Title
Consider a memorandum/resolution approving amendments to the Economic Development Policy.
Summary
DATE: May 16, 2023
TO: Kent Cagle, City Manager
FROM: Edwin Revell, Executive Director of Development Services
SUBJECT: Approve amendments to the Economic Development Policy
BACKGROUND AND FINDINGS:
Killeen City Council adopted our current Economic Development Policy on January 15, 2019 (19-007R). The City of Killeen delegates primary responsibility for economic development to the Killeen Economic Development Corporation (KEDC) with the intent of stimulating local economic activity and creating competitive-wage jobs while broadening the tax base. This Economic Development Policy establishes the economic development incentives that are available in the City of Killeen.
The Economic Development Policy provides that City Council shall review the policy annually to ensure its ongoing relevance. The attached policy contains the following amendments:
* Defines North Killeen as a targeted investment area
* Clarifies KEDC's role in economic development to include strategic economic development planning that integrates the community's goal, resources, and priorities of city partners.
* Expands the list of city partners to include Killeen Independent School District, Central Texas College, Greater Killeen Chamber of Commerce, Innovation Black Chamber of Commerce, Hispanic-American Chamber of Commerce, and Bell County.
* Clarifies incentives offered by the City and KEDC.
* KEDC annual audit requirement
THE ALTERNATIVES CONSIDERED:
The City Council has the following alternatives:
1. Do not approve the amended Policy;
2. Approve the Policy with additional amendments; or
3. Approve the Policy as presented.
Which alternative is recommended? Why?
Staff recommends alternative number three. The submitted document satisfies the economic policy directive listed in the City's adopted Governing Standards and Expectations.
CONFORMITY TO CITY POLICY:
This action ...
Click here for full text