2015
Comprehensive Economic Development | A New Paradigm for Norfolk Q1/Q2 REPORT TO NORFOLK CITY COUNCIL l PETER H. CHAPMAN l DEPUTY CITY MANAGER
I. The Goals – Growing a Prosperous Economy By Design Long-term growth and development of Norfolk’s employment base and labor force hh A sustainable local economy that: \\ Affords
access to opportunity for all Norfolk residents \\ Fosters vibrant mixed-income residential neighborhoods \\ Supports and expands our tax revenue base \\ Harnesses Norfolk’s competitive advantages as a diverse urban center hh An environment that is favorable for, and invites investment hh A strengthened brand
\\
We are creating an amazing community where people desire to live, work and play
Snapshot of Conditions and their Implications Issues / Threats
hh High/concentrated
poverty hh Limited access to non-traditional capital for business expansions and certain types of real estate transactions hh Declining federal funding (Military – possibly another round of sequestration; HUD – declining support for traditional public housing) hh Contractions in regional economy (highlighted by the fact that Hampton Roads and Detroit were the only metro areas to lose jobs between 2013-2014) hh Flood mitigation/sea level rise
Opportunities / Strengths hh Assets
with national/international draw – Port/ Maritime, Military, but also Healthcare/ Life Sciences and Education hh Cultural amenities hh Distinct urban character – “walkable urbanity” hh Downtown Waterfront hh Transportation/transit infrastructure hh Talented workforce hh Focus on entrepreneurship/innovation hh Designation as one of Rockefeller’s 100 Resilient Cities
A Comprehensive Approach to Economic Development Programming