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Goals:

  • Goal 1: Business — Enhance the value and diversity of Albany’s economy by attracting, retaining, diversifying, and expanding local businesses.
  • Goal 2: Partnerships — Strengthen the area’s role as a leading regional economic center through local and regional coordination and collaboration on economic development planning and projects.
  • Goal 3: Prosperity — Maintain and grow the income levels with a focus on living-wage jobs, training, and education opportunities of Albany residents consistent with Oregon and national trends. Work to increase the community’s assessed value while working to achieve a healthy balance of housing and jobs.
  • Goal 4: Central Albany — Create a readily identifiable downtown core that is unique and vibrant with a mixture of entertainment, housing, specialty shops, offices, and other commercial uses.

Healthy Economy Objectives:

Goal 1: Business: Enhance the value and diversity of Albany’s economy by attracting, retaining, diversifying, and expanding local businesses.

Objective HE-1 - Support Local Business: Provide a supportive environment for the development and expansion of desired businesses, especially those that are locally owned or provide living-wage jobs. [Economic Development/Urban Renewal]

Actions: Conduct regular visits to local businesses and industries as a business ambassador. Address the needs and opportunities for growth and work to eliminate barriers for future development. Connect growing businesses with available resources including the Chamber of Commerce, AMEDC, SBA, COG, and the Small Business Development Center (SBDC) at LBCC.

Objective HE-2 - Land: Provide the supply of commercial and industrial land identified in the Economic Opportunities Analysis. Facilitate development consistent with community goals. [Economic Development/Urban Renewal, Community Development, Public Works]

Actions: Complete research and documentation of available land, work to remove barriers for developable land.

OBJECTIVE
MEASURE
TARGET
COMPLETED FY2015
COMPLETED FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
HE-1
Conduct regular visits to local businesses and industries.
≥12
21
12
12
12
12
12
12
HE-1
Projects assisted: financial assistance or removal of development barriers.
≥5
19
15
8
8
8
8
8
HE-2
Complete research and documentation of significant available sites.
≥4
41
43
5
5
5
5
5

 

Goal 2: Partnerships: Strengthen the area’s role as a leading regional economic center through local and regional coordination and collaboration on economic development planning and projects.

Objective HE-3 - Partnerships: Collaborate with organizations focused on business retention, expansion, startup development, and entrepreneurship to establish new firms and strengthen existing businesses locally. [Economic Development, All Departments]

Actions: Maintain key department contacts for immediate response to information requests. Strong intra-city collaboration among departments to further economic development priorities, eliminate barriers, and provide accurate and timely assistance within the requested time frames. Continue to foster relationships and cultivate partnerships with the Chamber of Commerce, AMEDC, SBA, COG, and SBDC. Continue work of LBCC/Industry/City partnership on $2.9 million investment in equipment for workforce development and training.

OBJECTIVE
MEASURE
TARGET
COMPLETED FY2015
COMPLETED FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
HE-3
Respond to information inquiries within the requested timelines.
100%
100%
100%
100%
100%
100%
100%
100%

Goal 3: Prosperity: Maintain and grow the income levels with a focus on living-wage jobs, training, and education opportunities of Albany residents consistent with Oregon and national trends. Work to increase the community’s assessed value while working to achieve a healthy balance of housing and jobs.

Objective HE-4 - Living-wage Jobs: Focus on the creation and retention of living-wage jobs through policy, staff support, and funding of projects that support a healthy local economy and community. Continue to refine CARA and CDBG programs to support job-creation projects. Support the area’s educational resources as vital to the social and economic well-being of the community. Encourage opportunities for increasing skill levels of local workers and microenterprise development. [Economic Development/Urban Renewal, Community Development]

Actions: Complete draft, review, and implementation of CARA economic development programs. Track results and job creation of the program. Work to improve the community’s assessed value. Facilitate connections between residents/businesses and workforce training or education. Track unemployment rate and per capita income for the city of Albany.

OBJECTIVE
MEASURE
TARGET
COMPLETED FY2015
COMPLETED FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
HE-4
CARA/City-funded economic development projects.
≥3
0
4
4
4
4
4
4
HE-4
Jobs (FTE) created through CARA/City-funded economic development projects.
≥5
0
10
13
17
17
17
17
HE-4
Jobs (FTE) created through CDBG-funded programs.
≥5
8
9
5
5
5
5
5
HE-4
Technical assistance provided to microenterprises.
≥10
24
25
10
10
10
10
10

Goal 4: Central Albany: Create a readily identifiable downtown core that is unique and vibrant with a mixture of entertainment, housing, specialty shops, offices, and other commercial uses.

Objective HE-5: Leverage urban renewal dollars to maximize the total investment and development effort in Central Albany. Create an increase in assessed value with the majority of public-private partnerships or spur private investment through strategic public investment. [Central Albany Revitalization Area]

Actions: Continue to focus CARA funding on public infrastructure projects that will drive or complement private investment and private projects that create a return on investment through an increase in assessed value.

Objective HE-6 : Recognize and support Albany’s unique historic character as a major cultural and tourist-oriented economic resource. Increase residential opportunities in the Central Albany area. [Central Albany Revitalization Area]

Actions: Continue funding of rehabilitation and restoration of historic buildings, creation of new residential units, and various projects in the Main Street area and throughout the Central Albany Revitalization Area (CARA).

OBJECTIVE
MEASURE
TARGET
COMPLETED FY2015
COMPLETED FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
HE-5
Total annual value of CARA investments in public-private partnerships.
≥$500K
$379,500
$500K
$500K
$500K
$500K
$500K
$500K
HE-5
Total annual value of private investment in CARA projects.
≥$2.5M
$636,500
$2.5M
$1.77M
$2.5M
$2.5M
$2.5M
$2.5M
HE-5
Total cumulative value of CARA investments.
≥$13.8M
$11.8M
$14.8M
$23.3M
$23.8M
$24.2M
$24.7M
$25.2M
HE-5
Ratio of overall CARA contributions versus private money.
$1:$7
$1:$8.38
$1:$7
$1:$7
$1:$7
$1:$7
$1:$7
$1:$7
HE-6
Cumulative number of CARA-funded new residential units.
≥303
287
292
298
312
326
340
354