STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: December 8, 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) establishment of the City of Dallas Economic Development Corporation (the EDC), a non-profit local government corporation to be formed for the purpose of aiding and acting on behalf of the City of Dallas (City); (2) approval of the EDC's Certificate of Formation and Bylaws; (3) approval of the appointment of the EDC's interim Directors, as set out in the Certificate of Formation; (4) approval to file the EDC's Certificate of Formation with the Texas Secretary of State; (5) approval of an interlocal agreement between the City and EDC; (6) any expenditures incurred by the City before or after this action shall be reimbursed by the American Rescue Plan Act of 2021 (ARPA 2021) funds from the U.S. Treasury Department allocated for the EDC; and (7) funding allocation will be from ARPA U.S. Treasury Department in an amount not to exceed $7,000,000.00 over three years - Financing: U.S. Department of Treasury Grant Funds, ARPA 2021 (This item was deferred on December 8, 2021)
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BACKGROUND
In 2018, the City engaged Angelou Economic Advisors, Inc. to develop a comprehensive Economic Development Strategic Plan which was completed in 2019. The paramount goal of the plan was the creation of a new, independent entity to spearhead business attraction and marketing, business retention and expansion, and entrepreneurial and small business development efforts on behalf of the City, with a focus on underserved areas of the City. The Office of Economic Development (OED) engaged TIP Strategies to assist with the making recommendations regarding the creation of a new economic development entity. On May 26, 2021, City Council adopted recommendations set forth in Briefing Paper on Establishing a New Ec...
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