To: Mark R. Hafner, City Manager
From: Mary M. Culver, Director of Economic Development
Subject:
Title
Consider a resolution approving an updated incentives policy to promote Economic Development and stimulate business and commercial activity in the city; establishing guidelines and criteria for approval of tax abatements and other incentives; in accordance with Chapter 380 of the Texas Local Government Code; and Chapter 312 of the Texas Tax Code; replacing Resolution No. 3460, dated December 17, 2013.
Action Requested:
Consider approving an updated incentives policy to promote Economic Development and stimulate business and commercial activity in the city.
Background:
The current incentives policy titled, Comprehensive Policy of Guidelines and Criteria for Economic Development Incentives, was last updated by Resolution No. 3460, dated December 17, 2013.
During the March 2021 Strategic Planning Session, City Council directed staff to review and update the incentive policy to promote economic development with the goal of attracting vibrant development to the city.
The Keller Economic Development Board reviewed the current economic development incentive policy during a work session on June 21, 2021, providing staff guidance on desired updates. Following this work session, staff engaged a consultant, EDP Best Practices, to provide resource training and to compose a draft update to the current policy.
A joint meeting of the City Council and Keller Economic Development Board was held on October 18, 2021 to review all economic development incentives permitted by the State of Texas as presented by consultant, Greg Last. Following this training, the Keller Economic Development Board reviewed a draft of the proposed policy and provided staff with additional feedback and revisions during a work session on November 15, 2021.
The Keller Economic Development Board reviewed and considered the proposed policy update on December 20, 2021 and unanimously recommended approval to City Council.
Financial Impact:
The FY 2021-22 Budget includes an Economic Development Incentives budget of $480,672.
Citizen Input/Board Review:
The Keller Economic Development Board unanimously recommended approval of the proposed policy to City Council on December 20, 2021.
Legal Review:
The City Attorney has reviewed and approved the proposed resolution and policy.
Alternatives:
City Council has the following alternatives:
- Approve as submitted
- Approve with changes
- Denial
Council Action:
Staff recommends approval of the proposed resolution as presented.