RANCHO CORDOVA, CA (MPG) - Officials engaged in a pivotal discussion with TIP Strategies, Inc., a consultancy firm specializing in economic development, during a June 3 Rancho Cordova City Council special meeting.

Led by senior partner Jeff Marcel, along with senior consultant Jenn Todd-Goynes and consultant Victoria Wilson, TIP Strategies aims to boost economic, financial and social prosperity within the Rancho Cordova community through the Economic Development Strategic Plan (EDSP) implementation. This year-long process is poised to guide the city of Rancho Cordovas economic development over the next three years.

The meeting focused on sharing preliminary findings, introducing guiding principles and goal areas, and soliciting feedback from City Council to refine the strategic approach. With a focus on bolstering the city’s economy and ensuring long-term sustainability, the plan sets forth clear metrics and actionable recommendations. In crafting the strategic plan, community input from meetings, focus groups and surveys offered a grassroots perspective, in addition to data analysis and insights from industry expertise.

“Preliminary findings reveal that Rancho Cordova has experienced rapid growth since 2010, primarily driven by domestic migration but this growth rate may be slowing,” Todd-Goynes said.

“Despite housing affordability compared to neighboring communities, Rancho Cordova sees a higher proportion of cost burdened homeowners, reaching 27%,” Todd-Goynes said.

Regarding industry sector employment, the city demonstrates strengths in finance, insurance and regional and corporate operations, along with robust employment in healthcare, construction and transportation sectors.

“Commuter data highlights a housing opportunity with around 54,000 workers commuting into Rancho Cordova and 29,000 commuting out,” consultant Wilson said.

Key assets identified within Rancho Cordova include its community spirit, diverse population, regional job center status, favorable business climate and affordable housing. Challenges included underutilized office spaces, lack of a central downtown or community space area, need for additional housing, outdated perceptions about the city, and a disconnect between living and working areas requiring targeted solutions.

The proposed framework for the strategic plan emphasizes three guiding principles: economic resilience, meaning a community can bounce back from challenges such as COVID-19; manageable sustainable growth for the economy and population; and inclusivity across three goal areas: business development, placemaking and real estate, and workforce and talent enhancement.

“Stakeholder engagement and data analysis will remain ongoing as the project advances,” said Todd-Goynes about the project’s next steps. “Council updates and steering committee meetings will continue throughout this phase of gathering information and insights.

Discussions throughout the meeting also focused on potential ways to promote inclusive and sustainable growth by increasing tax revenues and job creation within the community.