ACTION REQUESTED:
Title
Communication from the City Manager with a Request to Provide Direction to Staff Regarding an ECONOMIC DEVELOPMENT INCENTIVE POLICY.
Body
BACKGROUND: In developing a list of topics on which the City Council wanted to hold policy sessions, a key identified area was an economic development incentive policy. Staff in the Office of Economic Development have prepared a draft policy (attached) and will make a presentation outlining the issues.
Crafting an economic development incentive policy is important. A well-formed and well-stated policy will clearly connect Peoria's goals with the incentives it is willing and able to offer. The policy session will:
· Review the mission of the Office of Economic Development;
· Discuss existing and potential incentives;
· Align incentives with community goals;
· Review criteria that can be used to evaluate applicants;
· Outline efforts to minimize risk and ensure performance; and,
· Discuss compliance efforts.
FINANCIAL IMPACT: While only an initial discussion, the session will help formulate a policy that can be used to drive investment and expand employment in Peoria.
NEIGHBORHOOD CONCERNS: Not applicable.
IMPACT IF APPROVED: Not applicable.
IMPACT IF DENIED: Not applicable.
ALTERNATIVES: Not applicable.
EEO CERTIFICATION NUMBER: Not applicable.
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria: Businesses, Jobs, and Population
2. Financially Sound City Government, Effective City Organization
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
2. Have an efficient government.
DEPARTMENT: City Manager's Office