovators needed to compete in a global economy • work with other municipalities and economic development partners to optimize Carisbad and North County economic development efforts. • research and implement a plan to attract a university, research institution or similar program FISCAL IMPACT: No funding is being requested at this time. ENVIRONMENTAL IMPACT: . Pursuant to Public Resources Code section 21065, this action does not constitute a project within the meaning of CEQA in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, and therefore does not require environmental review. DEPARTMENT CONTACT: Kathy Dodson, 760-602-2744, kathy.dodson(a)carisbadca.qov FOR CITY CLERKS USE ONLY. COUNCIL ACTION: APPROVED DENIED WITHDRAWN AMENDED • • • • CONTINUED TO DATE SPECIFIC • _ CONTINUED TO DATE UNKNOWN • RETURNED TO STAFF • COUNCIL RECEIVED THE ^ REPORT/PRESENTATION OTHER-SEE MINUTES • City of Carlsbad Economic Development Building a Prosperous Future Kathy Dodson Economic Development Manager Companies in Carlsbad Business licenses –6,211 (2,527 or 41% are home based) –3,684 non-home based businesses Industry sectors 2 Life Sciences, 118 Action Sports, 73 ICT, 205 Clean Tech, 118 Hospitality, 330 Top Industry Clusters by Number of Employees 4 0 2,000 4,000 6,000 8,000 10,000 12,000 Life Sciences Action Sports ICT Clean Tech Hospitality Patents Issued to Carlsbad Companies: 2006-2012 5 0 100 200 300 400 500 600 Number of Patents Carlsbad 2006 2007 2008 2009 2010 2011 2012 Patents by Industry: 2012 6 Life Sciences 42% Action Sports Manufacturing 32% Other 2% Clean Tech 2% ICT 22% Transient Occupancy Tax Revenue $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Tax Revenue from Businesses Business Tax Revenue = approx. 60% of Total Tax Revenue to Carlsbad $49M $55M $57M $63M $64M $74M $83M $90M $94M $88M $88M $91M $70M 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Property Tax Sales Tax TOT Business License Commercial Real Estate Vacancy 16.6% 22.6% 24.9% 27.7% 29.7% 25.0% 25.4% 12.3% 13.4% 12.4% 12.2% 12.0% 13.7% 12.1% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 2006 2007 2008 2009 2010 2011 2012YTD Office Industrial Monthly Rents 10 $2.62 $2.68 $2.56 $2.39 $2.26 $2.21 $2.15 $1.13 $1.23 $1.11 $1.02 $0.98 $0.99 $0.95 $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2006 2007 2008 2009 2010 2011 2012YTD Office Industrial Announcements: Retail •Green Dragon Colonial Village is under construction on the former Hadley’s site. •Palomar Commons is under construction and will have a Lowe’s and other businesses. •Palomar Place, next to Costco will begin a renovation and expansion. •La Costa Towne Center is under construction on a 300,00 square foot retail facility. 14 •Pizza Port is building a new facility in Carlsbad that will be a combination warehouse, manufacturing facility and restaurant located in Bressi Ranch. Announcements: Hospitality LEGOLAND California is under construction on a 250 room LEGO- themed resort hotel, restaurant and pool play area. 15 Hilton Oceanfront Resort and Spa opened its doors in June, with 215 guest rooms, a full service spa, Chandler’s restaurant and 25,000 square feet of indoor and outdoor meeting space. The resort has a team of 200 employees . Announcements: Office/Industrial •Legend 3D, Inc. a leading digital media technology company, is relocating its headquarters to Carlsbad, where they will have between 250-300 employees in 62,000 square feet of space. •Prana relocated their headquarters to Carlsbad, bringing 100 employees into their 74,000 square foot building. •Signet Armorlite, an optical company, is relocating their headquarters and 50-60 employees to Carlsbad. Announcements: Office/Industrial •Good Source Solutions, Inc. expanded into new space in Carlsbad They provide value to food programs in special application. •Spinal Elements has a new Carlsbad facility. The company develops spinal technology devices at their Carlsbad location. •LogicPD expanded their West Coast engineering design center in Carlsbad •Verum, a German-based contract research organization (CRO) for the pharmaceutical industry, unveiled a U.S. office in Carlsbad. •Poseidon Water is relocated its offices from downtown Carlsbad bringing 15 jobs and their general contractor Kiewit-Shea will open a Carlsbad location with 100 employees.. Announcements: Office/Industrial •SkinMedica , the fastest growing professional skin care brand in the US expanded into its new Carlsbad headquarters. •SKLZ, the global leader in athletic development is adding an athletic performance and testing center to their new Carlsbad facility. City Council Goals Economic Development •Retain and Grow Existing Businesses •Develop a Talent Attraction Program •Create World Class Educational Opportunities •Leverage Partnerships and Regional Resources Retain & Grow Existing Businesses •Conduct business/leadership visits •Conduct business visits (50+ per year) •Events (Brokers’ Forum, Business Academy) •Annual Survey •Economic Gardening •Communications Strategy Communications Strategy Electronic Newsletter Website Fact Sheets Property Search Tool (LoopNet) Property Search URL: http://www.carlsbadca.gov/services/departments/economicdevelopment/Pages/CommercialPropertySearch.aspx Property Search Results Infographics: Valuable Information on Key Cluster Industries Infographics: Valuable Information on Key Cluster Industries Talent Attraction •Why talent attraction? –Help grow our existing businesses –Start new businesses –Relocate businesses to Carlsbad Talent Attraction •Develop message to inspire talent to choose Carlsbad •Develop and distribute marketing tools •Implement attraction program –Recruits, suppliers and business customers –Conference attendees –Growth company representatives Create World Class Educational Opportunities Attract a higher education or research institution that complements our existing business clusters Cornell Tech Campus New York City Photo courtesy of www.techcrunch.com Leverage Partnerships •North County Cities •San Diego North Economic Development Council •San Diego Regional Economic Development Corporation •U.S. Commercial Service •Carlsbad Chamber of Commerce