She called the plan “an evolving policy document with a long-term vision” that defines economic development, identifies community goals and basic steps to achieve those goals, directs how to allocate resources and provides a framework for feedback and future plans.
The purpose of the strategic plan is to provide “a clear direction” for the city’s economic development efforts and partnership with the Monroe Area Community Improvement Corporation, she told The Journal-News after the meeting.
“This plan provides a framework for conversations about where, when, and how the city should continue to grow, while also recognizing the strength and importance of our existing business community,” she said.
She hopes to present legislation at the next City Council meeting on April 25.
Then in May or June, she wants the Community Improvement Corporation (CIC) to identify specific action items under the nine Development Objectives: Creating Connections, Establishing a Sense of Place, Strengthening Partnerships, Building Through Residents, Developing Talent, Site Readiness, Learning from Others, Growing Steadily and Thoughtfully and Turning Toward Opportunities.
“When we get to the end of the year,” Patterson said, “we’ll be able to look back and say, ‘This is what you said you wanted us to do. And this is where we are. Here’s where we need help. And this is kind of what we see as the future.’”
From a revenue perspective, Patterson said, economic plans are pivotal because for every $1 in residential income tax, businesses create $11; commercial/industrial property tax is taxed at a higher millage rate (59.4 mills compared to 55.9 mills); and commercial/industrial/public utility properties generate nearly twice the real property tax revenue than residential and agricultural areas.
“This isn’t to say that anyone is more important than anyone else,” Patterson told council. “But the reality is that the businesses do drive the ability to deliver programs to the residents. There is a real risk to not facilitating economic development in a way that makes sense for the community because it will down the road hinder your ability to potentially deliver programs.”
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