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Comprehensive Economic Development Strategy for South Florida, 2022-2027

APRIL 4, 2022

ERALDA AGOLLI

PROGRAM MANAGER, CARES ACT ECONOMIC DISASTER RECOVERY

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CARES KEY TAKEAWAYS

Develop a much-needed talent skills pipeline
Support residents of low-wealth communities
Invest in innovative new business models and technologies
Provide multimodal connectivity and create an interconnected system that is easily accessed for all residents.
The more able government and stakeholder organizations are to share essential information, the quicker the region can respond in times of crisis.

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To have a resilient economy, the South Florida region needs to provide opportunities for the area to: read from slide

As the impacts of COVID-19 begin to subside for the meantime, the goals outlined in this strategy are still relevant to economic development and resilience in the region to be able to quickly respond to, withstand, and recover from future economic shocks. These future shocks may take the form of COVID-19 re-emergence, another virus outbreak, or any other disaster. Any comments or feedback?

EDA has adjusted its investment priorities, with one notable change of replacing Opportunity Zones with Equity and elevating it to the top of the priority list. In response to EDA’s new investment priorities, SFRPC has realigned its specific focus on Opportunity Zones as a tool in the broader Equity toolbox, an integrated equity as a focus in all economic development activities.

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Develop South Florida’s CEDS Vision Statement

“Increase regional prosperity by building economic resilience, fostering equitable job creation, increasing local collaboration, and building a more diversified economy and a connected vibrant region.”

SUGGESTED

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SWOT

Vision Statement

Goals

Objectives

Action Plan�How do we get there?

Evaluation Framework

Priority Projects
Performance Measures

CEDS Strategic Direction & Action Plan

1. Since most of you did not attend the CEDS Strategy Committee meeting on the 14^th, The strategic direction and corresponding action plan contained within the CEDS are the heart and soul of the document. They should answer the questions “Where do we want to go?” and “How are we going to get there?” by leveraging the analysis undertaken in the SWOT. The strategic direction should evolve from a clearly defined vision with corresponding goals and measurable objectives.

2. The vision statement, goals, and objectives should respond to the analysis of the area’s development potential and problems (i.e., SWOT analysis which I have summarized in a following slide). The goals should reflect the desires of most regional stakeholders and should also be realistic and limited to a manageable number. The vision, goals, and measurable objectives will provide a strategic framework for public and private decision-making and serve as the basis for the formulation and focus of the action plan.

3. The Action Plan Distills the vision and goals and objectives into concrete specific actions to achieve the aspiration of the region’s stakeholders. It should explicitly describe how the region will work together to achieve its goals and measurable objectives including activity ownership, timetables, and committed resources. In other words, the Action Plan is the implementation portion of the CEDS. Partnerships with a variety of organizations and the private sector in the region are key to a successful implementation of the CEDS.

4. Lastly, What is the Evaluation Framework per EDA? Performance measures used to evaluate the organization’s implementation of the CEDS and its impact on the regional economy. Should answer the questions “How are we doing?” and “What can we do better?” It Cascades from the strategic direction and action plan, which, in turn, flow from the SWOT analysis. The Evaluation Framework will have two primary components. At the project level, we will use as a performance measures what you provided us for each project under “outcomes of successful project.” This is included in the CARES Act Element after the Action plan with the goals, objectives, and priority projects. To gauge the overall success of economic development growth in the region, we have evaluated the performance measures that you selected or provided for each focus area through our work group meetings. Many of the same strategies and measures of success for economic resilience and disaster recovery in the CARES report are aligned with the general goals of economic development and resilience in the region to be able to quickly respond to, withstand, and recover from future economic shocks.

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MARK CASSIDY, AICP

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While everyone is skimming the list, as I mentioned the strategic direction and action plan flow from the SWOT analysis. Here is a snapshot of what you all answered for each category. As e reminder the most commonly repeated themes from the SWOT analysis were lack of affordable housing, climate change, transportation options and leadership.

Something to keep in mind before I move to the next slide and we start working on the vision and goals, EDA has adjusted its investment priorities, with one notable change of replacing Opportunity Zones with Equity and elevating it to the top of the priority list. In response to EDA’s new investment priorities, SFRPC has realigned its specific focus on Opportunity Zones as a tool in the broader Equity toolbox, an integrated equity as a focus in all economic development activities. I will switch to a word file where we have listed all the goals, objectives, and strategies and as I mentioned in my email last week while we will spend most of our time on Goals 2 and 3 that focus on Mobility and Environment and Infrastructure, we will go over the other ones in case any of you have any suggestions or recommendations especially goal 4 which focuses on regional collaboration.

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Next Steps

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Work Group Meetings – April and May 2022 (TBD)

Final comments on CARES Act Element and post for public comment
CEDS Priority projects and evaluation framework

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Comments/Feedback

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MARK CASSIDY, AICP

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