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HomeMy WebLinkAboutStudy Session Agenda 05-13-13STUDY SESSION AGENDA CITY COUNCIL MEETING CITY OF WHEAT RIDGE, COLORADO 7500 W. 29th Ave. Wheat Ridge CO May 13,2013 Upon adjournment from City Council Meeting Individuals with disabilities are encouraged to participate in all public meetings sponsored by the City of Wheat Ridge. Call Heather Geyer, Administrative Services Director at 303-235-2826 at least one week in advance of a meeting if you are interested in participating and need inclusion assistance. PUBLIC COMMENT ON AGENDA ITEMS APPROVALOFAGENDA 1. Improvement of City Hall Entry Plaza 2 . City Gateway Monument Signs 3. Forward Jeffco Initiative ~~I . ~ .. A~ .. .,. City of .. r?."WheatRl__dge j?"""p U B L1 C W 0 R K S Memorandum TO: Patrick Goff, City Manager s;j)., FROM: Tim Paranto, Director of Public Works DATE: May 13 ,2013 SUBJECT: Improvement of City Hall Entry Plaza At the December 17 , 2012 Study Session, the City Council authorized the further development of the concept for the City Hall entry plaza improvement project, with the option of including a new City sign on the building in lieu of the proposed monument sign on Wadsworth Boulevard . Oz Architects, a City on-call consulting firm , was employed to review the 2008 concept plan and offer appropriate modifications, including a new "City of Wheat Ridge" sign mounted on the building. A committee of City staffhas worked with Oz Architects to develop an improved concept plan for this project. The attached Oz drawings show replacing some of the concrete pavement, pergola and tables with more landscaping and replacing the existing "City of Wheat Ridge" wall sign. The canopy has been extended further into the plaza and includes a parapet, which would identify the building as "City Hall." Bike racks have also been added near the flag poles. Two hundred thousand dollars is included in the 2013 CIP Budget for this project. The preliminary estimate for the Oz concept (including new signs) is $242 ,000 . The proposed new "City of Wheat Ridge" wall sign , the parapet and "City Hall " sign would use approximately $42 ,000 of the preliminary estimate. If the City Council approves the concept plan for the plaza improvements , the project will be scheduled for design and construction. ATTACHMENTS: 1. Concept designs for City Hall Entry Plaza ] Attach men .. ~'~ .... "' City of .. ~WheatRi_dge ~PUBLIC WORKS TO: Memorandum Patrick Goff, City Manag ~ FROM: Tim Paranto , Director of Public Works DATE: May 13 ,2013 SUBJECT: City Gateway Monument Signs The 2013 Budget includes $100 ,000 for construction of new gateway signs. Staffhas identified 12 locations for consideration at this time. The attached spreadsheet shows the sites listed according to the traffic volume ofthe entry street, along with the preliminary cost of the proposed sign. The spreadsheet also includes two gateway signs that are estimated to cost more than what is available in this year 's budget, as well as the existing entry signs. The gateway sign locations are also shown on the attached map. The proposed signs are suggested to be similar to the newer gateway sign on Kipling Street at I- 70 . A drawing of the proposed sign is attached. Three standard sizes have been used for the various locations: 30-foot long sign 20-foot long sign 1 0-foot long sign $240 ,000 $70 ,000 $35 ,000 Once the City Council has selected the sign(s) to be constructed this year, Staff will schedule the design , with sign placement this fall. ATTACHMENTS: 1. List of sites for signs 2. Sign location map 3. Sign design diagram 4. Photos of all individual proposed locations City of Wheat Ridge Entry Signs ~ .... ... .. c u E .c u Ia .. c 58TH AVE 48TH AVE Gateway Entry Signs F-01-13 ... Ill w ~ § w li ~ m-···---:1 18 : , ______ . ' l#m-.. 1~;:---, ...... . 32r-IJAVE ~ ~ :#T9 ':J...-"···--·: ~ 26TH AVE I 58THAV :EicTstin!isi~~~.1 5TTHAVE GRANDVIEW AVE ..: ..... ------· ... {/) =· 15f··· It '······ ~ B-4, i2 «THAVE ~ 38TH AVE ., I L ___ ~ ~ ,. ..... .., c :# 16 ;..... ~ ........ ·-.. ~ i¥."i?}·· .... ~i/ ... 20TH AVE ~ Attachment 3 Gateway Entry Sign # 1 -20' Wadsworth Blvd. West ide of City Hall ) Attachment 4 Gateway Entry Sign # 2a -20' 27th Ave. & Kipling St. Gateway Entry Sign # 2b -20' 26th Ave. & Kipling St. Gateway Enty Sign # 2b -20' Gateway Entry Sign # 3 - 1 0' 52nct & Ward Road ) Gateway Entry Sign # 4 -20' 1-70 & Ward Road Gateway Entry Sign # 5 -20' 1-70 & 44th Ave. I Gateway Entry Sign # 6 - 1 0' 44th Ave. & Harlan St. ) Gateway Entry Sign# 7-10' 44th Ave. & Eldridge St. Gateway Entry Sign # 8 - 1 0' 32"d Ave. & Sheridan Blvd. I Gateway Entry Sign # 9 - 1 0' 26th Ave. & Pierce St. ) Gateway Entry Sign # 1 0 - 1 0' Garrison St. North of 1-70 ) Gateway Entry Sign # 11 - 1 0' 29th Ave. & Sheridan Blvd. 0 ......... _ ) . ) Gateway Entry Sign # 12 - 1 0' 32nd Ave. & Simms St. J Gateway Entry Sign # 13 -30' 1-70 & Youngfield St. Gateway Entry Sign# 13-30' ) Gateway Entry Sign # 14 -20' Wadsworth Blv • .Johnson Park Entrance Gateway Entry Sign #15 -30' I· 70 & Kipling St. Sign# 15-30' ) Gateway Entry Signs # 16 & 17 -11' NW Comer SWComer 38th Ave. & Sheridan Blvd. Gateway Entry Sign # 18 -16' 38th Ave. & Youngfield St. Gateway Entry Sign # 19 -15' 32"d Ave. & Zinnia St. ) ~+enu 3 . ... ~j# ... ~ .,. City of • .. ~WheatBi_dge J?'PARKS AND RECREATION Memorandum TO: Mayor and City Council Patrick Goff, City Manager W THROUGH: FROM: Steve Art, Economic Development Manager DATE: May 13 ,2013 SUBJECT: Forward Jeffco Initiative ISSUE: Forward Jeffco Initiative (the "Initiative") is an aggressive five-year program , by the Jefferson County Economic Development Corporation (Jeffco EDC), to attract new primary jobs and investment in Jefferson County. Wheat Ridge has been requested to raise its annual participation amount in Jeffco EDC from $6 ,600 to $10,000 over the next five years. PRIOR ACTION: The 2013 budget for Economic Development includes a line item for an annual membership of $6 ,600 for the Jeffco EDC. FINANCIAL IMPACT: The request for an additional $3 ,400 per year may decrease the amount of funding available for City-based economic development efforts by $17 ,000 over the five-year period. BACKGROUND: The Initiative is an aggressive five-year, $4 million program designed to create up to 7,500 new primary jobs, $900 million of disposable income, $826 million in consumer spending and more than $61 million in sales and property tax revenues. The Initiative is developed to create jobs through increased efforts to attract new business, retain and expand current business, stimulate capital investment, enhance entrepreneurship, ensure readiness of the County 's workforce, and provide advocacy and public policy leadership to maintain a positive business climate. Over the past 18-months Jeffco EDC has developed a strategic plan to restructure andre- energize the organization. The strategic plan, developed by Angelou Economics , strongly recommended a more cohesive operating structure within the economic development community, more collaboration, transparency and accountability, along with a more sustained capital development strategy and providing the resources to implement the plan. Forward Jeffco Initiative May 15 ,2013 Page2 At its August 2012 planning session, the Jeffco EDC Board of Directors developed the framework for an aggressive five-year strategic initiative designed to attract new business , retain and expand business and industry, stimulate capital investments and entrepreneurship, ensure a ready workforce, provide advocacy, and ensure adequate real estate opportunities. Jeffco EDC then commissioned the National Community Development Services (NCDS), a nationally acclaimed development firm , to conduct a feasibility analysis for a capital investment campaign , and ultimately to conduct the Initiative. The Initiative's goal is to raise new revenues of almost $4 million over the next five years with approximately 70 % of the funding from the private sector and 30 % from the public sector. As of the writing of this memo , the only municipality that has agreed upon additional funding is the City of Arvada. They have pledged an additional $50 ,000 , per year, toward the initiative for a total investment of $250 ,000 . To date , $1.5 million has been pledged to the Initiative. The cities of Lakewood , Westminster, Golden, and Jefferson County have not yet acted upon a funding request from the Initiative. The Mayor, Councilmember Reinhart , and staff met with Jeffco EDC Board President Fred Baker and NCDS representative Mel Kent to discuss the specifics and need for the additional funding. They recognized that Wheat Ridge's participation in the Forward Jeffco Initiative will demonstrate the City's support of Jeffco EDC's mission to work cooperatively with the local municipality's economic development staff to drive primary employment opportunities to Jefferson County. ACTION: Staff is requesting direction on whether City Council would like to move forward with increased participation in Jeffco EDC through the Initiative and increase funding in the budget from the current $6 ,600 to $10,000 annually for the budget years 2014 -2018. ATTACHMENT: 1. Forward Jeffco Initiative ,....... ORWARD JEFFCO ~ INITIATIVE Attachment 1 FORWARD JEFFCO INITIATIVE Needed: A New Model for Economic Development in Jefferson County The Forward Jeffco Initiative is an a gressive new five year I $3.9 million program designed to create 7,500 new primary jobs, $900,000,000 of disposable income, $826,000,000 in consumer spending and over $61 million in sales and property tax revenues. The Forward Jeffco Initiative will create jobs through increa_sed efforts attracting new business, retaining and expanding current business and industries, stimulating capital investment, enhancing entrepreneurship, ensuring readiness of Jefferson County's workforce, and providing advocacy and public policy leadership to maintain a positive business climate. Previous economic results are not adequate to maintain the standard of living Jefferson County requires. The time has come to raise the bar and accelerate performance that will make Jefferson County the location of choice for domestic and international companies looking to grow and expand. It's time for Jefferson county to reach its true potential! Jefferson County leaders have been setting a new course Over the past 18 months the Jefferson County Economic Development Corporation (Jeffco EDC) leadership team has been working to restructure and re-energize the organization. The Jeffco EDC Board's aim is to transform the EDC into a high performance job creation mechanism. The EDC's mission is clear and direct: ··ro strengthen the economic vitality of Jefferson creation, retention, and expansion of primary jobs " The Jeffco EDC Board has committed to a proactive, result-oriented operating style designed to produce measurable results during the next five, ten, or even twenty years in Jefferson County. It is time for the Jeffco EDC to serve as the conduit to bring all the major players, both private and public, to the same table to deliver a cohesive vision for Jefferson County. The Angelou Economics report completed in 2012 strongly recommended a more cohesive operating structure within the economic development community, along with more collaboration, transparency and accountability. Recommendations also included launching a sustained capital development strategy and providing the resources to implement it . 2 At the August 2012 planning session, the Jeffco EDC Board developed the framework for an aggressive five-year strategic initiative (2013-2017} designed to: • Attract new business and jobs • Retain and expand existing business and industry • Stimulate capital investment and entrepreneurship • Ensure a ready workforce • Provide advocacy and public policy leadership to maintain a positive business climate • Ensure adequate real estate opportunities The Jeffco EDC then commissioned National Community Development Services (NCDS}, a nationally acclaimed development firm, to conduct a Feasibility Analysis for a capital investment campaign, and ultimately to conduct the $3.9 million Forward Jeffco Initiative. A Focused Strategy, Clear Goals This fresh, more aggressive and comprehensive approach to economic development will lead to the creation of 7,500 new jobs over a five year period. Following are the five strategies designed to reinvent economic development in Jefferson County. Strategic Initiative I. More aggressive targeted contact and sales for new companies in identified cluster markets including: Jefferson County's Target Markets of Opportunity • Aerospace • Energy • Bioscience • Enabling Technologies • Consumer Products and Creative Services 3 • Identify Jefferson County's primary assets and incentives for each target market and create necessary recruitment packages. Make direct contact with these targeted companies. The goal is to mG:lke 20 calls per month. • Execute annual prospecting trips for the identified target sectors, generating 50 leads per year. • Recruit professional staff capable of generating leads and creating a "deal flow" of 25-30 prospects per quar er (200% INCREASE). • Identify site selectors, foreign trade consulates, engineering firms, and other professionals in each target sector and target them for development partnerships. • Aggregate and maintain a comprehensive Jefferson County sites and facilities inventory. Create a redevelopment strategy by January 2014 . • Develop a clearly identifiable, marketable and communicable brand for Jefferson County. • Develop high quality and persuasive promotional materials for all recruiting) efforts. Proposed Budget 2013-2017: $ 1,500,000 4 Strategic Initiative II. Create new jobs by helping existing businesses grow and expand. • Develop a comprehensive and professionally staffed business retention and expansion outreach program. Identify one major expansion opportunity per year and bring that expansion to fruition. • Identify and recruit suppliers of existing companies that would create new operations and additional jobs in Jefferson County. Work with the Federal Center, Ball Aerospace and Technologies, Lockheed Martin, Miller Coors and others to identify opportunities . • Support and cultivate the development of transportation, utilities, land use, and other infrastructure that will assist local companies operations and expansion needs. • Collaborate with local communities to identify existing companies with the greatest growth potential as well as those companies that may be at risk of relocating or reducing employment. Proposed Budget 2013-2017: $650,000 5 Strategic Initiative Ill. Stimulate entrepreneurial ventures and "home grow" small businesses by pulling together the numerous resources available for entrepreneurs. • Explore the development of an innovation center in Jefferson County. This will be done in partnership with NREL, Chambers, Community Colleges, Colorado School of Mines, and existing incubators. • Develop spin-off operations from area universities, research institutions, and employers. • Improve existing outreach efforts and collaborate with local organizations to develop new growth stimulation programs. • Enhance supportive infrastructure for small business and entrepreneurs in the identified cluster markets and beyond. • Facilitate and staff an initiative to pull together all of the programs and services currently provided in Jefferson County. Proposed Budget 2013-2017: $525,000 6 Strategic Initiative IV. Identify and satisfy the workforce development needs of new and existing business. Focus on developing, retaining, and recruiting talent that supports the competitiveness of the identified cluster markets. • Collaborate with employers to execute useful labor studies; create a response strategy to meet their workforce needs. • Engage the workforce center, community colleges, K-12, and other community partners to create a so lution to the current shortage of skilled workers. • Support and pursue specific employment opportunities for the 48 ,000 veterans in Jefferson County. Proposed Budget 2013-2017: $450,000 Aggressively advocate at all levels of government on behalf of existing business and new business. • Retain expert counsel and lobbyists to advocate for business friendly policies at the local, state, and federal levels. • Professionally staff a concierge position to directly assist development projects in dealings with local government. 7 • Lead the effort to create a turn-key, expedited approval process for business expansion/development at the local level. • Create a Jefferson County business incentive package including the creation of a gap financing fund, infrastructure fund, and other yet to be identified incentives to assist in closing deals. Proposed Budget 2013-2017: $500,000 Five-Year Budget Summary I. Business attraction, marketing, and branding II. Existing business growth and expansion Ill. Entrepreneurial and small business development IV. Workforce development V. Advocate for existing ana new business Ongoing investor relations, community outreach, and resource $1,500,000 650,000 525,000 450,000 500,000 development 300,000 Total Proposed Five-Year Budget: $3,925,000 8 ECONOMIC IMPACT ANALYSIS This economic impact analysis quantifies the extent to which the Forward Jeffco Initiative will stimulate employment, income and local business activity. It shows the total economic impact, direct, indirect, and induced impacts, as measured in terms of jobs, income, value added, and total output. This analysis also computes "return on investment" (ROI) using net profits from new jobs and the amount of investment in the Forward Jeffco Initiative campaign. Investors in the Forward Jeffco Initiative will see an average of $51 in new net profits spread throughout the community for every S J invested. These are annual impacts by 20 J 7, so new net profits will continue to flow each year. A. Jefferson County, Colorado Economic impacts are calculated through a customized Input/Output economic model of the Jefferson County, Colorado economy. Jefferson County is part of the Denver Metropolitan Statistical Area (MSA). All 10 counties in the Denver MSA are shown in Table 1 on the next page. 9 County Denver Arapahoe Jefferson Adams Douglas Broomfield Elbert Park Clear Creek Gilpin Total2 Table 1. Denver MSAl Counties (10) Population and Employment Ranked by Population Population Percent% Private Non Estimate Of Total Farm 2011 MSA Employment Population 2010 619,968 23.8 368,327 : ~ . ~: 235,955 539,884 20.8 183,719 451,443 17.4 129,834 292,167 11.2 77,902 57,352 2.2 32,234 23,174 2,009 16,069 1,216 9,012 2,535 5,467 .2 4,415 100.0 1,038,146 Source: US Census Bureau, State and County Quick Facts Notes: 1. Metropolitan Statistical Area. 2. To als may not add to 100% due to rounding. Percent% Of Non Farm Employment ;; 35.5 22.7 17.7 12.5 7.5 3.1 .2 . 1 .2 .4 100.0 Table 1 shows how t ese counties rank among each other in terms of population and employment. Jefferson County has about 20.8 % of the population and 17.7% of non-farm employment, which means that there are relatively more jobs out of the county. Denver County has 35.5% of the jobs and 23.8% of the population, Denver MSA 10 so many people commute into Denver to work. Broomfield and Gilpin also have higher percentages of employment than population, but have relatively small numbers of employees. More jobs for Jefferson County will help balance population and employment. Table 2, located below, shows the latest available commuting pattern data. Table 2. County-to-County Worker Flows -2000 Census County Denver Arapahoe Jefferson Adams Douglas Broomfield Elbert Park Clear Creek Gilpin Boulder1 Jefferson County Work Flows To Other Counties 73 ,727 30A82 137,126 19,496 5,438 0 10 305 448 2,032 12,867 4,373 286,304 Percent Of Total Workers Living in Jefferson County ~" "~ / 25.8% 10.6% 47.9% 6.8% 1.9% * * * * * 4.5% 1.5% 100.0 Source: US Census Bureau, County-to-County Worker Flow Files, released March, 2003. Notes: 1. Boulder County is not in the Denver MSA 2. Other= other counties in Colorado, other states and countries. *=less than 1% 11 While Jefferson County has 20.8% of the MSA population and 17.7% of non-farm employment, this disparity does not begin to describe the extent that Jefferson County workers commute out of the county. Table 2 shows that in the year 2000 census there were 286,304 workers counted in the county-to-county worker flow files. While almost half (47.9%) live and work in Jefferson County, the other half must commute to other counties in the metro area, including Boulder County (4.5%), not in the Denver MSA. About one quarter (25.8%) of Jefferson County workers commute to Denver County. Chart 1, below, illustrates the top five counties where Jefferson County residents actually work. Other Douglas Boulder Adams Arapahoe Denver Jefferson Chart 1 0/o Living in Jefferson 0 10 20 30 40 50 Source : Table 2. %Living in Jefferson Due to the fact that Denver is an MSA, we can assume that some of the new jobs created in Jefferson will have impacts on nearby counties. The multiplied effects from new direct jobs, between Jefferson County and the region as a whole are in essence, the same; it is a question of 12 how they will be distributed. This partially depends on where companies affected by indirect and induced impacts are located today. Jefferson County has all the sectors needed to build a sub-model of the Forward Jeffco Initiative target industries. The results impacted 275 business sectors. The Forward Jeffco Initiative program is targeting industries based on a strategic planning report that identified new economic opportunities for Jefferson County. These target industries are: aerospace, energy, bio- science, enabling technology*, consumer products and creative services. 8. Summary Impacts of New Jobs The Forward Jeffco Initiative is a new five-year economic development plan focusing on local economic growth and prosperity. The new program is targeting the creation of 7,500 new jobs in target sectors by 2017. These 7,500 new direct jobs will have "indirect" and "induced" impacts that will create a toto of 13,362 new jobs. The ripple effect of new jobs is computed based on multipliers. These multipliers show the effect of the creation of jobs or income in any given industry to the employment and earnings of all industries. Job creation activities mean more earnings and more spending. Table 3, located on the next page, is a summary of the annual impacts of the Forward Jeffco Initiative program. 13 Table 3. Forward Jeffco Summary of Annual Impacts -by 2017 Jobs Output Payroll Consumer Expenditures Savings Deposit Potential Sales Taxes Property Taxes 13,672 $2,504,224,484 s 996,564,134 $826,105,825 $32,846,256 $31,032,289 $30,127,343 Source: National Community Development Services Input/Output model f0r Jefferson County, Colorado. Base data for model, MIG Inc., IMPLAN. *Enabling technology is an invention or innovation that drixes rapid development, usually in a number of business sectors . The summary of impacts from 7,500 new jobs in Table 3 comes from the Jefferson County 1/0 model. Table 4, Economic Impact of Jobs by 2017, located on the next page, ~etails the direct, indirect, and induced economic impacts. The direct impact is the result of the Forward Jeffco Initiative. The indir ct impacts come from the purchases of goods and services, business to business. As all those impacted by the new jobs spend their earnings, there are "induced" impacts. 14 Table 4. Annual Economic Impact of Jobs by 2017 METRICS DIRECT IMPACTl JOBS 7,5004 EARNINGS (INCOME) $695 ,627,487 VALUE ADDEDS $906,4 19,468 OUTPUT6 $1 ,680 ,923,070 New payroll is projected to generate: D ISPOSABLE PERSONAL INCOME7 CONSUMER EXPENDITURES8 SAVINGS DEPOSIT POTENTIAL 9 INDIRECT2 IMPACT 2,254 $135 ,879,477 $208,9 12,560 $341,442,8 10 INDUCE03 IMPACT 3,74 7 $165 ,057 ,1 70 $327 ,8 18,648 $899 ,897,413 $826 ,105 ,825 $32 ,846 ,256 Source: National Community Development Services Input/Output model for Jefferson County. Colorado. Model data from MIG Inc .• IMPLAN. DPI. PCE and savings deposits% of income from Bureau of Economic Analysis. Notes: 1. Direct Impact: Impact generated dire ctly from the jobs created with the assistance of the new initiative. 2. Indirect Impact: Changes in employment, income. and output (business sales) in various industry sectors of the local economy supplying goods a nd services to the companies that expanded . 3 . Induced Impact: The ripple effect of increased income as employees spend is called "i nduced ". 4. 7,500jobs In 2013 = 7,671 in 2017 (the 1/0 model adjusts all inputs and outputs to 2017). 13,672 includes 7.671 direct jobs by 20 1 7. 5. Value Added: Labor income + indirect business taxes +other property type income. 6. Output: Value A d ded+ intermediate inputs (goods used in production) 7. Disposable Personal Income: Personal income less taxes . USA average annual% from Bureau of Economic Analysis. 8 . Consumer Expenditures : Disposable personal income less interest . personal transfer payments. and personal savings . USA average a nnual% from Bureau of Economic Analysis . 9. Savings Deposit Potential : Personal savings rate computed from 1 0 year average of both National Income and Product Accounts NIP As and Flow of Funds Accounts FFAs = 3.65% of disposable personal income. Source is Bureau of Economic Ana lysis. 15 Table 4 shows that, through the multiplier effect, investments in the Forward Jeffco Initiative to create 7,500 jobs will actually create 13,672 total jobs. That is a total job multiplier of 1 .8. It also shows how initial "direct" earnings of $695,627,487 multiply 1.4 times through indirect and induced effects. C. Average Return on Investment 7,500 direct new jobs will multiply through the economy by 1.8 and create a total of 13 ,672 new jobs. Every dollar earned from the new jobs, will multiply by 1.4 and generate total earnings of $996 ,564, 134 . • Tables 3 and 4 above detail the direct, indirect, and induced impacts, but what about ROI? The Forward Jeffco Initiative investors will provide $3,925,000 to create these impacts, and ROI can be computed from new output. Overall, the Jefferson County 1/0 model shows that there will be about $826 million in new annual consumer expenditures by 2017. New spending in the economy means new profits. To get a true measure of ROI, we need to look at net return, specifically profits on investment. ROI varies from one business sector to another, so a good way to summarize ROI for the Forward Jeffco Initiative investors is to use the average net profit among all firms in the USA securities arkets today. In the January 2012 Value Line database this average was 8.32%. So in Jefferson County's case: Forward Jeffco -Average ROI 1) Total new output= $2,504,224,484 x average USA net profit of 8%= $200,337,959 2) Average ROI = $200,337,959/$3,925,000 =$51 : $1 16 Investors in the Forward Jeffco Initiative will see an average of $51 in new net profits spread throughout the community, for every $1 invested. These are annual impacts by 2017, so new net profits will continue to flow each year from new jobs. Aggressive Economic Development Approach The measurable goals and strategies for the Forward Jeffco Initiative have been crafted through a process involving many investors, both public and private. This strategy was also built on the Angelou Economics report's strong recommendation for a more cohesive operating structure within the economic development community, including: Improved operating partnerships with the State of Colorado, Metro Denver Economic Development Corporation, other local economic development partners, local chambers of commerce, and all other partners to drive higher levels of economic performance for the region. Additional staff, financial resources, and focus have the potential to double economic development performance in Jefferson County. Implementation of this initiative is the key. To ensure that desired results are achieved, investors will oversee the operation. 17 Investor Oversight and Governance Once the fundraising is complete, Jeffco EDC will develop the Forward Jeffco Initiative Investors Council, designed to ensure that the program is being implemented as presented and that the investments are being spent as outlined. Tapping into the expertise of its investors will be an integral part of the Forward Jeffco Initiative. With investor input, Jeffco EDC will develop reporting mechanisms to relay the program's successes and challenges to its investors. Full disclosure and dccountability will continue throughout the five-year Forward Jeffco Initiative. Additionally, Jeffco EDC will continually create opportunities for investor involvement in the program's execution and implementation. The Jeffco EDC 's Board of Directors believes Jefferson County can do more to create a prosperous, sustainable economic future. Proposing a more aggressive growth and development plan that is strategic (not reactive} is a transition away from "maintenance" of an economic development organization. The intent is to focus on achieving quantifiable results and measurable performance. New resources and a fresh infusion of capital will be required to implement this high performance strategy. In proposing a proactive strategy based on careful professional analysis and thoughtful stakeholder input, the Jeffco EDC's Board challenges both the private and public sectors to come together to help shape an economy that will provide exceptional jobs, higher payrolls, and a broader tax base . 18 Jefferson County's Time Has Come Opportunity knocks! As the nation gains economic strength and the recession loosens its grip, now .is the time for a more aggressive and cohesive approach to improving Jefferson County's economy. Jefferson County possesses an enviable quality of life and impressive assets to fuel job creation and prosperity. With a united effort that includes a strong private and public sector, and a supportive education community, Jefferson County can further cement Jefferson County's position as one of the most desirable locations in the Metro Region and the world. A Well Organized Funding Campaign is Underway We invite you to join the Forward Jeffco Initiative-a five-year economic development plan that will redefine what Jefferson County will look like in five, ten, or even twenty years. We invite your participation as an Investor and look forward to your active involvement as we strive to create 7,500 new primary jobs and generate the $3.9 million necessary to fuel this program. By investing in the Forward Jeffco Initiative, businesses and local governments will see a measurable return on their invested dollars, while helping improve the economic outlook and quality of life in Jefferson County for decades to come. 19