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AGENDA ITEM REVIEW FORM |
5.C.
Regular City Council Meeting
- Meeting Date:
- 07/24/2024
- Department Head:
- Kay Macuil
- Submitted By:
- Kay Macuil, City Attorney, Attorney's Office
Action Requested:
Motion
ITEM:
Discussion and possible action on any and all matters regarding a proposed contract with the Greater Yuma Economic Development Corporation for regional economic development efforts. (Jenny Torres, Acting City Manager)
SUMMARY:
Organizational Structure: The Greater Yuma Economic Development Corporation (“GYEDC”) is a private non-profit corporation funded by public sector funders (Yuma County and City, Somerton, Wellton, and San Luis) and private sector funders who use the services. The city has entered into contracts that expire every year on June 30. Termination during the contract may be terminated without cause with a 90-day notice.
Service: GYEDC provides services focused on attracting commerce and industry to the region and assisting in developing the region’s existing industry to its fullest potential. The proposed contract is in substantially the same form as in prior years and sets out measurable goals.
Amount: The city has entered into agreements with GYEDC for economic development services in past years. On May 22, 2024, the city council approved $63,750.00.
Service: GYEDC provides services focused on attracting commerce and industry to the region and assisting in developing the region’s existing industry to its fullest potential. The proposed contract is in substantially the same form as in prior years and sets out measurable goals.
Amount: The city has entered into agreements with GYEDC for economic development services in past years. On May 22, 2024, the city council approved $63,750.00.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO APPROVE THE CONTRACT WITH GYEDC IN THE AMOUNT OF $63,750.00.
Fiscal Impact
- IS THERE FISCAL IMPACT ASSOCIATED WITH THIS ITEM:
- Yes
- CITY/STATE/FEDERAL FUNDS:
- City
- TOTAL:
- $63,750
- BUDGETED AMOUNT:
- $63,750 Council Action on May 22, 2024
- AVAILABLE AMOUNT TO TRANSFER:
- N/A
- ACCT NAME & GL#/REMAINING BALANCE BEFORE PURCHASE:
- Contractual Services 80000 Total Budget $470,240.00 FY 2024-2025
FISCAL IMPACT STATEMENT (IF THIS IS A BUDGET TRANSFER, YOU MUST ATTACH THE BUDGET ADJUSTMENT FORM):
The total amount budgeted for the City Council's Contractual Services, as approved on May 8, 2024, and May 22, 2024, City Council Agenda, is $470,240.00.