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Planning and Building Department, Economic Development Division, recommending the Board consider the following:
1) Receive and file a presentation prepared by Economic Development staff and the Coloma-Lotus Business Council on the Coloma-Lotus Economic Impact Study that was conducted in 2022; and
2) Provide direction to staff on future geographic areas to conduct similar economic impact studies or other possible initiatives for Economic Development staff to work on.
FUNDING: Transient Occupancy Tax Funds.
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DISCUSSION / BACKGROUND
With expanded economic development, tourism growth, and revisions to the County’s Strategic Plan Goals in recent years, the Board emphasized the importance of better understanding the impact of economic and tourism related activities and opportunities in certain geographical regions within the County and directed staff to conduct economic impact studies.
The studies are vital in comprehending the impact of certain geographical regions within the County. Understanding the need to make informed decisions regarding development and investment, the County began conducting economic impact studies to evaluate the potential effects of projects and activities on the local economy. Thus far, the County has published studies for Apple Hill and the Rubicon Trail, and the Board discussed the benefit of a countywide economic impact study.
These studies and subsequent reports provide valuable insights into the direct and indirect economic benefits or drawbacks associated with proposed initiatives.
The findings of such economic impact studies and reports can guide the County in making informed decisions regarding the Coloma-Lotus area. It also allows the County to better evaluate the potential benefits and drawbacks, consider necessary mitigation measures, and ensure that the development projects or initiatives align with the County's overall strategic plan goals relative to economic development.
Overall, the history of economic impact st...
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