Res 21-12RESOLUTION NO. 21 -12
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA RECOGNIZING THE IMPORTANCE
OF ECONOMIC OPPORTUNITIES WITHIN THE CITY
BOUNDARIES; APPROVING THE ESTABLISHMENT OF THE
DELRAY BEACH ECONOMIC DEVELOPMENT FUND; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Delray Beach desires to provide increased economic
opportunities and promote the financial sustainability of the City of Delray Beach; and
WHEREAS, the City Commision recognizes that incentive programs are essential to attracting key
businesses to the City of Delray Beach and expanding the business activity and economic growth within the
City; and
WHEREAS, the Delray Beach Economic Development Program is being developed to improve the
perception that Delray Beach is business friendly and a viable corporate destination, to grow sustainable &
livable wage jobs, to encourage entrepreneurship (new & existing) and increase the Delray Beach tax base; and
WHEREAS, it is necessary to establish the Delray Beach Economic Development Fund to provide
funding assistance to attract businesses to the City of Delray Beach and supporting local expanding businesses;
and
WHEREAS, the creation of the Delray Beach Economic Development Fund is expected to ensure
that the City is competitive and participates on an equal footing with other local, regional and state
communities in attracting and retaining (i.e., expanding) businesses; and
WHEREAS, the Delray Beach Economic Development Fund is intended to provide funding to meet
the requisite local funding match to leverage State and County financial incentives for the retention and
recruitment of businesses to Delray Beach.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA:
Section 1. The City Commission recognizes the importance of economic development for the
success of the City of Delray Beach. In addition, the Commision acknowledges that financial incentive
programs are an essential tool to attracting key businesses to the City of Delray Beach and expanding business
activity and economic growth within the City.
Section 2. The City Commission approves the creation of the Delray Beach Economic
Development Fund to provide funding of up to a total of one million dollars ($1,000,000) from the City's
unrestricted reserve funds to provide the requisite local funding match for state and county financial incentive
programs, including, but not limited to, the Qualified Target Industry Refund Program (QTI), the Governor's
Quick Action Closing Fund and the state's Economic Development Transportation Fund Road Fund.
Section 3. All expenditures (i.e., financial incentives) from this fund will only be awarded following
authorization by the City Commission.
Section 4. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED in regular session on the Yd day of April, 2012.
MAYO
ATTEST:
City Clerk
K
RES. NO. 21 -12
Coversheet
MEMORANDUM
TO: Mayor and City Commissioners
FROM: Vincent Nolan, Economic Development Director
Richard J. Reade, Sustainability Officer/Public Information Officer
THROUGH: David T. Harden, City Manager
DATE: March 29, 2012
SUBJECT: AGENDA ITEM 9.D. - REGULAR COMMISSION MEETING OF APRIL 3, 2012
RESOLUTION NO.21- 12/DELRAY BEACH ECONOMIC DEVELOPMENT FUND
ITEM BEFORE COMMISSION
Page 1 of 2
Establish the Delray Beach Economic Development Fund and provide funding from the City's
unrestricted General Fund reserves to support economic opportunities (Le, financial incentives) within
the City of Delray Beach.
BACKGROUND
During the City Commission's Workshop on March 15, 2012, consensus was provided to pursue
funding opportunities to improve the City's competitive position with respect to retaining and recruiting
corporations and other businesses to Delray Beach. Thus, staff is proposing to create the Delray Beach
Economic Development Fund that would assist in creating sustainable, long -term measures to ensure
economic growth in the City. In addition, development of the Economic Development Fund would
enable the City to "level the playing field" with regards to offering financial tools similar to those that
are utilized by the most competitive communities - locally, regionally and around the state.
The proposed Delray Beach Economic Development Fund would serve as the City's funding
mechanism to provide the required financial match to leverage State and County financial incentives
[i.e., Qualified Target Industry Refund Program (QTI), Governor's Quick Action Closing Fund
and Economic Development Transportation Fund Road Fund] for the retention and recruitment of
businesses to Delray Beach. This new Fund is expected to assist in achieving the City's economic
development goals:
Improve the perception of Delray Beach as business friendly and a viable corporate
destination
Grow sustainable & livable wage jobs (retention and creation)
http:// itwebapp /AgendalntranetBluesheet .aspx ?ItemID = 5502 &MeetinglD =372 4/9/2012
Coversheet
Encourage entrepreneurship (new & existing)
Increase the Delray Beach tax base
Page 2 of 2
As discussed with the Commission during the March Workshop, funding for the Delray Beach
Economic Development Fund is proposed to be provided from the City's unrestricted General Fund
reserves - up to a total of one million dollars ($1,000,000). All expenditures (i.e., financial incentives)
from this fund will be awarded following authorization by the City Commission. Funding the Delray
Beach Economic Development Fund would serve as the most critical first step in creating and
implementing a successful citywide Economic Development Program.
Following approval of the proposed Resolution No. 21 -12, staff will immediately begin to develop
specific program guidelines for a local financial incentive program. In the interim, the Delray Beach
Economic Development Fund will announce to the business community and our economic development
partners within Palm Beach County and around the state that the City of Delray Beach is officially
ready to welcome new economic development growth throughout our community.
RECOMMENDATION
Recommend approval of Resolution No. 21 -12, which establishes the Delray Beach Economic
Development Fund and provides funding of up to a total of one million dollars ($1,000,000) from the
City's unrestricted General Fund reserves to provide the local match for State and county business
incentive funds.
http: // itwebapp /AgendalntranetBluesheet .aspx ?ItemID = 5502 &MeetingID =372 4/9/2012
RESOLUTION NO. 21-12
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA RECOGNIZING THE IMPORTANCE
OF ECONOMIC OPPORTUNITIES WITHIN THE CITY
BOUNDARIES; APPROVING THE ESTABLISHMENT OF THE
DELRAY BEACH ECONOMIC DEVELOPMENT FUND; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Delray Beach desires to provide increased economic
opportunities and promote the financial sustainability of the City of Delray Beach; and
WHEREAS, the City Commision recognizes that incentive programs are essential to attracting key
businesses to the City of Delray Beach and expanding the business activity and economic growth within the
City; and
WHEREAS, the Delray Beach Economic Development Program is being developed to improve the
perception that Delray Beach is business friendly and a viable corporate destination, to grow sustainable &
livable wage jobs, to encourage entrepreneurship (new & existing) and increase the Delray Beach tax base; and
WHEREAS, it is necessary to establish the Delray Beach Economic Development Fund to provide
funding assistance to attract businesses to the City of Delray Beach and supporting local expanding businesses;
and
WHEREAS, the creation of the Delray Beach Economic Development Fund is expected to ensure
that the City is competitive and participates on an equal footing with other local, regional and state
communities in attracting and retaining (i.e., expanding) businesses; and
WHEREAS, the Delray Beach Economic Development Fund is intended to provide funding to meet
the requisite local funding match to leverage State and County financial incentives for the retention and
recruitment of businesses to Delray Beach.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA:
Section 1. The City Commission recognizes the importance of economic development for the
success of the City of Delray Beach. In addition, the Commision acknowledges that financial incentive
programs are an essential tool to attracting key businesses to the City of Delray Beach and expanding business
activity and economic growth within the City.
Section 2. The City Commission approves the creation of the Delray Beach Economic
Development Fund to provide funding of up to a total of one million dollars ($1,000,000) from the City's
unrestricted reserve funds to provide the requisite local funding match for state and county financial incentive
programs, including, but not limited to, the Qualified Target Industry Refund Program (QTI), the Governor's
Quick Action Closing Fund and the state's Economic Development Transportation Fund Road Fund.
Section 3. All expenditures (i.e., financial incentives) from this fund will only be awarded following
authorization by the City Commission.
Section 4. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED in regular session on the _ day of 2012.
ATTEST:
City Clerk
MAYOR
2
RES. NO. 21 -12