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CITY COMMISSION AGENDA ITEM |
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Department: |
City Manager’s Office |
Commission Meeting Date: 11/15/16 |
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Staff Contact: |
Diane Stoddard, Assistant City Manager |
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Recommendations/Options/Action Requested: |
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Authorize the City Manager to enter into agreements for economic development services for 2017 with the Lawrence Chamber of Commerce and the Bioscience Technology Business Center (BTBC) as approved in the 2017 budget. |
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Executive Summary: |
During the 2017 budget process, the City received funding requests from the Chamber of Commerce and the BTBC for economic development services. The funding requests as outlined below were authorized in the 2017 budget.
There are several changes in the proposed 2017 agreement with The Chamber from the 2016 agreement. Notable changes include a requirement to segregate economic development funds from other Chamber funds and requirement to roll over any remaining economic development funds from year to year. The Chamber will continue to provide an accounting of funds. The agreement also includes the City’s standard audit language.
There are several changes in the proposed 2017 agreement with the BTBC from the 2016 agreement. The most notable change includes funding toward and Economic Development Incentive Fund to be maintained by the BTBC with funding also provided by Douglas County. This fund will enable the BTBC to make small incentive awards in the form of lease improvements or other similar one-time assistance to its client companies. These funds will also be rolled over from year to year and subject to appropriate authorization. The agreement also includes the City’s standard audit language.
Another notable change relating to these agreements and the remainder of service agreements for the 2017 budget, which are expected to be considered by the City Commission in December, is the shift to one annual report rather than a mid-year and year-end report.
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Strategic Goal Area: |
Economic Development |
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Fiscal Impact (Amount/Source): |
The fiscal impact to the City is a total of $520,000 for both agreements. This funding was budgeted in the 2017 budget. |
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Attachments: |
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