Economic Competitiveness

Economic Competitiveness in the context of Comprehensive Planning refers to examining and strengthening the ability of the individual community as well as the entire region to compete effectively and prosper in the global economy through local activities that aim to retain, attract, and grow businesses that bring wealth into a community over many years.

Comp Plan Conversations: Economic Competitiveness

Mon, Sept 11
Agenda | Minutes

Write questions on this fillable note sheet and bring them to the open house.

This chapter will include a set of policies and strategies on economic development and business attraction, development, and retention, with a focus on maintaining the economic vitality of Golden Valley.

Proposed Land Use Goals and Objectives

Goal 1: Understand the Local Business Environment

Update and analyze data about Golden Valley’s business and employment environment in order to understand the City’s role in the regional economy and to leverage its competitive advantage.

Objectives

  • Maintain a set of City metrics related to employment, real estate, and economic demographics.
  • Recognize the City’s position in the regional economy.
  • Anticipate and adapt to shifts in the business cycle.

Implementation Options

  • Maintain regular economic data and monitor metrics.
  • Meet periodically with brokers, developers and other experts regarding the local market.
  • Reach out to local businesses and business groups regarding the economic environment.

Goal 2: Develop Economic Partnerships

Strengthen relationships with local and regional economic development and business partners.

Objectives

  • Strengthen ties with business groups and entities such as Greater MSP, TwinWest Chamber of Commerce, and the Golden Valley Business Council.
  • Expand relationships with brokers and developers to understand market conditions.
  • Develop new and expand existing relationships with economic development partners, such as colleges, non-profits, and lenders, to provide resources that support business growth.

Implementation Options

  • Promote development opportunities in the City to brokers, developers, and Greater MSP.
  • Participate with economic development partners on business supportive initiatives.
  • Meet with government, educational, and non-profit entities to identify resources that support investment and business growth.

Goal 3: Retain and Expand Existing Job Base

Work to accommodate the needs of existing businesses across industries and to support growth and expansion that is compatible with surrounding neighborhoods.

Objectives

  • Strengthen relationships with existing businesses.
  • Preserve the City’s commercial/industrial base.
  • Foster business resiliency through economic cycles.
  • Facilitate business growth and expansion in Golden Valley.

Implementation Options

  • Create a “toolbox” of resources available to support local businesses.
  • Proactively meet with businesses to build relationships.
  • Ensure infrastructure is sufficient to accommodate business growth.

Goal 4: Strengthen Link between Land Use and Economy

Examine how the City’s land use plan impacts and can support the larger economic vision by zoning for a variety of types of uses. Encourage high quality redevelopment within targeted districts.

Objectives

  • Articulate redevelopment objectives for key properties and corridors.
  • Encourage reinvestment and contemporary uses in existing properties.
  • Ensure redevelopment and reinvestment result in increased value, improve appearance, and meet contemporary needs and standards.

Implementation Options

  • Establish visions and goals for each of the City’s four Redevelopment Districts utilizing ULI’s Redevelopment Ready guide.
  • Amend the code to allow for greater range of uses within the Light Industrial Zoning District.
  • Explore the implementation of design standards requiring the use of durable materials, architectural elements, and site amenities.

Goal 5: Promote Amenities to Attract Workers

Continue to enhance all aspects of the City in order to provide the amenities necessary to attract workers and their families to Golden Valley.

Objectives

  • Offer a balanced and attractive community that includes a full range of housing types and prices, parks and open spaces for recreation, retail and entertainment centers, and good transportation options.

Implementation Options

  • Utilize the Implementation sections of each Comprehensive Plan Chapter to prioritize and initiate key investments across the City.
  • Develop a communications strategy to promote Golden Valley as a place to live and work.

Comp Plan
In A Box

Comp Plan In A Box is a small group meeting, guided by a leader, where people share ideas about the future of the place where they live, work, and play.