Guiding Principles for the 2020 Economic Diversification Plan:  

• Work Towards Sustainability  
• Embrace Change  
• Welcome Diversity  
• Leverage Assets  
• Focus on Local 
• Creative Placemaking  

Goals: 

• Community Development 
  
  • Make investments in community projects and infrastructure that support economic diversification to achieve long term sustainability. 
  • Review and create policies that support sustainable economic development. 
  • Implement creative placemaking principles that will shape the physical, social, cultural and economic identity of Sedona. 
  • Look for ways to enhance/expand the educational curriculum and programs, which are in alignment with the economic diversification strategic plan. 
• Business Development 
  
  • Refine business retention and attraction efforts to reflect the framework of the targeted industry findings. 
  • Facilitate economic diversity by taking steps to realize transformative projects. 
• Economic Gardening / Entrepreneurship  
  
  • Develop an entrepreneurial landscape that fosters the growth of local entrepreneurs, freelancers and home-based business owners. 
• Marketing and Branding 
  
  • Establish a marketing program that builds awareness of Sedona as a business location. 

Accomplishments Since 2016: 

• Established key relationships with organizations that provide business assistance and support to Sedona businesses such as business planning, training, and small business loans. This includes partners such as the Small Business Development Center (SBDC), Arizona Commerce Authority (ACA), Verde Valley Regional Economic Organization (VVREO).  
• Assisted over 150 local businesses and potential business start-ups with business financing, business planning, market data, and other technical assistance. This resulted in business loans totaling over $17.5M and upwards of $6.1M of additional private investment.   
• Acquired grant funds to establish the region’s first entrepreneurial pitch competition. This was an effort to identify and support entrepreneurs in the community. The fifth annual pitch competition is being planned for 2023.  
• Completed a five-year Economic Diversification Strategic Plan in February of 2020. The plan also identifies targeted industries such as healthcare, business services and tech, food and beverage products, and biopharmaceuticals. The plan can be found online through this link. Currently, city staff is working on updating this plan.  
• Hosted/partnered in hosting over 50 business workshops and trainings. 
• Leveraged over $2.3M of funds to support economic development and city projects. This includes $1M of grant funds for Shelby Road and another $900K for the city’s emergency operations center renovation/construction.  
• Established the need for broadband as a priority. Formed regional broadband action items to aid in the development of broadband initiatives and grant requests. Currently working with ISPs, potential partners, and funders on potential solutions to expand/upgrade broadband in Sedona.  
• Developed virtual incubation, coaching, and programming through a partnership with Moonshot. Sedona entrepreneurs can use this programming to start/expand their business efforts.  
• Promoted workforce housing solutions both locally and regionally that eventually led to housing study publications; down payment assistance loans; hiring of an expert housing professional; and broader regional support for workforce housing. 
• Started the first rural Fuerza Local program in the state. Fuerza Local is a program through Local First Arizona that delivers entrepreneurial programming to our Spanish-speaking businesses and entrepreneurs. 
• Formed a citizen work group to explore how to improve the provision of healthcare in Sedona. Healthcare is a targeted industry in Sedona that not only provides needed healthcare, but also diversifies the economy while offering higher-wage jobs.  

The Department’s Priorities for FY23:  

• Continuing to support and facilitate the access of internet infrastructure through exploring options to bring fiber to the home and better connectivity to the community. Exploring strategies and seeking funding for this project.  
• Convene a citizen group to inform the city on potential recommendations for improvement the quality and access of local healthcare.  
• Updating the economic diversification plan to continue meeting the long-term economic development goals.  
• Engaging entrepreneurs through Moonshot and through a second and third cohort of Fuerza Local business accelerator programming.  
• Continuing to support and assist our local businesses and entrepreneurs by connecting them with resources, training, and financing opportunities. 

Current Challenges:  

• The local economy is reliant on tourism and is not diversified/resilient.  
• Workforce is a challenge. 
  
  • Dearth of workforce housing 
  • Aging population 
  • Wages - Competing economies provide higher wage employment 
  • Other impediments for those in primary working (i.e. childcare) 
• Inadequate broadband coverage 
• Few high-wage full-time jobs available in diversified industries  
• Limited options (as well as affordable options) for buildings and shovel ready sites to accommodate new and expanding business development 
• Lack of access to quality healthcare