2022-01-18 CC Agenda Packet - PRESENTATION #3 - ES Economic Development Corporation UpdateI S 10 C
EL SEGUNDO
ECONOMIC
DEVELOPMENT
CORPORATION
El Segundo City Council Strategic Planning Updates: 01.18.22
• El Segundo is positioned as a city of innovation "Where Big Ideas Take Off" and LXs "Most Business
Friendly City".
"El Segundo has the 5 most important square miles in Southern California" because of the number of
Fortune 500 corporations, driving force for aerospace innovation, home of industry leading technology
/ bioscience / consumer product companies, and operational headquarters of the top professional
sports teams
• 98% of general tax fund to the city of El Segundo driven by corporations
• However, no singular group comprised of top executives from the top corporations in El Segundo
existed to provide their unbiased strategic voice in shaping policy, direction of city in which they
belong
ESEDC'S Mission Statement:
Advance Economic Opportunity for El Segundo Employers and
Prosperity for the City of El Segundo
Board of Governors
i.
Ethan Brown
CEO, Beyond Meat
Steve Isakowitz
CEO, Aerospace Corp
Troy Dawson Richard Dickson
ES Site Leader, Boeing President, Mattel
Richard Lundquist
CEO, Continental Devel.
Adam Goldenberg
Co -CEO, Techstyle
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Shawn Mural
CFO, Raytheon Space
Michael Hackman
CEO, Hackman Capital
Dr. Patrick Soon-Shiong
Chairman, LA Times
CEO, Nantworks
filik
Carol Hamilton
Group President, L'Oreal
Fredrick Walker
GM, Chevron
Executive Team
J
Eric Chan
President
Chief Financial Officer
Los Angeles Clippers
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Al Keahi
Vice President, Treasurer
Former Chairman
El Segundo EDAC
F
Daniel Martin
Vice President, Secretary
President
PS&M Communications
Scott M itn ick
Ex Officio Board Member
City Manager
City of El Segundo
WHAT DOES THE ESEDC'S BOARD OF GOVERNORS &
BOARD OF DIRECTORS BELIEVE TO BE THE BIGGEST
CHALLENGE FACING THEIR BUSINSSESS TO BE?
WHY IS EMPLOYEE RECRUITMENT
& RETENTION A CONSIDERABLE CHALLENGE
FOR EL SEGUNDO BASED BUSINESES
0 Significant cost of living in SOCAL; specifically El Segundo
0 Hybrid working models becoming prevalent that offer
employees more options and flexibility in their decisions
0 Millennial workforce demands for a highly activated,
connected and amenity -rich work community
HOW DOES THE ESEDUS THREE PRIORITY INITIATIVES
ATTEMPT TO DIRECTLY CONFRONT THIS CONCERN
WITH FOCUSED SOLUTIONS?
More housing available in city of
- More safer greenways, walking
El Segundo
- areas for employees
More attainable housing for
- More access to retail and food
younger employee base
- within walking distance
Different housing types more
conducive to a younger - Bike lanes for non -car
employee base transportation in business area
- Coordination within companies
and universities to make
diversity a more strategic priority
- Increased mentorship with
younger diverse candidates
Loss of talent is a significant issue for employers
here in El Segundo
Inability to get top talent is a significant issue for
employers here in El Segundo
Without talent, companies cannot thrive no matter
how business friendly the city of El Segundo is
Employees don't want to get pushed to live further
from their office base — either surrounding cities or
Employees, and thus employers, thrive on an
integration of work / life within the same city
If we cannot solve housing issues, companies will
not choose to remain here in El Segundo for an
extended period of time
ESEDC Leadership has conducted interviews with various stakeholders — City Council
Members, City Staff, Local Community & Education Leaders — and believes the path
forward towards addressing the wide variety of concerns around additional housing
in El Segundo is engage a 3rd party consultant to evaluate the following:
• How much housing and what type of housing options do corporations really want
for their employees?
• What is the sentiment of residents within El Segundo toward additional housing?
• What is the sentiment of corporations within El Segundo toward finding
additional housing outside of city limits?
• What land does exist throughout the city (West and East) for potential residential
development?
• What financial options exist to counteract any lost tax revenues if businesses
converted to residential or mixed use?
• What infrastructure requirements exist to support additional housing?
• Can the school / youth related issues that exist be remedied?
Results from the study and final report are anticipated to be available by Summer of
2022.
ESEDC EL SEGUNNOMC O
ECONOMIC
DEVELOPMENT
CORPORATION
PILLAR TWO:
What have we
learned?
Amenities
(Greenway)
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Opens opportunities for safe and easy
travel for employees to access
■ businesses through walkable and/or
bikeable paths.
Creates outdoor work and communal
spaces for employees working in the
area.
Overall beautification of the community
along the eastern border.
The ESEDC has conducted a variety of interviews, attended numerous
meetings and researched the realities, challenges, concerns tied to
supporting the Greenway. We believe the opportunity to support this
effort moving forward will be best accomplished through the following
actions:
• Partner with 3rd Party Consultancy to conduct feasibility study to determine
project costs , design, scope and timing.
• Utilize ESEDC Board to advance conversations with BNSF and Metro as
appropriate
• Work with staff from Holly Mitchell and Janice Hahn to brief on plans and
solicit help as needed
• Determine what funding exists for this project from outside sources and
submit grants immediately to hit deadlines
• Estimate the ongoing maintenance requirements for this project and how
local businesses should support this part of the project financially
• Work with City and others on implications with Park Place project, etc
E S 10 C EL SEGUNOO
ECONOMIC
OE T
COORRPORATION
Companies that implement DEI policies allows for
more innovative, diverse thinking that creates
greater shareholder value
McKinsey study showed that companies that
exhibit diversity in hiring are 35% more likely to
outperform less diverse peers
Organizations that are diverse are 158% more likely
to better serve their customers / consumers
Organizations that have diversity in executive
management are 21% more likely to be profitable
and 27% at enhancing shareholder value
DEI programs are essential part of building engaged
and happy employees, thus creating greater
employee retention
Strategies to Attract and Retain Diverse Talent
ONE:
The ESEDC will be creating a collaborative committee of its members leading Chief People Officers to evaluate the activities currently
being pursued to support their specific DEI goals.
At that time, the ESEDC will create a plan to cross pollinate the ideas between the businesses with an intention of creating a more
dynamic set of Best Practices for City Businesses to achieve.
In addition, the ESEDC will make it its goal to promote and market the efforts by its businesses to promote DEI programs through its
own channels. The effort is specifically geared towards ensuring the positive DEI stories that do exist in El Segundo have a platform to
be shared and the ideas can be grown upon by other businesses in the community.
TWO:
The ESEDC is evaluating the opportunity to partner with a third -party consultant to articulate how the City businesses can develop
collective and shared strategies to attract and retain diverse talent.
D � EL SEGUNDO
ECONOMIC
DEVELOPMENT
CORPORATION
ElSegundoEDC.org
2041 Rosecrans Ave., Suite 200, El Segundo, CA 90245