Item Coversheet
City of Independence
AGENDA ITEM COVER SHEET

Agenda Title:

Proposed Economic Development Policy for Independence 
Recommendations:

Recommend approval

Executive Summary:

A proposed new Economic Development Policy for Independence has been drafted and will be presented for Council consideration.  After Council review and comment at this Study Session, a Resolution to adopt the final version of the Policy will be presented at an upcoming  City Council meeting.

Background:

The 2017-2022 Independence For All Strategic Plan included the following objective: "Update the Economic Development Policy to guide decision-making and ensure a progressive and effective approach to public incentives."  Development of such a Policy would not only address this objective, but would touch on 15 other objectives listed in the Strategic Plan as well.  The development of economic development policies has also been a recent topic of discussion at the state level and at a number of neighboring local governments, including Kansas City.  It is therefore a particularly good time to develop an Economic Development Policy for Independence which is  attractive to prospective job-creators, fair to taxing jurisdictions, and beneficial to the community.  A draft Policy has been developed and shared with various community partners for review and comment, including School District representatives, the EDC, and members of the TIF Commission and the newly created Economic Development & Incentives Commission.  It is now time to present the draft Policy to the Mayor and City Council for consideration.



Fiscal Impact:

While difficult to quantify, the fiscal impact should be overwhelmingly positive.  The proposed Policy would have the effect of stimulating business development and job growth, thereby increasing City revenues, while keeping the level of incentives to the minimum amount required.



Department:          Contact Person:          Mark Randall


REVIEWERS:
DepartmentAction
City Managers OfficeApproved
Finance DepartmentApproved
Law DepartmentApproved
City Managers OfficeApproved
City Clerk DepartmentApproved

Council Action:          Council Action:         

ATTACHMENTS:
DescriptionType
PresentationBackup Material
Proposed Eco Devo PolicyExhibit