Economic Development Element

From the Regional Comprehensive Plan & Guide
"The public sector's responsibilities for promoting economic development include improving the quality and availability of the basic inputs that firms draw upon, such as human resources, technological and physical infrastructure, and capital."
-Southern California Association of Government

Introduction
Although Monterey Park is largely built out, with relatively little vacant land available for new large-scale development, many opportunities exist for expanding the existing commercial and employment / technology base. As described in the Land Use Element, private and public redevelopment efforts within identified focus areas will allow new investment and new complementary uses to meet local and regional shopping demands, provide expanded job opportunities, and build the city's tax base.

During the latter decades of the twentieth century, several factors hindered economic development in Monterey Park, including parcel size and configuration, high land costs, and land use restrictions. The city recognized these challenges and undertook a planning effort that resulted in the 1995 Economic Development Strategy Plan. The Economic Development Element builds on past city efforts to define its economic objectives and strategies, and to guide and shape important components of Monterey Park's economy consistent with other Elements of the General Plan.

Scope and Content of the Economic Development Element
The Economic Development Element establishes goals and policies to guide city efforts to maintain an economically viable community. In this sense, economically viable means providing a range of housing and employment opportunities that meet the needs of residents and workers alike, that attract families and businesses to create demand for planned land uses, and that establish and fund public service levels to preserve Monterey Park's quality of life.

Land Use Policy
The Economic Development Element is linked primarily to the Land Use and Housing Elements. Land use policy, in which the city takes an active role in defining development intensity, the balance and mix of land uses, and design guidelines, is fundamental to economic growth and fiscal well being. Land use policy also helps the city plan in advance for the secondary effects of development, including employment growth, infrastructure requirements, and fiscal impacts.

Housing Policy
Monterey Park's housing policy also is linked to economic development planning in that economic relationships exist between housing types and employment opportunities, as well as between housing densities and the cost to maintain city service levels. With regard to attracting industry and maintaining mobility for corporate activities, Circulation Element policies tie into a sound economic development strategy.