Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Akron committee prioritizes business retention in economic development budget review
Summary
The Budget & Finance Committee heard presentations on business-retention efforts, a $500,000 BRE grant line, support for the polymer cluster and neighborhood business programs, and contracts for local business partners; staff emphasized relationship-building over broad incentive packages.
The Akron City Council Budget & Finance Committee on Monday reviewed the economic development portion of the city budget, with staff and council members emphasizing business retention, targeted grants and relationship-driven support for local firms.
Committee members were told the city has kept a $500,000 allocation on the capital side for business-retention and expansion (BRE) grants that appears on page 203 of the budget manual and that the city will prioritize outreach to top employers, scale-ups, mid-market firms and minority- and women-owned businesses. An economic development staff member said the city and partner organizations also aim to reach businesses outside downtown and the Great Streets geographies.
Why it matters: Committee members said retaining existing employers and strengthening neighborhood businesses will have more sustained impact than competing on large incentive packages. Council members pressed staff for detail about…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
