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City reports 3,573 jobs added and stronger sales tax in economic strategy update
Summary
City economic development staff reported progress on the FY25–27 strategy: 3,573 jobs supported (Jul–Dec), $9 million sales tax increase in a four‑month span, business improvement district expansion and large energy investments, and recommended continued focus on business attraction and experience‑economy activation.
City economic development staff presented the FY2025–27 Economic Strategy work plan annual report, telling the committee that most year‑one benchmarks are on track and that event activations have contributed to downtown‑area gains.
Jen Baker, director of the Office of Economic Development and Cultural Affairs, said the work plan’s five objectives and 22 goals show progress: eight goals complete, 12 on track and two still in development. Staff reported supporting or retaining 3,573 jobs in the July–December reporting period and noted a $9 million increase in sales tax revenue across the measured months.
Highlights included business retention and targeted growth in advanced manufacturing and clean tech (examples cited: battery, Netgear, Lucid Motors and EV charging), activation of five business improvement districts that will reinvest revenues locally, and support for two energized Equinix facilities expected to generate near‑term utility tax revenues.
Council discussion focused on industrial retention and practical tools to unlock underused properties. Councilmember Mulcahy asked about public‑private partnerships or alternative capital (CDFIs) and whether the department could maintain an inventory of underused industrial parcels to match investors. Staff said the current general plan cycle provides an opportunity to align land use, jobs and housing goals while exploring tools to support industrial retention.
Outcome: The committee voted to approve the economic strategy annual report.
What’s next: Staff will continue to prioritize business attraction and retention, small‑business ecosystem support, and experience‑economy activations while providing more data‑driven performance reporting going forward.
