Economic Development Report Card
Salt Lake City will work with the public, nonprofit and private sectors to build our brand as a diverse, vibrant city where businesses excel. Harnessing growth for the good of every resident will be prioritized by building support for an inclusive and sustainable economy that produces high quality jobs and fosters an innovative environment for commerce, culture, entrepreneurial local businesses and thriving industry.
2021 Goals
COMPLETE: Continue support for small businesses struggling with COVID adjustments and recovery.
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The Mayor has proposed $4 million toward the creation of a community grant pool, which will open the opportunity for non-profits and small businesses to apply for grants to alleviate the impacts of COVID-19.
IN PROGRESS: Update the Department of Economic Development’s policy agenda and strategic plan to ensure that initiatives are geographically and socially equitable in perpetuity.
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A strategic plan has been initiated with the goal of finalizing it in 2022.
COMPLETE: Clarify the purpose of the Economic Development Loan Fund and allocate funds to a Small Business Revolving Loan Fund.
COMPLETE: Drive forward Tech Lake City and BioHive initiatives, and pursue additional partnership opportunities to further grow and expand the life sciences industry.
COMPLETE: Pursue next steps with Sorenson Impact Center on a social impact bond
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The Center spent 2021 researching what interventions would be game-changers for residents and phase 1 findings point to two specific investments: early childhood education and workforce training prioritized for single mothers. The Mayor recommended to the City Council that the City reserve $10 million of the City’s Rescue Plan allocation for a future investment in early childhood care and workforce training, and to leverage private investments to support the expansion of programs. Phase 2 of this work will explore different financial models.
INCOMPLETE: Work with healthcare innovation companies in SLC to create apprenticeships for our residents.
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While the City was able to expand numerous apprenticeship opportunities across departments, bringing private enterprise into this effort is delayed until 2022.