HomeMy WebLinkAboutItem 08 - Economic Development FundFROM:
MEETING DATE:
SUBJECT:
RECOMMENDATION:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
City Council to consider an ordinance establishing an Economic Development Fund.
FUNDING SOURCE:
The funding of the newly created fund will be from the unappropriated or unreserved
balances in the 4B Economic Development Fund ($2,000,000), the T.I.F. #1 Interest
Account ($1,000,000) and the unappropriated balance of the General Fund
($1,000,000). With these transfers, the City's Fiscal Policy for Fund Reserves will still be
met.
In order to increase its future economic development potential, the City hired TXP
Consultants to review the City's current economic development program. The firm, after
its review and consultation with City Council and City staff, made several
recommendations.
One of the recommendations was to establish an Economic Development Fund which
would serve a two -fold purpose. One, it would allow for the funding of staff positions
which would provide oversight and direction to the program. It also provides for the
funding of additional moneys that would allow the City to be competitive in future
economic development incentives.
Staff recommends approval.
3/13/2014 (12:28:28 PM)
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, ESTABLISHING AN ECONOMIC
DEVELOPMENT FUND; REVISING THE ADOPTED BUDGET
FOR THE FISCAL YEAR ENDING 2014; PROVIDING FOR THE
TRANSFER OF FUNDS; DECLARING AN EMERGENCY AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Grapevine has received a report from TXP Consultants
recommending the establishment of an Economic Development Fund; and
WHEREAS, the report also indicates the establishment of an Economic
Development Director and necessary support positions; and
WHEREAS, funding for the new fund will come from various fund resources.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That the amount of $1,000,000.00 be appropriated from the
unappropriated balance of the General Fund to Account #124 - 53100.
Section 2. That the sum of $1,000,000.00 be appropriated from the Tax
Increment Financing District Reinvestment Zone Number One Interest Account to
Account #124 - 53172.
Section 3. That the sum of $2,000,000.00 be appropriated from the
unappropriated balance of the 4B Economic Development Account to Account #124-
53122.
Section 4. That a copy of the revised FY2013 -2014 budget document shall be
kept on file in the Office of the City Secretary and on the City of Grapevine website.
Section 5. That the City Manager is authorized to reclassify personnel
positions within City service as necessary.
Section 6. That the fact that the present ordinances and regulations of the City
of Grapevine, Texas, are inadequate to properly safeguard the health, safety, morals,
peace and general welfare of the inhabitants of the City of Grapevine, Texas, creates an
emergency for the immediate preservation of the public business, property, health,
safety and general welfare of the public which requires that this ordinance shall become
effective from and after the date of its final passage, and it is accordingly so ordained.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, on this the 18th day of March, 2014.
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ORD. NO. 2