Discussion on the proposed Texas City Economic Development Corporation budget for fiscal year 2024-25.
Submitted For:
Kristin Edwards, Economic Development
Submitted By:
Kristin Edwards, Economic Development
Department:
Economic Development
ACTION REQUEST (Brief Summary)
Discussion on the proposed Texas City Economic Development Corporation budget for fiscal year 2024-25.
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 Year 2023-24, with accomplishments including the establishment of the Phoenix Business Accelerator, the commencement of construction of the Texas City Community Plaza, funding of an effective Workforce Liaison with the Texas City Independent School District (TCISD), the establishment of the Business Improvement Grant and Chamber Dues Grant programs, additional marketing for the community on local, regional and state levels, and much more.
Additionally, staff dedicated significant time and resources to secure a short-term due diligence lease on Shoal Point, which will ideally lead to the establishment of a $150-$250 million liquefied natural gas project.
During FY2024-25, work in these areas will continue and expand, with the overall budget decreasing from approximately $11 million in FY2023-24 (a figure which included funds for the Community Plaza construction) down to $3,147,200. Without the Community Plaza construction factored in, the budget decreased by over $700,000.
With the Phoenix Business Accelerator weeks from opening, staff will focus on bringing in enterprise clients and other memberships with the goal of fully populating the facility. Staff will also continue to grow the professional network around the Phoenix and sponsor the Small Business Success Series.
Work will continue on the Community Plaza, with a target completion date – and planned grand opening ceremony – to take place during Q2 of 2025. In continued partnership with the TCISD Workforce Liaison, the Economic Development Corporation will also spearhead a partnership with the College of the Mainland to develop a career pipelines publication. Perhaps the most exciting plans for FY24-25 will center around the newly-created Community Events and Tourism Manager, whose focus will be on creating consistent special events and presence at the Community Plaza and encouraging local families to utilize the facility. While the Community Plaza is being completed, this individual will assist with the management of special events, create a stronger tourism network both locally and regionally, and assist the Recreation and Tourism Department in marketing the Doyle Convention Center.
ANALYSIS
Receive a summary of Texas City Economic Development Corporation's budget for fiscal year 2024-25.