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6.d.

TCEDC Agenda

Meeting Date:

06/04/2025

Discussion on the proposed Texas City Economic Development Corporation budget for FY2026.

Submitted For:

Kristin Edwards

Submitted By:

Kristin Edwards, Economic Development

Department:

Economic Development

ACTION REQUEST (Brief Summary)

Discussion on the proposed Texas City Economic Development Corporation budget for FY2026.

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. The vast majority of these actions were integrated into the budget for Fiscal Years 2023-24 and 2024-25, with accomplishments including the establishment of the Phoenix Business Accelerator, the construction of the Texas City Community Plaza, funding a Workforce Liaison with the Texas City Independent School District (TCISD), approved Business Improvement Grants and Chamber Dues Grants, additional marketing for the community on local, regional and state levels, and much more.

As well, staff dedicated significant time and resources to securing a long-term due-diligence lease on Shoal Point, which will ideally lead to the establishment of a $1 Billion project led by Galveston Industries, LLC. This project is in addition to the Galveston LNG Bunker Port project with an expected capital expenditure of at least $250 million. During FY2026, work in these areas will continue and expand, with the overall budget decreasing from approximately $10 million in FY2024-25 (a figure which included funds for the 6^th Street Community Plaza construction, to be completed June/July 2025) down to $4,251,571. This figure includes maintenance and operation (M&O) for the 6^th Street Community Plaza. It also includes funds to support City-wide wayfinding signage and funds to support a professional retail recruitment effort (both included in the Asset Development section of “Pathways to Prosperity”).

Efforts at the Phoenix Business Accelerator will continue with existing and new clients. Staff contracted for the development of a multi-session educational program to be offered exclusively to clients, and public Small Business Success Series sessions will continue.

With the completion of the 6^th Street Community Plaza, regular events on weekdays and monthly concerts will also take place. Finally, in continued partnership with the TCISD Workforce Liaison, the EDC will continue to spearhead a partnership with the College of the Mainland to develop a career pipeline publication.

The proposed budget includes an Assistant Director for FY2026, whose focus will be recruiting new retail developments as well as manufacturing to Texas City. This individual would also assist the Director with day-to-day operations, and would execute the above-mentioned retail recruitment effort.

ANALYSIS

Receive a summary of the Texas City Economic Development Corporation budget for FY2026.

ALTERNATIVES CONSIDERED

Attachments

EDC Budget - draft for presentation