Title
Consider a memorandum/resolution to enter into an agreement with the Killeen Economic Development Corporation to provide economic development services.
Summary
DATE: January 17, 2023
TO: Kent Cagle, City Manager
FROM: Edwin Revell, Executive Director of Development Services
SUBJECT: Killeen Economic Development Corporation Agreement
BACKGROUND AND FINDINGS:
On November 30, 1990, the City of Killeen entered into an agreement with the Killeen Economic Development Corporation (KEDC) to provide economic development services. Since 1990, the City of Killeen has continued this collaboration, including an annual appropriation to the KEDC. The proposed agreement is for a two-year term and provides funding for day-to-day operations, supplies, salaries, office rental, travel expenses, and other administrative costs. Funding for this agreement has been included in the adopted FY 2023 budget in the amount of $725,054. The city determines each year's allocation in consultation with the KEDC. It sets out the responsibilities of the city and the KEDC, including provisions for the use of funds and financial reporting.
THE ALTERNATIVES CONSIDERED:
1. Do not enter into an agreement with the KEDC;
2. Enter into an agreement with different terms or contribution amount with the KEDC; or
3. Enter into the submitted agreement with KEDC.
Which alternative is recommended? Why?
Staff recommends that City Council enter into the submitted agreement with Killeen Economic Development Corporation. Economic development remains a high priority for the City of Killeen and this agreement demonstrates the City's continued commitment to that effort.
CONFORMITY TO CITY POLICY:
This action conforms to Section 3-60, Economic Development Partners' Roles and Expectation, of the City's approved Economic Development Policy (Res. 19-007R).
FINANCIAL IMPACT:
What is the amount of the expenditure in the current fiscal year? For future years?
The expenditure is $725,054 for FY 2023....
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