Item Coversheet
City of Independence
AGENDA ITEM COVER SHEET
BILL NO. 19-735Res.No:          6431

Agenda Title:

19-735 - A resolution adopting an Economic Development Policy for the City of Independence.
Recommendations:

Passage Recommended
Executive Summary:

Passage of this Resolution would adopt the proposed Economic Development Policy for the City of Independence which was presented to the City Council at the April 22 Study Session.  The purpose of the Policy is to promote economic development and prosperity, provide guidance to developers, job creators, and City staff on the use of incentive tools, and help achieve objectives set forth in the 2017-2022 Independence For All Strategic Plan. 

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."  Adoption of the proposed Policy would not only address this objective, but would touch on 15 other objectives listed in the Strategic Plan as well.  In an effort to develop a Policy which would be  attractive to developers and job creators, fair to taxing jurisdictions, and supported by community partners, a draft Policy was developed and circulated for review & comment. The Policy was shared with representatives of all four local School Districts, members of the TIF Commission and the new Economic Development & Incentives Commission, the Mayor's Leadership Exchange Group, City legal and financial advisors, and the Independence EDC.  On April 22 it was presented to the City Council at a Study Session. On April 24 a Resolution of Support for the Policy was adopted by the Independence EDC Board of Directors.  


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:          Accepted

ATTACHMENTS:
DescriptionType
ResolutionResolution
Economic Development PolicyExhibit
Independence EDC Letter of SupportExhibit