City of Corona comes up with Economic Development Strategic Plan: What’s the importance?

By: Sharjeel Sohaib

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Aug 5, 2022

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City of Corona

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The City’s business attraction, growth, retention, expansion, and resiliency initiatives will be guided by the Economic Development Strategic Plan. This plan also meets the community’s desire to promote a robust local economy.

Since this initiative began in 2021, the City’s Office of Economic Development has collaborated with area residents, company owners, commercial brokers, and property managers to inform and establish a strategy to strengthen Corona’s regional economy. 

In late summer 2022, the plan will be presented to the City Council for adoption; execution will follow soon.

Key Takeaways:

  • The City’s economic development initiatives will be governed by the Economic Development Strategic Plan for the next five years.
  • Like the Citywide Strategic Plan, the Economic Development Strategic Plan was formed by businesses, citizens, and other stakeholders through participation in interviews, workshops, and survey input. 
  • The Economic Development Strategic Plan community outreach process attracted more than 3,500 participants.

We Covered this in our Weekly Wire Roundup

The Economic Development Strategic Plan

The Economic Development Strategic Plan aims to: 

  • Elevate and support Corona’s small businesses and entrepreneurs in collaboration with local and regional partners.
  • Encourage the attraction of new enterprises to Corona and the retention and growth of current ones.
  • Give our community the knowledge, tools, and assistance they require to prepare for future Southern California occupations.
  • Develop a development review process that is collaborative, responsive, effective, and business-friendly to offer the best possible service to our development community.
  • Boost the local economy and our community’s health, happiness, and well-being, and support creating vibrant public places by honoring our heritage.
  • Boost community engagement and communication by recognizing our accomplishments and ensuring all people have equal access to city services.

Goals of The Plan

These six strategic goals are laid forth in the Citywide Strategic Plan:

  • Financial stability 
  • Robust economy
  • Safe neighborhood 
  • Sense of place 
  • Sound infrastructure 
  • An effective government.

Importance of The Plan

The second of the six strategic goals of the Citywide Strategic Plan is addressed by the Economic Development Strategic Plan, which offers a road map for Corona to follow: “Strong Economy – Increase the local economy by promoting small businesses here at home and making sure there are plenty of chances for new ventures and job seekers.”

Note: Startempire reported about the “Revitalization Survey” that the City of Corona conducted in Dec last year. You can read about it by clicking the link below.

Funding for The Plan

To carry out the strategic activities described in the plan, the Economic Development Strategic Plan assumes that the City of Corona can pursue additional financial sources. Economic development-related activities can be funded with the help of significant federal and state financial resources.

Wrap Up!

The Economic Development Strategic Plan is organized around six objectives that will help strengthen current businesses, promote economic growth, build community, and prepare our workforce for employment. The Economic Development Strategic Plan supports Corona’s goal of creating a city where everyone can succeed and enjoy a bright future.

Read more details about the EDS plan here.

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