What is the Monterey Park Strategic Plan

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What is the Monterey Park Economic Development Strategic Plan?:

What is the Monterey Park Economic Development Strategic Plan?

What is a Strategic Plan?:

What is a Strategic Plan? A Strategic Plan is a framework for short-term and longer-term decision making, based upon an expression of a common vision and priorities.

What is an Economic Development Strategic Plan?:

What is an Economic Development Strategic Plan? A tool for dealing with a dynamic future Involves targeting revenue improvement. Recognizes the financial challenges that the City is facing

What is an Economic Development Strategic Plan?:

What is an Economic Development Strategic Plan? A tool for dealing with a dynamic future where decisions made today need to be: monitored, reevaluated, and modified periodically as conditions change.

What does the 2010 Economic Development Strategic Plan provide?:

What does the 2010 Economic Development Strategic Plan provide? Provides a comprehensive economic analysis of Monterey Park along with an extensive survey of influential residents, business leaders and elected and appointed officials .

What does the 2010 Economic Development Strategic Plan provide?:

What does the 2010 Economic Development Strategic Plan provide? Assesses Economic Performance Metrics: That are measurable That are tied to specific marketing goals can be a vital tool in strengthening the economy of Monterey Park.

What does the 2010 Economic Development Strategic Plan provide?:

What does the 2010 Economic Development Strategic Plan provide? Focuses on the challenges needed to be faced beginning with: The perception of an "Asian" community A lack of chain stores and main stream restaurants Few entertainment options Commercial areas looking rundown.

What does the 2010 Economic Development Strategic Plan provide?:

What does the 2010 Economic Development Strategic Plan provide? Examines the competitive municipal landscape of the western San Gabriel Valley. Articulates a clear vision for the future of Monterey Park Set goals, policies and implementation Recommends actions that can set the framework for short-term and longer-term economic decisions.

What does the 2010 Economic Development Strategic Plan provide?:

What does the 2010 Economic Development Strategic Plan provide? Implements an Urban Design Concept study prepared to built upon the City’s adopted Pedestrian Linkages Plan Provides pro forma analysis showing that under current market and planning conditions, many projects are not able to generate a reasonable rate of return without basically financial assistance from redevelopment

What does the Economic Development Strategic Plan provide?:

What does the Economic Development Strategic Plan provide? Identifies areas where the economic potential and community wealth could be increased Provides recommendations for the 17 Economic Districts making up Monterey Park

What are Monterey Park’s Land Use and Economics foundations?:

What are Monterey Park’s Land Use and Economics foundations? Monterey Park is well located just east of downtown Los Angeles with regional access to major freeways, rail and bus transit systems; its neighborhoods are generally “walkable” with opportunities for improvement.

What are Monterey Park’s Land Use and Economics foundations?:

What are Monterey Park’s Land Use and Economics foundations? Excellent connectivity through freeway access and regional rail transit Economic districts are generally assessed to have at least medium walk-ability with several districts exhibiting high walk-ability scores

What primary economic factors impact the City of Monterey Park?:

What primary economic factors impact the City of Monterey Park? Land use Business development Job formation Investment

What economic factors constrain the City of Monterey Park:

What economic factors constrain the City of Monterey Park Lack of larger, vacant parcels, Multiple parcel owners Older structures. Limited lot size Limited viable development opportunities

What is noticeably missing from Monterey Park:

What is noticeably missing from Monterey Park Largely due to limited fiscally viable and developable land Missing regional, super regional shopping centers and “big box” retailers Wal-Mart, Target, Kohls, Costco, Home Depot, and Lowe’s

Resulting “Retail Gap” for the City of Monterey Park:

Resulting “Retail Gap” for the City of Monterey Park Indicates that the actual point-of-sales retail expenditures in City stores were much lower than the estimated retail spending potential of City households

Resulting “Retail Gap” for the City of Monterey Park:

Resulting “Retail Gap” for the City of Monterey Park The current retail leakage -- or lost retail opportunity -- estimated in 2009 at $290.0 million Certain selected economic districts evaluated as particularly under-performing in terms of retail sales tax generation

Resulting “Retail Gap” for the City of Monterey Park:

Resulting “Retail Gap” for the City of Monterey Park The downtown Central Business District (CBD) is the heart of the city and yet it is underperforming in terms of retail sales tax indicators ($58/sqft vs. 106/sqft city-wide average)

Resulting “Retail Gap” for the City of Monterey Park:

Resulting “Retail Gap” for the City of Monterey Park Conversely, other selected economic districts, such as Monterey Pass Road, were performing well in terms of non-retail sales tax generation -- i.e., business-to-business

Creating a Community Vision:

Creating a Community Vision Creating a Community Vision that directly addresses these perceptions and realities with the true potential of Monterey Park is the challenge

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