Economic Development Strategy for a Bright Future

The fiscal health of a City is closely linked to a healthy and strong business community.  Foster City is very fortunate that its local economy has continued to recover and gain momentum since the global recession that began in 2006. Growth in the technology, research & development, bio-medical and life science sectors remain strong for the City. And because these sectors will remain strong for the foreseeable future, a 2nd tier economic model that provides business to business support to these sectors is becoming stronger. To maintain that momentum, the City must be strategic about planning for activities that preserve property values, retain and expand our existing businesses, attract new businesses, and support the efforts of the Chamber of Commerce and all our economic development stakeholders.

On January 25, 2016, the City Council held a Special City Council where they identified five priority areas that they would like staff to focus on for the next year.  The priority areas include land use, traffic and circulation, infrastructure, economic development, and quality schools.  Ad hoc subcommittees, composed of no more than two City Councilmembers and key City staff, have been established for each priority area and will meet throughout the next year to develop work plans to address some of our key challenges.

The Economic Development Ad Hoc Subcommittee, comprised of Vice Mayor Charlie Bronitsky and Councilmember Sam Hindi, met for the first time on February 16, 2016 to discuss the next phase of economic development planning for the City.  Over the next several months the ad hoc subcommittee and City staff will work with the business community stakeholders to establish strategies, policies and programs that will contribute to the City’s future economic health.

On March 15, 2016, the City will be hosting its first Economic Development Business Roundtable meeting.  The meeting will begin at 8:30 am – 12 Noon in the Lagoon Room of the Community Center (1000 E. Hillsdale Blvd).  The purpose of the meeting is to engage with the business community about the economic climate of our City, get their input on important issues, and to share City Council’s vision for moving economic development planning forward.

I am excited about the possibilities of an even stronger Foster City.  With the guidance of our City Council, the experience and expertise of City staff, and the input and support of the business community stakeholders, I am certain we can develop an economic development plan to lead us into the next phase of excellence.