6.b.
TCEDC Agenda
- Meeting Date:
- 07/05/2023
- Title:
- proposed Texas City Economic Development Corporation budget for fiscal year 2023-24.
- Submitted For:
- Kristin Edwards
- Submitted By:
- Kristin Edwards, Economic Development
- Department:
- Economic Development
ACTION REQUEST (Brief Summary)
Discussion and possible action pertaining to the proposed Texas City Economic Development Corporation budget for fiscal year 2023-24.
BACKGROUND
In 2022, the TCEDC partnered with Garner Economics, LLC to develop the “Pathways to Prosperity” Economic Development Action Plan for Texas City. The plan identified key strategies for the City – Asset Development, Execute Effectively, Entrepreneurial Development, and Communicate the Brand and identified several specific actions associated with each strategy.
In February 2023, the EDC participated in a workshop to review the plan and identify specific timelines for each action. The vast majority of these actions were integrated into the proposed budget for Fiscal Year 2023-24. Some specific examples include: Asset Development: “Conduct a feasibility analysis to determine the optimal locations in the City for a new business park development” – Funds for this action are allocated in 55720 (Procurement of Property) Execute Effectively: “Invest in professional development for the economic development staff” – Funds for this action are allocated in 54300 (Training), with membership support in 53800 (Dues and Fees). “Create a cadre of economic development ambassadors” – Funds for this action are allocated in 53570 (Marketing). Entrepreneurial Development: “Create an Entrepreneurial Center on 6th Street that would include a small-business incubator and makerspace” – Following the acquisition of an ideal building for the incubator in FY23, funds to support outfitting of the incubator as well as business funding/assistance is allocated in 52660 (Office Supplies) and 53111 (Business Incentive), respectively. Communicate the Brand:
To address the goals of Business Attraction and Livability/Tourism, funds are allocated in 53570 (Marketing) to support live events, print and digital marketing to be executed by Economic Development/Communications staff, video production and public art efforts. One specific investment is for state-level digital advertising through AJR Media paired with performance and audience metrics.
Other major efforts included in the budget:
In February 2023, the EDC participated in a workshop to review the plan and identify specific timelines for each action. The vast majority of these actions were integrated into the proposed budget for Fiscal Year 2023-24. Some specific examples include: Asset Development: “Conduct a feasibility analysis to determine the optimal locations in the City for a new business park development” – Funds for this action are allocated in 55720 (Procurement of Property) Execute Effectively: “Invest in professional development for the economic development staff” – Funds for this action are allocated in 54300 (Training), with membership support in 53800 (Dues and Fees). “Create a cadre of economic development ambassadors” – Funds for this action are allocated in 53570 (Marketing). Entrepreneurial Development: “Create an Entrepreneurial Center on 6th Street that would include a small-business incubator and makerspace” – Following the acquisition of an ideal building for the incubator in FY23, funds to support outfitting of the incubator as well as business funding/assistance is allocated in 52660 (Office Supplies) and 53111 (Business Incentive), respectively. Communicate the Brand:
To address the goals of Business Attraction and Livability/Tourism, funds are allocated in 53570 (Marketing) to support live events, print and digital marketing to be executed by Economic Development/Communications staff, video production and public art efforts. One specific investment is for state-level digital advertising through AJR Media paired with performance and audience metrics.
Other major efforts included in the budget:
- Support for a mutually-funded Workforce Liaison position, to be supported by the EDC as well as Texas City Independent School District - $75,000
- 718 6th Street/Community Plaza Construction Phase - $6,600,000
- Architectural/engineering services for the design of a road to Shoal Point (Partner with Advario) - $500,000
- Design work for Public Works/Planning and Engineering - $250,000
ANALYSIS
In accordance with the priorities identified by the TCEDC Board at the February Strategic Workshop, approve the proposed Texas City Economic Development Corporation budget for fiscal year 2023-24.
ALTERNATIVES CONSIDERED
Attachments
- Proposed EDC Budget - FY24
- Digital marketing - Datafy platform
- MOU - TCISD-TCEDC Workforce Liaison
- Resolution