Title
Consider a memorandum/resolution approving amendments to the Economic Development Policy.
Body
DATE: August 6, 2024
TO: Kent Cagle, City Manager
FROM: Edwin Revell, Executive Director of Development Services
SUBJECT: Approve amendments to the Economic Development Policy
BACKGROUND AND FINDINGS:
The City of Killeen City Council adopted the Economic Development Policy (Policy) on January 15, 2019, via resolution no. 19-007R, and subsequently amended it on May 23, 2023, via resolution no. 23-081R.
The City of Killeen delegates the 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. The Policy established the economic development incentives that are available in the City of Killeen.
The Policy provides that the City Council shall review the policy annually to ensure the ongoing relevance. The attached proposed Policy contains the following amendments:
* Amending Section 3-10 Workforce Development, to include the Innovation Black Chamber of Commerce as a resource.
* Adding a Sewer Rehabilitation and Redevelopment Incentive Program under the North Killeen Revitalization Area Incentive Program.
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 conforms with City policy.
FINANCIAL IMPACT:
What is the amount of the expenditure in the current fiscal year? For future years?
The FY 2025 Proposed Budget includes $200,000 for the North Killeen Revitalization Area Sewer Rehabili...
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