STRATEGIC PRIORITY: Economic Development
AGENDA DATE: August 10, 2022
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize approval of fifteen nominees to serve as board members for the City of Dallas Economic Development Corporation - Financing: No cost consideration to the City
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BACKGROUND
On May 26, 2021, City Council adopted the Economic Development Policy and endorsed the creation of an independent Economic Development entity to spearhead business attraction and marketing, and to serve as a public developer for the City of Dallas.
On January 12, 2022, City Council authorized the establishment of the City of Dallas Economic Development Corporation (EDC), a non-profit local government corporation formed for the purpose of aiding and acting on behalf of the City of Dallas and approved of the EDC's certificate of formation and bylaws. The formation documents stated that the EDC would be overseen by a 15-member Board of Directors.
In accordance with the bylaws, Directors will serve an initial term of two-, three-, or four years and are eligible for reappointment for three-year terms. No Director may serve for more than eight consecutive years. Directors do not receive a salary of compensation for their services, but they are entitled to reimbursement for reasonable expenses incurred during official duties as a Director. Directors may be subject to a background check prior to confirmation.
The Board of Directors nomination process began with a public nomination period. The nomination period opened on March 11, 2022, and closed on April 30, 2022. There was extensive outreach via web, social media, professional networks, and personal connections. Individuals were able to nominate themselves or other individuals, and these nominations were submitted via online form. A total of 120 individuals were submitted as potential bo...
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