STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: April 28, 2021
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize (1) adoption of City of Dallas Strategic Economic Development Plan, attached as Exhibit A; (2) adoption of City of Dallas Economic Development Policy: Economic Growth and Social Progress for All, attached as Exhibit B; (3) endorsement of the recommendations for formation of a new economic development entity contained in Briefing Paper on Establishing a New Economic Development; and (4) creation of a steering committee to guide the implementation of items (2) and above - City of Dallas, attached as Exhibit C - Financing: No cost consideration to the City
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BACKGROUND
On June 13, 2018, City Council authorized a resolution to engage Angelou Economic Advisors, Inc. to develop a comprehensive Economic Development Strategic Plan by Resolution No. 18-0838. The consultant team spent months meeting with stakeholders, conducting a market assessment, analyzing target industries, and developing an action plan. The final Economic Development Strategic Plan, attached as Exhibit A, calls for the city to focus on four overarching goals: (1) create a new economic development organization, (2) make Dallas a world-class entrepreneurial city, (3) widen the talent pipeline, and (4) focus on inclusive and equitable economic development.
TIP Strategies was engaged by the Office of Economic Development to facilitate a review of the draft plan and to work with specific stakeholder groups to identify priorities that would inform next steps for implementation. This review included gathering input on the draft plan from Dallas City councilmembers, a community review panel, and a policy advisory committee through interviews, listening sessions, and an online survey. Feedback from that review indicated high interest and support for the first goal of the Strategic Plan, creation of a new economic development organization.
The Office of Economic Development further engaged TIP Strategies to assist with the first two implementation steps of the Strategic Plan: drafting a new economic development policy focused on inclusive and equitable economic development and developing recommendations regarding the creation of a new economic development entity. Specifically, TIP Strategies was charged with benchmarking other regional, state, and national peers to identify potential models that could work in Dallas, and to focus on legal structure, governance, functions, funding, and staffing.
The document City of Dallas Strategic Economic Development Plan is presented for adoption today, as are the first two implementation steps of the strategic plan development of an economic development policy focused on inclusive and equitable economic development and recommendations for the creation of a new economic development entity.
The document City of Dallas Economic Development Policy: Economic Growth and Social Progress for All is presented for adoption today as the city’s economic development policy, with an effective date of May 1, 2022.
The recommendations contained in the TIP Strategies document entitled Briefing Paper on Establishing a New Economic Development Entity - City of Dallas are presented for endorsement. The recommendations call for formation of a local government corporation as a nonprofit 501(c)(3). The corporation would have a twofold scope of work, focusing both on business development and targeted land development. The corporation would support but not replace the Office of Economic Development. The City Council would have control and oversight of the corporation through approval of its formation documents, approval of board member appointments, providing guidance on priorities, and authorizing any city incentives. The recommendations call for a board made up of 11 to 15 members representing diverse sectors and areas of expertise, with appointments approved by the City Council after nomination by the City Manager. If council endorses these recommendations staff will begin working with the City Attorney’s Office to draft formation documents and a contract between the city and this new entity. Those documents will require separate City Council approval later this year.
To guide both the development of the economic development entity formation documents and the implementation of the economic development policy, staff recommends creation of an Economic Development Steering Committee made up of 7-10 city residents. The steering committee members will be appointed by the City Manager, and should represent business, entrepreneurship, workforce, education, cultural arts, real estate, or other relevant stakeholder groups. To the greatest extent possible, the City Manager should ensure that the Steering Committee membership represents the demographic makeup and diverse neighborhoods of the City of Dallas. The Steering Committee will remain in place until the later of the effective date of the economic development policy or the date that the board members of the economic development entity are appointed.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On June 13, 2018, City Council authorized a resolution to engage Angelou Economic Advisors, Inc. to develop a comprehensive Economic Development Strategic Plan by Resolution No. 08-0838.
The Economic Development Committee was briefed on the Economic Development Strategic Plan on December 2, 2019to the.
The Economic Development Committee was briefed on next steps related to the Economic Development Strategic Plan on January 6, 2020.
The Economic Development Committee was presented a review and next steps for the Economic Development Strategic Plan by TIP Strategies on October 5, 2020.
The Economic Development Committee was updated on the implementation of the Economic Development Strategic Plan on December 7, 2020.
The Economic Development Committee was briefed on the economic development policy and recommendations related to the creation of an economic development entity on April 5, 2021.
FISCAL INFORMATION
No cost consideration to the City.