Title
Consider and take action on a resolution approving the City of League City’s updated Economic Development Investment Policy (Director of Economic Development)
Background:
Approval of this item will update League City’s existing Economic Development Investment Policy by (1) increasing the MINIMUM INVESTMENTS REQUIRED under this policy, (2) deleting defunct tools like CHAPTER 313, and (3) add new tools like the JOBS, ENERGY, TECHNOLOGY, AND INNOVATION ACT and the CAPITAL RECOVERY FEE DEFERRAL POLICY.
The purpose of the Economic Development Investment Policy is to: (1) DEVELOP the community’s economic base and quality of life, (2) MINIMIZE the investment of public funds, (3) MAXIMIZE the return on investment for all public funds invested.
Applicants for an ECONOMIC DEVELOPMENT INVESTMENT must: (1) Complete an application, (2) Apply for a project that is not already underway, (3) Enter into a development agreement with the City, and (4) Provide proof of the project’s performance and compliance to receive payment.
Public funding may be used for commercial land, buildings, and equipment, infrastructure, primary jobs and job training, and site improvements.
Under NEW BUSINESS ATTRACTION, material changes in the updated version of this policy include: (1) Increasing some of the MINIMUM TAXABLE PROPERTY VALUES, (2) Decreasing some of the MINIMUM NUMBER OF PRIMARY JOBS, and (3) Changing PROJECT TYPES from “Destination Retail” to “Destination - Small” and “Combination of Project Types” to “Destination - Large”.
Under the MINIMUM REQUIRED RETURN ON INVESTMENT, text was changed from “Each project will provide a Payback Period of 10 or fewer years and Return on Investment that meets or exceeds the following minimum thresholds …” to “Each project will provide a Payback Period of 10 or fewer years and/or a Return on Investment that meets or exceeds the following minimum thresholds …”. The purpose of this slight change is to account for the use of the ne...
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