spring creek local government corporation

ECONOMIC DEVELOPMENT

Implementation & Local Government Corporations

CITY COUNCIL DIRECTION• Establish an Economic Development Corporation

• Discussed options – Independent Non-Profit Corporation (Public or Private)– 4A or 4B Board– Local Government Corporation

• Enlisted the advice of a practitioner with experience in creating and operating corporations – City of Fort Worth

ADVICE FROM FORT WORTH

City Council

Policy

Establish Projects

LGC/TIF

Implement a Project

Layer Tools to Execute

• Utilize the most flexible tools to implement ED Efforts– Chapter 380 Agreements– Tax Increment Financing– Local Government Corporations

ECONOMIC DEVELOPMENT NEEDS• Policy Direction

• Funding Sources

• Development Efforts – Spring Creek– CS Business Center– City Hall

• Buy, Sell, Lease Property

City Council

LGC

Policy

Funding

Development

Property

City Council Policy

Project Specific LGC

Implementation

Project Specific LGC

Implementation

ED Committee

Advisory

SPRING CREEK CORPORATE CAMPUS• Purchased in two phases in 2000 and 2001

– $4.5M total– Funded by Electric & Water Utility Capital

• 384 Total Acres– 240 Developable Acres– 100 Acre Greenbelt

• 100 Additional Acres– Spring Creek Electrical Substation– Greenway– Potential 15-20 Developable Acres

PREPARATION - SHOVEL READY SITES • Revised Master Plan

• Infrastructure– Pebble Creek Parkway– Sanitary Sewer– Drainage

• Signage

• Deed Restrictions

• Transfer Property

ESTABLISHING AN LGC• File name with Secretary of State

– Filed “Spring Creek Local Government Corporation”

• Articles of Incorporation– Framework of the Corporation

• Corporate Bylaws – Purpose– Structure/Membership

LOCAL GOVERNMENT CORPORATION• Purpose of LGC

– Aiding, assisting and acting on behalf of the City:• Purchase, lease & sell real estate – with Council approval

• Implement project plan

• Grants and Loans• Issue debt with revenue source – with Council approval

• Membership– 5 Directors• 1 - Mayor• 4 - City Council, City Officers, Employees or Community

RECOMMENDATIONS• Finalize Membership

– 5 Directors• 1 - Mayor

• 4 - City Council, City Officers, Employees or Community

• Future Council Meeting