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Home My WebLink About2017-05-25 Study Session - CVEP .............. a.. {)(y CITY Of PIULM DESE • 73-510 FRED WARING DRIVE 0. NIP PALM DESERT, CALIFORNIA 92260-2578 f TEL: 760 346-061i .i:`' .. info@cityofpalmdesert.org NOTICE OF STUDY SESSION OF THE PALM DESERT CITY COUNCIL NOTICE IS HEREBY GIVEN that the Palm Desert City Council will convene Thursday, May 25, 2017, at 2:30 p.m. in the Administrative Conference Room of the Palm Desert Civic Center, 73-510 Fred Waring Drive, Palm Desert, California 92260, for the purpose of conducting a Study Session. Said Study Session will be held in order to receive a presentation from the Coachella Valley Economic Partnership (CVEP). R H E D. ASSE , CITY CLER CITY OF PALM DESERT, CALIFORNIA May 19, 2017 NO ACTIONS WILL BE TAKEN AT THE STUDY SESSION. PURPOSE OF THE STUDY SESSION IS INFORMATION ONLY. is MTtD W IK14fO Pull) COACHELLA VALLEY ECONOMIC PARTNERSHIP aco City of Palm Desert May 25, 2017 Joe J. Wallace, CEO and Chief Innovation Officer Laura Pellior, Director of Business Development Coachella Valley Economic Partnership COACHELLA VALLEY ECONOMIC PARTNERSHIP EV.g Annual REPORT Financial Update FY 2015-16 was about implementing business fundamentals and management discipline while preserving CVEP's mission. Building a Solid Balance Sheet • Total assets increased 3.3% • Total liabilities decreased 64.5% • Long-term debt eliminated • Cash positions comfortable Predictable and Manageable Operating Performance • Budget managed in real time • Revenue > expenses by $235,000 (11% over budget) FY 701E-17 indicators are positive and available in October COACHELLA VALLEY ECONOMIC PARTNERSHIP Annual REPORT Return on Investment CVEP is a vital innovator of business and workforce development initiatives. CVEP promotes a diversified, year-round economy by facilitating programs to stimulate job creation in key industries and unite business and education to create a well- prepared workforce. Service highlights include: • S8.1 million of loan and equity capital accessed by small businesses in the region in 2016, and 3 million since 2012. • $715,000 of loan and equity capital accessed by small businesses domiciled or owned by Palm Desert residents in 2016, and $12 million since 2012 COACHELLA VALLEY ECONOMIC PARTNERSHIP Annual REPORT ROI : iHub Q2 of 2017 DESCRIPTION GOAL ACTUAL New Companies 50 56 Graduates 9 19 Equity Investments $7 million $20+ million Employees 290 163 Debt Capital $3 million $3.2 million (variable) Grants $5 million $3.4 million Technology 20 19 patents COACHELLA VALLEY ECONOMIC PARTNERSHIP EVES CVEP Funding Sources FY 2016-17 Public Funding: $481,500 (40.9%) Healthcare Sector: $150,000 (12.7%) Banking Sector: $133,000 (11.3%) Other Private Businesses: $172,500 (14.7%) Self Generated: $240,000 (20.4%) Total Revenue: $1,177,000 COACHELLA VALLEY ECONOMIC PARTNERSHIP Lig CVEP Economic Impact 2016 Elliot D. Pollack & Company March 2, 2017 Commissioned by: Southern California Edison Impact ' iHub Biz Servic-s Total Direct $55.0 M $2.3 M $57.3 M Indirect 10.3 M $0.7 M $11.0 M Induced 11.0 M $1.0 M $12.0 M Total 76.3 M $4.0 M $80.3 M COACHELLA VALLEY ECONOMIC PARTNERSHIP Annual REPORT Business Services • Created CVEP-branded Business Services Center • Began offering geographic information systems (GIS) services to the business community • Welcomed Accion, which offers micro- and small business loans and financial advice, at the Rabobank Regional Business Center. • Established partnerships with new micro-lender Lendistry and SBA lender Enterprise Funding Corp for personalized, direct client access. • Attracted first outside support COACHELLA VALLEY ECONOMIC PARTNERSHIP LAM Annual REPORT Tangible Value: City of Palm Desert 2016-17 • 285 Training Session Attendees • 55 hours of Counseling • 7 Client Businesses Based in City of Palm Desert • 12 Seminars/Training Sessions Conducted in Palm Desert • 5 Palm Desert-based Business Owners/Managers Featured as Experts (42%) 2017 Business Attraction Activities • American Airlines: $50,000 Advertising Package • Google Foundation: $120,000 Advertising Grant for Targeted Attraction • GIS Directed Direct Outreach to Coastal and High Cost Communities COACHELLA VALLEY ECONOMIC PARTNERSHIP Annual REPORT Objectives for FY 2016-17 • Workforce Excellence successfully spun off as an independent 501(c)3 entity • Business Attraction Activities Initiated • Attract new private investors • Work Closer with Chambers of Commerce • Bring valued long-term partners back to the table (8 of 9 cities are now in CVEP) • Be attentive, transparent, and interactive Brief Q&A COACHELLA VALLEY ECONOMIC PARTNERSHIP ffir9 >>> SAVE THE DATE «< GREATER PALM SPRINGS ECONOMIC SUMMIT Featuring DR. MANFRED KEIL Claremont McKenna College ` October 25, 2017 PALM SPRINGS CONVENTION CENTEF Sponsorship Information: 760-340-1575, lesa@cvep.com