2015.05.20 Council Agenda Item 08
Summary
Order to accept the Economic Development Strategy Report recommended by the Falmouth Economic Improvement Committee (FEIC) and to request a Year 1 Work Plan Proposal from the FEIC.
A public comment period will be included with this item (3 minutes).
ACTION: Council action is anticipated
Description
Following the completion of the 2013 Comprehensive Plan, the Town Council charged the Falmouth Economic Improvement Committee (FEIC) in 2014 with preparing an economic development strategy to guide the community’s growth over the next 10 years.
The FEIC and its consultants Camoin Associates and Innovation Policyworks conducted data collection and analysis, reviewed existing documents, conducted stakeholder interviews, did market research, and held public forum discussions. All of this work culminated in the development of a specific vision for the future of economic development in Falmouth, four strategic goals for achieving this vision, twenty-three targeted strategies, and sixty-six actions for implementation. Each action comes with a priority level, timeframe, relative cost, and performance metrics.
The plan has been designed so that, when it is fully implemented, it will increase economic activity, improve quality of life, and create a more diversified tax base for Falmouth.
The Council is asked to accept the recommended report and request from the FEIC a Year 1 Work Plan Proposal prior to the Council's Annual Retreat on July 23, 2015.
Attached are the 26-page Economic Development Strategy Report and a 47-page Appendix with back-up material.
