HomeMy WebLinkAboutR16-031 2016 Economic Development Plan Commissioner 0,44-41.NpUL.t ... u moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO.2016- 0
RESOLUTION ADOPTING THE 2016 UPDATE TO THE EAGLE COUNTY
ECONOMIC DEVELOPMENT PLAN
WHEREAS,quality of life begins with a good job,providing a roof over one's head,
food on one's table, and access to education,healthcare and many of the other essentials of
modern life; and
WHEREAS,Eagle County's economy,while the envy of many for the success of its
tourism industry(currently responsible for 47%of local employment),is under-diversified
outside of that sector; and
WHEREAS, the recent Great Recession exposed the vulnerabilities that exist in our
economy, at the depth of the recession, driving down Eagle County average weekly wages by
4.7%, employment by 10% (or 4,730 jobs) and sales tax collections by 25% from 2008 to 2010;
and
WHEREAS,these statistics demonstrate the importance of sustained, effective and
proactive steps to build an environment that is supportive of diverse local employers, attractive
to new ones, and encouraging of entrepreneurship; and
WHEREAS,Eagle County's mission is to Create a Better Eagle County For All and sets
forth a five-year goal to Promote a Diverse and Resilient Economy as one method of doing so;
and
WHEREAS,Vail Valley Partnership, in partnership with Eagle County,has facilitated
the development of a three-to-five year Economic Development Plan with extensive and ongoing
participation, feedback and input from the business community and general public; and
WHEREAS,Eagle County desires to adopt this 2016 update to the Eagle County
Economic Development Plan to encourage economic activity and growth within the local
economy.
THEREFORE,be it resolved by the Board of County Commissioners of the County
of Eagle, State of Colorado:
t ✓ 'STc.„4y
/,rii1wit .Ii>
"gilt!,County Attorney's Office
By: Eagle County Commissioners'Office
THAT the Board hereby adopts the 2016 Update to the Eagle County Economic Plan,
which is attached hereto and incorporated herein as Exhibit A.
THAT,the Board,having the authority,in its sole discretion,may revise,modify,replace
and readopt the plan from time to time.
MOVED,READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado,at its regular meeting held the 19th day of April, 2016
COUNTY OF EAGLE,STATE OF
lAco COLORADO,by and Through Its
ATTEST: . BOARD OF COUNTY
COMMISSIONERS *
r, e*
P.P. _____--,.,. .•�.�1, By:
Teak J. Simonton Jeanne McQueeney
Clerk to the Board of Chair
County Commissioners
411111, AlIF
J'/an . Ryan
70 issione
J i ji / d
a y Ch:dler-Henry
Commissioner
Commissioner -/as...... seconded adoption of the foregoing resolution. The roll
having been called,the vote was as follows:
Commissioner McQueeney SC 1
Commissioner Ryan r
Commissioner Chandler-Henry k
This Resolution passed by 7*-.Avote of the Board of County Commissioners of the County of
Eagle, State of Colorado.
The Eagle County
Economic Development Plan
Updated 2016
s �
Jack AHleck
Prepared by:
Vail Valley Partnership/Vail Valley Economic Development
101 Fawcett Road, Suite 240
Avon, CO 81631
970-476-1000
vailvalleypartnership.corn
vailvalleymeansbusiness.com
410 r
Vail Valley •�y
ya/L wJ '/1 Economic Development
PRRTAERSHIP"
EAGLE COUNT
TABLE OF CONTENTS
Page
Executive Summary iv
Our Guiding Principle: Community Sustainability 1
Economic Development Goals & Core Objectives 2
Objective 1: Build a Business-Friendly Eagle County 3
Objective 2: Market the Vail Valley Business Brand 4
Objective 3: Retain, Grow and Recruit Businesses 5
Objective 4: Support our Opportunity Segments 6
Objective 5: Provide Support for a Quality Workforce 8
Performance Measures 9
Economic Indicator Performance through 2014 11
Economic Indicator Progress as of September, 2015 13
Regional Connections:
Region 12 Economic Development Plan: NWCCOG 14
State Economic Development Plan: Colorado Blueprint 15
Additional Context & Glossary of Terms 16
Appendix of Institutional Resources 19
Additional Resources &Works Cited 20
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vailvalleymeansbusiness.com Vail Valley Economic Development Plan-Updated 2016
Executive Summary
History
The first Eagle County Economic Development Plan was created,adopted and funded for
implementation by Eagle County Government in late 2013. The plan was the result of a six-month
public engagement process led by Vail Valley Partnership,and designed to give private enterprise a
voice in how Eagle County should best structure local economic development efforts to support
economic vitality.
Prior to the development of the 2013 plan,historical efforts in the economic development realm
were geared toward keeping up with growth and infrastructure demands. The Great Recession
awoke the community to the need for proactive economic development efforts focused on the
retention and expansion of current businesses and the recruitment of new businesses to Eagle
County. For a full historical treatment of these and related issues,please see The Eagle County
Economic Development Plan, September 2013.
Progress
Since the plan's adoption, significant progress has been made in putting it into action. Vail Valley
Economic Development (VVED) now provides professional economic development services across
Eagle County and is housed within Vail Valley Partnership. VVED provides a single point of
contact for economic and business-development related inquiries and responsiveness to area
business needs. A regional business brand was developed to raise Eagle County's profile as a viable
place to do business. This brand,which targets the"Mountain Entrepreneur"- an archetype that
can be reflected in both individuals and businesses -is now communicated through a comprehensive
county-wide economic development website at www.vailvalleymeansbusiness.com.
Similarly, several partnerships and programs have been implemented to make it simpler for
businesses and entrepreneurs to navigate community resources,gain support for their operations,
and learn more about our communities. These and other successes demonstrate that we are on the
right path.
2016 Update
This document serves as a 2016 update to The Eagle County Economic Development Plan, September 2013.
Its purpose is to build on what we've learned,acknowledge where progress has been made,and
outline the core objectives and strategies that our community should implement and build upon
over the next 3-5 years to drive local economic growth.
This plan is designed to create new opportunities and jobs within Eagle County by broadening the
economic base in existing areas of strength and helping to support developing opportunity
segments. These efforts will help increase sales tax revenues,grow and retain jobs,provide support
for businesses to create year-round availability and build a business climate attractive to
entrepreneurs and growth businesses.
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vailvalleymeansbusiness.com Vail Valley Economic Development Plan-Updated 2016
This updated plan sets forth a guiding principle of"Community Sustainability"in the pursuit of our
economic development objectives. This principle states that the decisions,policies and programs
that we pursue in the implementation of this plan should aim to create outcomes that are economically
viable, environmentally sound, and socially acceptable.
Upon this guiding principle rest 5 core objectives and related strategies that have been developed to
position Eagle County's economy for long term success:
1. Build a Business-Friendly Eagle County
2. Market the Vail Valley Business Brand
3. Retain, Grow and Recruit Businesses
4. Support our Opportunity Segments (Entrepreneurship,Location-Neutral Business, Tourism
Recreation and Health & Wellness)
5. Provide Support for a Quality Workforce
This plan is designed to supplement and support (not replace) municipal level economic
development efforts,providing a tie to countywide,regional and state-level activities.
In order to achieve the desired outcomes,this plan will require public sector leadership and
participation to initiate,and private sector participation to successfully implement. As this plan was
developed with input from the community,we hope you will share your thoughts and feedback with
us to improve this plan moving forward.
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vailvalleymeansbusiness.com Vail Valley Economic Development Plan-Updated 2016
Our Guiding Principle: Community Sustainability
The goal of this plan is to promote the long-term economic health of Eagle County and solidify an
economic base that is strong,diverse,and resilient. Economic development is about building
sustainable communities that can thrive indefinitely.
Eagle County is situated in a unique high-alpine ecosystem. Our communities derive extraordinary
economic and social benefits from the ongoing health and beauty of our natural environment.
Respecting this heritage, this plan aims to strengthen our economy in diverse,collaborative,and
sustainable ways that fit the particular context of our communities.
Throughout the implementation of this plan we will ask ourselves if the decisions,policies and
programs that we pursue are likely to create outcomes that are economically viable, environmentally sound,
and socially acceptable.
This plan encourages local policymakers across all jurisdictions to utilize this guiding principle of
Community Sustainability as a sensible framework for decision-making that considers:
— Economic Sustainability: Is this policy or
program likely to result in outcomes that are
.k A economically viable and will preserve and enhance
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quality of life?
a t — Environmental Sustainability: Is this policy
*lr 4,1 or program likely to result in outcomes that are
environmentally sound and will preserve and
` enhance quality of life?
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- Social Sustainability: Is this policy or program
Linda Guerrette Photography likely to result in outcomes that are socially
acceptable and will preserve and enhance quality of
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Linda Guerrette Photography
Prosper Studios
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vailvalleymeansbusiness.com Vail Valley Economic Development Plan-Updated 2016
Eagle County Economic Development Goals
To promote the long-term economic health of Eagle County and solidify an economic base that is
strong, diverse, and resilient we must:
1. Retain and expand current businesses and
2. Recruit new businesses
Based on extensive community input from citizens,business owners,local municipal and
community leaders,the Vail Valley Economic Development Advisory Council and other
stakeholders from around the region, this plan targets the following core objectives to position
Eagle County's economy for long term success:
Eagle County Core Economic Development Objectives
1. Build a Business-Friendly Eagle County
2. Market the Vail Valley Business Brand
3. Retain, Grow, and Recruit Businesses
4. Support our Opportunity Segments
— Entrepreneurship
— Location-Neutral Business
— Tourism & Recreation
— Health & Wellness
5. Provide Support for a Quality Workforce
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vailvalleymeansbusiness.com Vail Valley Economic Development Plan-Updated 2016
Objective 1 : Build a Business-Friendly Eagle County
Make Eagle County an attractive place to conduct business by creating solid lines of communication
to and between local governments and businesses, and a network of support resources that are ea y to
navigate.
Strategies (5)
1. Vail Valley Economic Development will provide a single point of contact for economic and
business development related inquiries in Eagle County.
Benefit(s): Responsiveness to area business needs.
Efficient referrals to appropriate contacts and opportunities.
2. Implement a Business Retention and Expansion (BR&E) outreach program to identify and
bring both systemic concerns and sector opportunities to the attention of local leadership for
resolution.
Benefit(s): Better understanding of local business growth potential, value to the community, risk of
leaving, and satisfaction levels;offers a channel for local businesses to seek assistance.
Gathering of predictive data on Vail Valley's business portfolio to grow the value of our
business base.
3. Provide robust economic and demographic data and analysis tools.
Benefit(s): Improved availability of relevant local data to support informed public
and private decision-making.
4. Improve resources available on VailValleyMeansBusiness.com and increase web presence
and site performance.
Benefit(s): Site makes it eay for local and proipective businesses to find information on doing business
in Eagle County.
Improves connectivity to workforce and other community partners across Eagle County and
the region.
5. Build Economic Ambassadors Program
Benefit(s): Civic-minded business leaders will participate in BR&E outreach, recruitment endeavors,
and strengthen partnerships and 2-way communication with local governments.
Grows community knowledge of and an appreciation for, the elements required to maintain
a strong local economy.
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Objective 2: Market the Vail Valley Business Brand
Raise the Vail Valley's profile as a viable place to build succes ful business and career opportunities
through specific coordinated marketing efforts.
Strategies (5)
1. Grow the Vail Valley business brand,the "Mountain Entrepreneur"through various means,
and live up to the brand promise of the"Business Sherpa" through exceptional service,
responsiveness and education of partners.
Benefit(s): Will help to build our reputation as a responsive and supportive
community that makes it eay to do business.
2. Drive website traffic and visitor engagement at VailValleyMeansBusiness.com and
community websites through a robust content marketing plan.
Benefit(s): Increased awareness of Vail Valley communities, companies, business
opportunities and support resources.
3. Promote business development events across the region.
Benefit(s): Drive peer-to-peer collaboration, catalyse action and promote awareness
of businesses and economic opportunity in Eagle County.
4. Promote the Vail Valley as a cohesive natural trade-area made up of independent
communities offering unique assets.
Benefit(s): Allows communities across Eagle County to leverage the extensive brand
awareness of"Vail"for their own purposes.
Allows Eagle County to appeal to a broad cross-section of potential
businesses&entrepreneurs looking for different community attributes aligned with their
brands.
5. Extend awareness of the Vail Valley as a place to do business through relationship building
and communications at the state and national level.
Benefit(s): Develops access to new opportunities for local communities. Opportunities may include
business development,partnerships,public relations&
marketing state and federal grant dollars, etc.
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Objective 3: Retain, Grow and Recruit Businesses
Develop programming and support resources to sustain and grow local businesses and recruit new
businesses to Vail Valley. Ensure that business recruitment efforts remain aligned to the unique
context of our communities.
Strategies (4)
1. Implement Business Retention and Expansion (BR&E) program and develop and refine
appropriate support tactics based on findings.
Benefit(s): Better understanding of local business growth potential, value to the
community, risk of leaving operational needs and satisfaction levels;offers a channel for
local businesses to seek assistance.
Gathering of predictive data on Eagle County's business portfolio to grow the value of our
business base.
2. Provide prospective business lead-service to all Eagle County municipalities and special
districts.
Benefit(s): Allows us to effectively sell the Vail Valley as a collection of unique
communities offering different assets to the consumer.
Brands our regional community as responsive and receptive to business inquiries and needs.
3. Review Eagle County development process with an aim to improve service delivery and
community development outcomes. Potential improvements might include streamlined
processes or the introduction of a development ombudsman's role to provide dispute
prevention and resolution services throughout the process.
Benefit(s): Sends a strong message that Eagle County is serious about offering an efficient, equitable
and effective development process.
Provide official problem-solving liaison between developers and county
government.
4. Build collaboration and trust between communities in promoting the long-term economic
health of our region.
Benefit(s): Will help Eagle County build a reputation as a viable and attractive place
to do business.
A regional approach to economic development can drive more awareness and leverage
existing brands in ways that individual communities cannot.
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Objective 4: Support our Opportunity Segments
(Entrepreneurship, Location-Neutral Businesses, Tourism and Recreation, Health& Wellness) _
Local economic development should focus on our community opportunity segments. Play to our
strengths as guided by anticipated market conditions and emerging demographic trends.
Entrepreneurship:
Strategies (3)
1. Make a focal point of Business Retention&Expansion program efforts.
Benefit(s): Better understanding of the needs of entrepreneurial growth businesses.
Gathering of predictive data on Vail Valley's business portfolio to grow the value of our
business base.
Providing high-quality service to growing businesses that have already chosen to locate here.
2. Improve internal and external awareness of Eagle County's entrepreneurial growth
businesses.
Benefit(s): Develop community support for local growth businesses and helps communities better
understand and address their needs.
Highlighting success stories creates a pathway of possibility for other pro.Oective
entrepreneurs.
Demonstrates strong support for small business growth, as a majority of net new jobs come
from current businesses;entrepreneurial ventures can draw new dollars into the community.
3. Provide and support formal opportunities for entrepreneurial networking and collaboration.
Benefit(s): Helps these businesses share their unique needs.
Creates opportunities for collaboration, i.e.product development, administrative services,
shipping, marketing, infrastructure sharing etc.
Location-Neutral Businesses:
Strategies (3)
1. Attempt to identify and catalog location-neutral businesses in Eagle County.
Benefit(s): Understanding this growing business segment is crucial to understanding how the
community can further support the value of these businesses in Eagle County.
Many location-neutral workers derive income from outside the community, and then tend to
spend that money within the local community.
2. Help location-neutral businesses &workers find and connect with each other.
Benefit(s): Building community leads to attachment and investment in the community.
We want valuable contributors to stay.
3. Advocate for and support efforts to improve broadband access,speed and reliability across
Eagle County.
Benefit(s): Several US studies have shown that output and employment are correlated with the
deployment of broadband infrastructure. (Prieger,2012)
Growing literature indicates that the potential for broadband to stimulate economic
development is real. (Prieger,2012)
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Tourism and Recreation:
Strategies (4)
1. Support regional transportation access to Eagle County via Eagle County Regional Airport
and efforts to improve I-70 corridor infrastructure.
Benefit(s): Access to the Vail Valley remains paramount to providing a best in class visitor
experience.
Decline in available seats to Eagle County Regional Airport presents an economic
challenge as EGE visitors stay longer and spend more. (RRCAssociates LLC,2014/15)
2. Support opportunities that would enhance year-round seasonal employment.
Benefit(s): Facilitate full-time seasonal employment opportunities and reduce employee turnover
Reduce community transience and increase resident attachment and investment in our
communities.
3. Support drivers of overnight destination tourism.
Benefit(s): Tourism makes up 47% of jobs;increased destination tourism strengthens our top industry
and creates market opportunities for supporting industries.
Increased tourism supports local municipalities reliant on sales tax collections.
4. Support the development of additional amenities that drive increased year-round visitation.
Benefit(s): Minimizes local lodging occupancy valleys to create a more stable,year-round tourism
environment for businesses.
Increases municipal sales tax collections during off-peak seasons.
Health and Wellness:
Strategies (3)
1. Help the community understand and adapt to the opportunities and challenges created by a
rapidly growing older-adult population.
Benefit(s): Helps ensure that transportation and other public infrastructure is adequate to
accommodate the needs of this growing demographic.
Can help reduce economic leakage associated with aging population relocating outside of the
area due to a lack of appropriate services and/or housing.
Early identification of market opportunities to meet future community needs as projected by
the state demographer.
2. Help connect local health providers and local employers for mutual benefit.
Benefit(s): Such connections may help address our trifecta of needs in the health space:reducing costs,
growing health and wellness business opportunities and maintaining a healthy workforce.
Potentially opens opportunities for market competition and increased service availability.
3. Connect local health-care employer needs to education to ensure proper alignment of
training opportunities.
Benefit(s): Ensures proper communication of industry workforce needs to those who can help supply an
appropriately trained workforce.
Builds a local feedback loop for continuous training improvement.
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Objective 5: Provide Support for a Quality Workforce
Enhance and maintain the amenities needed to sustain and support a high-quality workforce.
Strategies (5)
1. Advocate and lead community-driven solutions to address the housing crisis.
Benefit(s): Facilitating connections and dialogue between various government, special district, and
private business stakeholders is likely to result in the best and most comprehensive solutions
for addressing this community need;housing affordability was deemed the top issue facing
the business community in 2015. (Vail Valley Eocnomic Development)
Ensures a voice for the business community in workforce housing discussions at a local,
regional, and state level
2. Improve integration of existing support resources for employers and the workforce;play an
active role in guiding regional workforce development systems.
— See Appendix of Institutional Resources for a comprehensive list.
Benefit(s): Well-connected support resources lead to more efficient and elegant for employers and the
workforce.
Ensure business needs are being met through the work of the Workforce Centers and
WIOA legislation.
3. Identify workforce needs through business retention outreach efforts and use findings to
align resources and drive collaborative solutions between industry,workforce support
partners and others.
Benefit(s): Strengthen the bond between the business community and the education ystem to increase
workforce readiness.
Increase awareness within the business community of various local, regional, and state
workforce resources.
Continuous monitoring and communication of workforce needs across the spectrum
(education, healthcare, transportation, childcare etc.) will enable more rapid deployment of
solutions.
4. Ensure continuous evaluation of local infrastructure status and investment to support short
and long-term economic development goals.
— Particular attention should be paid to ongoing improvement of local transportation
and broadband telecommunications systems.
Benefit(s): Increased road and air transportation connectivity benefits employers and employees.
Collaboration between various transit providers and effective communication with transit
users benefits all through system optimizations and increased efficiencies.
Quality broadband services enable us to attract and retain a location-neutral workforce and
businesses that can bring new dollars into our communities.
Local technology services must be competitive with what our regional guest profile has come
to expect based on their metropolitan experiences.
5. Support efforts to improve the population health of our workforce.
Benefit(s): A healthy workforce results in increased productivio, lower absenteeism, and improvemenic
in talent acquisition and retention and could be a derentiator in attracting new business.
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Performance Measures
This economic development plan incorporates a comprehensive set of objectives and associated
performance measures utilizing a "SMART" framework. That is, five key indicators of local
economic health and vibrancy have been identified where growth targets are clearly defined using
the following criteria:
— Specific (S)
— Measurable (M)
— Achievable (A)
— Relevant (R)
— Time-sensitive ('I)
For each of the five indicators,baselines were established from available data in 2012,and then
future growth targets were set based on ambitious,but realistic,expectations that the activities
described in this economic plan will lead to desired gains in each area. These indicators were chosen
based on the availability of valid and reliable data in each area and because they reflect a robust
cross-section of established correlates of sustainable economic growth. Each indicator and
associated growth target is shown in Table 2.
Note that several of the growth targets included in these performance measures are grounded in
reclaiming Eagle County's historical economic peak which occurred in 2008. As is now apparent,
that economic structure was eventually found to be unstable, though much of this was influenced by
external factors beyond the control of local actors. Nevertheless, this should be kept in mind
moving forward. Current county-level economic indicators and other area data can always be found
in the Data Center at VailValleyMeansBusiness.com.
As we look to the future,special attention should be paid to laying a more diversified economic
foundation that is more resilient to external stress and upheaval. Our future economy should create
economic opportunities for residents that are better aligned with the realities of self-sufficiency in a
rural-resort region with a relatively high cost of living.
As a reminder, successful`local economic growth'in the context of this plan means:
— Strong, sustainable growth of individual incomes and sales tax revenues
— Healthy population growth
— Increased business longevity
— Diversification of industry for year-round availability
— Job opportunities with promotional potential
— Viable business opportunities for entrepreneurs
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Economic Indicator Progress as of September, 2015
Good progress continues to be been made on most of the economic indicators (shown in Table 1)
this past year (2015). Average Weekly Wages have come up by 3.1%and Average Earnings per Job
by 3.7%. Average Earnings per Job held steady against the statewide average and the Average
Weekly Wage gap increased slightly. Net New Jobs have also come up by 2%and has further closed
the gap between 2013 and 2008.
Strong growth was seen in County Sales Tax collections,which grew by 7.8%between 2013 and
2014. The gap between 2014 and 2008 County Sales Tax collections decreased by 6.8% this past
year to 4.4%. Business health statistics saw gains as well. The annual unemployment rate came
down 1.9%and the number of individuals who are unemployed in Eagle County came down by 29%.
Note that the Colorado Department of Labor and Employment revised its historical labor force
statistics and now shows that the size of the labor force in 2010,and every year thereafter,was
higher than in 2008. However,the number of individuals who are employed did not reach 2008
levels until 2014.
Economic Stress,which looks at the balance between year-over-year changes in the number
employed and changes in the size of the labor force,indicates that the Eagle County job climate is
favoring further reductions in unemployment. As unemployment drops further,the County will
likely have to seek individuals from outside to fill vacant positions and/or grow the size of the local
labor force. Unlike the other indicators,Economic Stress is ideally around or slightly above zero,
which indicates that the labor force is growing at about the same pace as are available jobs. Under
conditions when higher unemployment is occurring,however,a larger positive stress score is sought
because it shows that available jobs are being filled by the existing labor force rather than by
bringing in individuals from outside. The declining unemployment rate for Eagle County along with
the elevated stress score in the positive end of the spectrum translates to a good situation for local
residents who are looking for work. If the trend continues,the County will want see increases in the
size of the labor force to ensure a healthy balance with job creation.
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Regional Connections:
Region 12 Economic Development Plan: NWCCOG
Eagle County is included in Rural Resort Region 12,as designated by the state of Colorado. Other
Region 12 counties include Pitkin, Summit, Grand and Jackson.The Northwest Colorado Council
of Governments (NWCCOG) is a voluntary association of county and municipal governments that
strives to work together to focus on regional efforts,and oversees this region's economic
development district and strategic plan.
Eight goals have been identified by the NWCCOG Economic Development District
Comprehensive Economic Development Strategy:
Goal 1: Support&Strengthen Existing Businesses
Goal 2:Attract New Businesses/Industries to Create Vibrant,Resilient Economies _
Goal 3: Focus on Projects that Bolster Tourism ^
Goal 4:Wisely Develop Natural Resources while protecting the environment _
Goal 5: Focus on Supporting Investments in core infrastructure and community resources
improvements that will help expand local economies
Goal 6: Create Sustainable Main Street/Downtown Projects
Goal 7:Workforce Development: create and/or expand workforce
development/training/educational opportunities to focus on training and education programs across
all economic sectors
Goal 8: NWCCOG Economic Development District to be point of contact for economic
development activities: technical assistance,information,data,capacity building, etc.
(NWCCOG-EDD,201.1)
Regional collaboration is an important component of Eagle County's future economic growth.
Partnerships with NWCCOG and NWCCOG Economic Development District allow Eagle County
to leverage various opportunities and programs including the Northwest Loan Fund,which provides
access to capital for local businesses.
Three programs initiated by NWCCOG at a regional level that are particularly beneficial to Eagle
County including:
1. Northwest Loan Fund:loans money for start-up and expanding businesses that may not
qualify for traditional funding
2. Regional Broadband Project and Regional Broadband Coordinator: an eight county strategic
plan aimed at improving broadband access, speed and reliability,led by a technical expert
3. Sector Partnerships:industry led collaborations designed to address workforce,supply chain
or other industry challenges
Active participation with NWCCOG at the regional level ensures that Eagle County's interests are
represented in various regional efforts. As the largest county by population and workforce size in
the region,it is important that Eagle County's voice is heard.
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State Economic Development Plan: Colorado Blueprint
The Colorado Blueprint is the state's economic development plan, first launched in 2011. Six goals
were identified through a state-wide public engagement process.
Goal 1:Build a Business-Friendly Environment
Goal 2: Retain,Grow and Recruit Companies
Goal 3: Increase Access to Capital
Goal 4: Create and Market a Stronger Colorado Brand
Goal 5: Educate and Train the Workforce of the Future
Goal 6: Cultivate Innovation and Technology
(OEDIT,2011)
In the summer of 2015, the Colorado Office of Economic Development&International Trade
(OEDIT) launched the Colorado Blueprint 2.0 initiative as a way to examine how to better serve
rural communities around the state and identify opportunities to best leverage their resources.
(OEDIT,2016)
As of this writing,OEDIT is currently synthesizing information obtained in regional strategy
sessions held over several months in 2015. While we don't yet know what strategy adjustments will
come out of the state's efforts,Vail Valley Economic Development works closely with OEDIT and
other state partners and will ensure that Eagle County will be able to take advantage of any
opportunities that may arise for our region as a result.
As noted by the Colorado Blueprint,"Effective partnership requires close collaboration and
communication.The distances separating state,regional and local leadership inhibit effective
partnership and must be countered by better communication,increased alignment and a true spirit
of collaboration and teamwork. State,regional and local collaboration must be a part of the DNA of
life and business in Colorado."
The state also offers tools that benefit local economic development efforts,including the Colorado
InSite tool. InSite is a comprehensive site-selection database that allows simple online searches for
commercial space, community information,company details by NAICS code and other detailed
information to assist businesses in finding suitable sites for their operations. This tool,complete
with all active commercial property listings offered via the Vail Multi-List Service is made available
on the VailValleyMeansBusiness.com website through a collaborative partnership between Vail
Valley Partnership,Vail Board of Realtors and OEDIT.
Numerous state agencies relevant to the Eagle County economic development plan operate under
the Office of Economic Development and International Trade.These include (but are not limited
to):
— Colorado Small Business — Colorado Tourism Office
Development Center — Colorado Innovation Network
— Colorado Workforce Center
Active participation with the state of Colorado and relevant agencies within the Office of Economic
Development and International Trade ensures that Eagle County's interests are front of mind and
our business community has quick and ready access to state resources,incentives and data tools.
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Additional Context and Glossary of Terms
Proper context is needed for clear communication. The following additional explanations and glossary of terms should
help readers gain a comprehensive understanding of various nuances,project-specific terms and acronyms used
throughout this document.
"Eagle County" and "Vail Valley":
"Eagle County"in the context of this plan is limited to the natural trade area along the I-70 corridor,
extending geographically from East Vail to Dotsero,including the communities of Red Cliff and
Minturn and into Northern Eagle County. "Eagle County"is used interchangeably with the
colloquial term"Vail Valley"to describe the area.
While"Eagle River Valley"is likely the most geographically accurate term used to describe this
region,an extensive branding study conducted in 2014 indicated that"Vail Valley"is the most
efficient and recognized term for setting proper situational context for external audiences. "Vail
Valley"is also used extensively within the local private-sector to describe the trade area,and this
document follows that convention.
Business Retention and Expansion (BR&E):
A core program of economic development,designed to retain existing businesses in a community
and to provide effective support to encourage business growth and an environment conducive to
new business starts. BR&E is essentially a community level customer-retention program applied to
economic and workforce development.
Business Sherpa:
A term describing the "brand personality" of Vail Valley Economic Development and networked
support partners,guiding how business support services should be offered throughout the
community.
— The best guide to business success in these mountains
— Helps business leaders prepare and train for conducting a successful business here
— Provides needed resources for these business leaders to make it along the way
— Connects these `climbers'to others who can and will help each other make it
The Business Sherpa concept helps rope together strong,united,risk-takers who are happy to do
business in the mountains.
Colorado Blueprint:
Colorado's statewide economic development strategy launched in 2011 by the Colorado Office of
Economic Development&International Trade. The strategy was developed through the input of
citizens from across all of the state's 64 counties.
Development Ombudsman:
An independent intermediary between private developers and local government to provide dispute
prevention and resolution services with the aim of improving service and development outcomes.
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Economic Base:
The engine that drives the economy of the community. It's the sector or sectors that bring new
money into the community through exporting goods and services from the region. Eagle County's
base industry is Tourism. Our chief export is `fun!'
Economic Development Leadership Council:
A volunteer committee convened in 2013 by Vail Valley Partnership to guide the creation of the first
Eagle County Economic Development Plan. More information about this group is found on page
13 of The Eagle County Economic Development Plan, September2013.
Economic Stress Indicator (ESI):
A metric for understanding business health. ESI looks at year-to-year changes in both the number
of individuals in the labor force and the number of individuals employed. The year-to-year growth
ratio in the labor force is subtracted from the year-to-year growth ratio in employment. Positive
values indicate a more favorable year-to-year growth balance on the two combined factors.
Housing Crisis:
A condition illustrated by tight supply and high demand in the local housing market,common to
resort-driven economies affected by global demand for local real estate.
Local Economic Growth:
A contextual understanding what productive economic development should look like in Eagle
County,established by the Economic Development Leadership Council in 2013. "Local economic
growth"in the context of this plan means:
— Strong,sustainable growth of individual incomes and sales tax revenues
— Healthy population growth
— Increased business longevity
— Diversification of industry for year-round availability
— Job opportunities with promotional potential
— Viable business opportunities for entrepreneurs
Location-Neutral Business:
Business operations that allow individuals to live locally while relying on income from external
customers or an employer located outside the localized trade area. Often such businesses are
enabled by robust telecommunication systems and easy access to efficient transportation systems.
Mountain Entrepreneur:
The target audience of the branding study conducted by an outside branding agency in collaboration
with Vail Valley Partnership in 2014. The Mountain Entrepreneur describes an archetype of the
people and businesses we aim to attract to add economic value to our community:
— Determined- able to reach their goals despite many obstacles
— Smart- does research,assesses situations,listens to experts,gets smarter
— Clear-eyed- able to see things as they are, and adapt
— Risk-taker-willing to take risks to do what they love,here
— Collaborative- knows that keeping businesses healthy here is a team sport
— Driven by the Vail Valley definition of success - time spent in the mountains,in this place
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NAICS Code:
North American Industry Classification System
NWCCOG:
Northwest Colorado Council of Governments
OEDIT:
Colorado Office of Economic Development&International Trade
Population Health:
The health outcomes of a group of individuals,including the distribution of such outcomes within
the group,e.g.,the Eagle County Workforce. (Stoddart,2003)
Vail Multi-List Service:
Offers licensed REALTORS®access to real property information for most of Eagle County. The
jurisdiction includes all the towns along the I-70 corridor from East Vail to Dotsero and into
Northern Eagle County. (Vail Board of Realtors,2015)
Vail Valley Economic Development:
The brand name of the professional public/private economic development program serving Eagle
County and the Vail Valley,housed within Vail Valley Partnership.
Vail Valley Economic Development Advisory Council:
A council of private and public representatives who serve as a resource and sounding board for Vail
Valley Partnership. The council provides ongoing advisement to ensure that local economic
development activities undertaken by Vail Valley Economic Development are relevant to the needs
of the business community and aligned to the core mission of this plan.
VailValleyMeansBusiness.com:
This site serves as the online home of Vail Valley Economic Development,an initiative of Vail
Valley Partnership. It serves as the official business services portal for existing and prospective
businesses seeking comprehensive information about the Vail Valley to support their business
operations and help them navigate local communities. www.vailvalleymeanbusiness.com
Vail Valley Partnership (WP):
The Vail Valley's community development organization,dedicated to the economic vitality of the
Vail Valley. VVP's mission is to lead collaboration for community success. The Partnership works
across three primary domains: as a regional chamber of commerce, a destination sales&marketing
entity and a public/private economic development agency through Vail Valley Economic
Development.
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Appendix of Institutional Resources
Existing local institutional capacity and business support resources
Community/Regional Chamber and Business Special Stakeholders:
Associations — Utilities: Holy Cross Energy,Eagle
— Basalt Chamber of Commerce River Water and Sanitation District,
— Beaver Creek Merchant Association Upper Eagle Regional Water
— Eagle Chamber of Commerce Authority(UERWA),Eagle and
— EagleVail Business Association Gypsum municipal water systems,
— Gypsum Chamber of Commerce Black Hills Energy,Xcel Energy
— Vail Chamber&Business Association — CenturyLink
— Vail Valley Partnership/Vail Valley — Comcast
Economic Development — Eco-Trails
— Eco-Transit
Local Governments — Our Community Foundation
— Eagle County Government — Vail Resorts
— Town of Avon — Vail Valley Foundation
— Town of Basalt — Vail Valley Medical Center
— Town of Eagle
— Town of Gypsum Regional Partners
— Town of Minturn — I-70 Coalition
— Town of Red Cliff — Northwest Colorado Council of
— Town of Vail Governments (NWCCOG)
Education
Selected Metro and Special Districts — Colorado Mountain College
— Beaver Creek Resort Company
— EagleVail Metropolitan District — Colorado State University Extension
— Edwards Metropolitan District
— Eagle County Schools
— Vail Recreation District — Vail Centre
— Western Eagle County Metropolitan State Partners
Recreation District — Colorado Department of
Industry Associations/Entrepreneurial Transportation (CDOT)
Support Systems — Colorado Small Business
Development Center (SBDC)
— 8150—High Altitude Entrepreneurs — Colorado Tourism Office (CTO)
— Basecamp for Entrepreneurs (Vail
Centre) — Colorado Workforce Center
— Eagle Valley Homebuilders — Department of Local Affairs (DOLA)
Association — Governor's Office of Economic
— EGE Air Affiance Development and International Trade
— SimpatiCOWORKING (OEDIT)
— Vail Board of Realtors
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Additional Resources & Works Cited
The following supplementary resources and works cited provide support and additional context to this 2016 update to
the Eagle County Economic Development Plan:
Vail Valley Partnership/Vail Valley Economic Development. (2013,September). The Eagle County
Economic Development Plan, September 2013:Available at vailvalleymeansbusiness.com:
https://files.vailvalleypartnership.com/sites/4/2015/05/Eagle-County-Economic-Development-
S trategic-Plan-Nov.-2013.p df
NWCCOG. (2015,December). Updated Implementation/Action Plan-NWCCOG Economic Development
District Comprehensive Economic Development Strategy. Retrieved from nwcoloradobusiness.org:
http://nwcoloradobusiness.org/wp-content/uploads/2014/02/CEDS REGIONAL-
ACTION-PLAN 2015-Update.pdf
()EDIT. (2011,October 18). Colorado Blueprint:A bottom-up approach to economic development. Retrieved
from advancecolorado.com:
http://www.advancecolorado.com/sites/default/files/908 424 Colorado%20Blueprint 11
7 no jump 8.5 0.pdf
OEDIT. (2016,March 10). Colorado Blueprint 2.0. Retrieved from Colorado Office of Economic
Development&International Trade: http://www.advancecolorado.com/colorado-
blueprint-20
Prieger,J. (2012). The Broadband Digital Divide and the Economic Benefits of Mobile Broadband for Rural
Areas. Pepperdine University,School of Public Policy Working Papers.Paper 41.
RRC Associates LLC. (2014/15).Eagle County regional Airport(EGE) Winter Passenger Survey.
Stoddart,D. K. (2003).What is Population Health?American Journal of Public Health,Vol. 93,No. 3,
pp. 380-383.
Vail Board of Realtors. (2015,March 10). Vail Multi-List Service. Retrieved from Vail Board of
Realtors: http://www.vbr.net/vail-mls-about-us-menu.html
Vail Valley Economic Development. (2015). Eagle County Economic Indicators.
Vail Valley Economic Development. (2015).2015 Workforce Report.
For more information, please contact:
Jeremy Rietmann,Business Development Director,Vail Valley Partnership, (970) 477-4012
jietmann@visitvailvalley.com
Chris Romer,President/CEO,Vail Valley Partnership, (970) 477-4016
cromer @visitvailvalley.com
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