In its first ever economic development strategy, the city of Vancouver plans to build generational wealth, promote trade jobs and position Vancouver as an innovative place with vibrant commercial districts.
City councilors voted to adopt the strategy at their Monday meeting.
“It is … filling in all those gaps of where we need to be as a strategic city,” Councilor Sarah Fox said.
Most large or growing cities have an economic development strategy. But, up until Monday, Vancouver lacked one of its own.
The city earmarked $50,000 out of its comprehensive plan budget to pay its consultant, ECOnorthwest, to analyze economic data and trends, which informed the five-year economic development strategy.
The first goal outlined in the plan is reducing barriers to economic opportunity. The city plans to help advance career opportunities in the trades, support the growth of emerging construction and trade firms, and offer incentives to employers to invest in child care options, particularly for lower-income workers.
Several parts of Vancouver, especially west Vancouver, are considered child care deserts, according to the Center for American Progress.
The city also plans to develop an “investment toolbox” to support the recruitment and expansion of businesses offering access to quality jobs to help build the middle class. That toolbox will include city master planning, property acquisition, development agreements, permitting, and infrastructure investment policies, services and resources.
The second goal is creating opportunities for generational wealth, especially for those historically underserved and excluded, by strengthening support for small businesses. The city will enhance product-to-market opportunities, connect local small businesses to public contracting opportunities and establish a citywide small-business revolving loan fund.
The third goal focuses on boosting Vancouver’s image. The city will develop a marketing campaign to position Vancouver as a center of innovation, support and host startup networking and pitching events, and launch a local early-stage startup investment fund.
Ideally, such a center would serve as a hub for advanced product testing, prototyping, and startup development through incubators and accelerators, according to the plan.
Last, the city plans to invest in neighborhood commercial districts that result in “safe, vibrant and accessible communities.”
This would be done through a Neighborhood Business District Improvement Program, in which local businesses would discuss security improvements, beautification investments and public events, according to the plan.
The city will also look at using its own properties to create affordable spaces for qualified businesses, including culturally centered small businesses and high-growth startups.
These are “really big actions,” Fox said. City staff estimated the cost of implementing the plan would be $2 million to $2.5 million.
“None of these are actually set up for the city to own long term,” Chris Harder, deputy director of economic prosperity and housing, said on Monday. “The role we’re attempting to play is to convene and catalyze and, in some cases, provide early capital to get the programs going and then owned by the community.”
The council decided to approve a resolution adopting the economic development strategy but have city staff come back with more information on how much the city’s plans will cost.
“Two and a half million dollars isn’t really a lot of money when you look at all of the actions that are on this list,” Fox said.
