04-24-06 Special Called Meeting of La Porte Development Corporation Minutes

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Economic Development Program Economic Development Overview Economic Development is a vital component in the success of any city. La Porte has relied heavily on property taxes to support the funding of City services. An element in diversifying the revenues is to boost sales tax collection through increased economic development. Business recruitment and business retention are major factors in this venture. A focal goal of City Council and the community is to increase economic development. Staff has made attempts to increase economic development utilizing existing personnel. However, due to the increase in staff responsibilities and limited time, this major development has reached limited success. The City has contracted with Bay Area Houston and the Economic Alliance to assist with increasing marketing efforts to enhance economic development. In order to meet the goals of the city the need for an Economic Development Coordinator to assist the City in obtaining and administering grants, to form a business retention program, and to solicit new businesses is inevitable. City Council has recently funded a retail marketing study with the Buxton Grbup. Once completed efforts will need to be initiated to implement the results of this timely project. ( Benefits An Economic Development Coordinator would be charged with the sole purpose of increasing economic development. The coordinator would invest its resources to further the creation and retention of employment and business opportunities for the citizens of La Porte. An increase in economic development would provide a healthy, strong diverse economic base in order to strengthen the existing high quality oflife, to secure additional employment opportunities, to lower the costs of city services, to provide solid infrastructure and affordable high-quality homes. Proposed La Porte Economic Development Program The La Porte 2020 Comprehensive Plan Update, 1984 Comprehensive Plan, Bayfront Master Plan and the Northside Community Plan all address the need to boost economic development. Funding is not earmarked in the General Fund for an Economic Development Coordinator. Staff utilized for Economic Development purposes can be funded using 4A or 4B funds. Utilization of 4B funds is recommended to fund a fu11- time Economic Development Coordinator. This avenue would not increase the General Fund, would accelerate the process of creating an Economic Development Program, and would require the coordinator be dedicated solely to economic development. Proposed La Porte Economic Development Program Action Plan . Hire full-time Economic Development Coordinator possibly funded by 4B to report to the City Manager's Office (proposed job description is included).