Title
Consider a memorandum/resolution approving an agreement with the Killeen Economic Development Corporation for economic development services, in the amount of $885,000.
Body
DATE: December 10, 2024
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 Fiscal Year (FY) 2025 budget in the amount of $885,000. 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 approved uses of funds and financial reporting requirements.
THE ALTERNATIVES CONSIDERED:
N/A
Which alternative is recommended? Why?
N/A
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. 24-135R).
FINANCIAL IMPACT:
What is the amount of the expenditure in the current fiscal year? For future years?
The expenditure is $885,000 for FY 2025. The city will determine each future year's allocation in consultation with the KEDC.
Is this a one-time or recurring expenditure?
This is a recurring expenditure.
Is this expenditure budgeted?
Yes, funds are available in the General Fund Non-Departmental account 100-55116-700-705-000000 ($522,473) and in the Water & Sewer Fund Non-Departmental account 550-55116-700-705-000000 ($362,527)...
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