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IDC increases economic development accrual to $250,000 and asks staff to craft guidelines for business incentives
Summary
After a lengthy discussion about business incentives, primary-job criteria and infrastructure needs, the Industrial Development Corporation voted to raise the annual accrual for business incentive grants to $250,000 and asked staff to prepare policy and program guidelines within a proposed timeline.
The Industrial Development Corporation on Monday agreed to increase the annual accrual for a business-incentive program to $250,000 and directed staff to draft policy and program guidelines that would govern how those funds are administered.
Michelle (staff member) said the proposed program would be one tool in a broader economic-development toolbox that includes performance-based development agreements. Staff noted the program’s history dating to 2013, and that past activity stalled in part because ballot language and prior primary-job rules limited which businesses qualified.
Board members debated two uses for the funds: targeted business incentives tied to primary-job definitions under state and local code, or using economic-development silo funds for targeted infrastructure improvements (for example, gateway or corridor work) that support private development. Several members noted primary-job requirements can exclude retail and hospitality businesses; staff and counsel said some infrastructure spending can be charged to the economic-development silo when it is targeted to promote development.
After discussion, a board member moved to raise the business-incentive accrual from $100,000 (the amount previously approved in the last meeting) to $250,000. The motion included direction that staff prepare program guidelines and that staff workshop an overall economic development plan with Council before returning with a proposed policy; the board also asked for a final draft of program guidelines within roughly four months.
The motion passed with a second and the board approved the accrual and timeline to develop guidelines. Staff said the accrued funds would accumulate year over year and that council and staff would coordinate on eligibility criteria, any primary-job nexus and possible use of infrastructure silo funds in certain cases.
