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EDP board reviews updates to 2020 economic development strategic plan, catalyst fund status
Summary
City staff summarized updates to Denton’s 2020 economic development strategic plan, described completed tasks and programs, and reported the catalyst fund balance of $4.3 million (authorized $7.3 million). No action was required; the item was for information only.
The Economic Development Partnership Board on Feb. 2 received an information briefing on updates to the city’s 2020 economic development strategic plan and on progress implementing recommended incentive tools.
City economic development staff said the plan, prepared with TIP Strategies, rests on five guiding principles — resiliency, future focus, inclusive growth, entrepreneurial spirit and cultural vitality — and three goals: accelerate recovery, foster growth and strengthen community inclusion. Erica Sullivan, economic development program administrator, described the plan’s core goals and the stakeholder process used in 2020, including workshops, industry roundtables and interviews with local leaders.
Matilda Weeden, economic development specialist, summarized progress on goal delivery and reporting: “Overall, we are 72 percent complete with our economic development strategic plan,” she told the board. Staff said the plan led to creating a catalyst fund and new programs such as an entrepreneur/tech grant, utility-line financing for infrastructure and incentives focused on recruitment, retention and class-A office development.
The consultant scenarios that informed the plan recommended a $7 million to $9 million target for a catalyst fund; staff reported the fund’s current cash balance is $4,300,000 and that the fund is authorized at $7,300,000. City staff noted Core Scientific, a previous significant contributor to investment revenue, went through bankruptcy and emerged in February last year; staff said accounting showed a one-time revenue split of investment proceeds among other programs and the general fund, and that any future transfer will depend on continued performance.
Staff also reviewed how the plan compares Denton to peer DFW cities on incentive tools such as property tax abatements, sales tax rebates, fee waivers, infrastructure grants and expedited permitting. The presentation noted neighboring jurisdictions use different mixes of incentives (for example, some cities limit sales-tax rebates to data centers or large developments) and recommended aligning policy to the strategic plan’s objectives. Staff said the city updated its infrastructure financing policy in February 2022 to apply beyond industrial uses to include targeted office space initiatives.
Board members discussed the plan’s emphasis on class-A office space and the practical challenges of underwriting high-construction costs and achieving rents that would support that product in Denton. The board noted that incubator programs and downtown live-work efforts have helped local companies scale, but that converting vacant space to residential or other uses remains a consideration where leasing has lagged.
Because the item was presented for information only, no board vote was required. Staff said the dashboard that tracks quarterly progress and more than 100 plan tasks is available on the city’s economic development web page.
Ending: Staff and board members said they would continue quarterly reporting and use the strategic plan and catalyst fund as guides for recruitment and infrastructure priorities.
