The City retained Maxfield Research & Consulting to prepare an Economic Development Strategic Plan focused on identifying strategies to understand, expand, and diversify Corcoran’s commercial and industrial tax base. The final plan evaluates the City’s competitive position and development constraints and establishes recommended target industries, priority initiatives, implementation actions, and performance measures to guide economic development efforts over the next five years.     

The plan recommends a proactive approach that prioritizes establishing the land, infrastructure, policies, and organizational capacity necessary to support commercial and industrial investment before expanding recruitment and marketing efforts. Key priorities include establishing a commercial node, business retention and expansion, improving tax-base balance, building institutional capacity, and improving land readiness.  

Maxfield will present the Economic Development Strategic Plan to the City Council. Following the presentation, staff is seeking Council feedback on the proposed strategy and direction regarding implementation. Specifically, Council should consider whether the overall vision, priorities, and implementation sequence reflect the City’s desired approach to economic development and identify any initiatives that should be modified, added, removed, or reprioritized. The Strategic Plan is intended to be incorporated in the City's Economic Competitiveness chapter for the 2050 Comprehensive Plan update.

Direction to proceed with implementation would establish the Strategic Plan as a framework for future economic development efforts.  Individual initiatives requiring budget authorization, land-use decisions, capital improvements, incentive policies, or other formal City action would return to the appropriate City body for consideration.

Provide feedback and direction regarding implementation of the Economic Development Strategic Plan prepared and recommended by Maxfield Research & Consulting.