Title
Consider a memorandum/resolution approving amendments to the Economic Development Policy.
Summary
DATE: April 27, 2021
TO: Kent Cagle, City Manager
FROM: Tony D. McIlwain, AICP, Executive Director of Planning and Development Services
SUBJECT: Approve amendments to the Economic Development Policy
BACKGROUND AND FINDINGS:
The City Council approved the current Economic Development Policy (i.e. ‘Policy’) on January 15, 2019 per Resolution No. 19-007. The economic development incentives listed in the Policy are clearly established, while allowing flexibility, without being overly restrictive. The City delegates primary responsibility for economic development to the Killeen Economic Development Corporation (KEDC) with the intent of stimulating local economic activity, creating competitive wage jobs, while broadening the tax base.
The Policy provides that City Council shall review the Policy annually to ensure its ongoing relevance. Per the Council’s motion of direction on April 20th, the attached Policy contains updated text in Section 3-60: Economic Development Partners’ Roles and Expectations. Staff is proposing minor text amendments under Division 5, Sections I and K: Enterprise Zones and Development Agreements and Appendix I: Funding options. These text changes are minor in scope.
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?
Approval of this action carries no expenditures.
Is this a one-time or recur...
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