SUBJECT:
Title
Economic Incentives Overview Presentation
Body
DEPARTMENT: Economic Development
Department
PRESENTER(S): Jack Hill, Business Development Specialist
First Name Last Name, Title
TIME ESTIMATE: 30 minutes
only required for non-consent items
FISCAL SUMMARY: N/A
POLICY ISSUES:
There is no townwide policy regarding economic development incentives. The Town of Erie leverages current incentive tools such as Urban Renewal Authority, Special Districts, and Enhanced Sales Tax Incentive Program, but these tools are limited in scope and location. Staff is looking for direction from Town Council on whether staff should draft a townwide economic development incentive program.
STAFF RECOMMENDATION:
Recommendation
Town Council directs staff to bring back a formal economic incentive policy document reflecting tonight's discussion for consideration at a future Town Council meeting.
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SUMMARY AND BACKGROUND OF SUBJECT MATTER:
In the interest of supporting a robust, diverse, and resilient economy, and under the theory that some desired development will not happen without public assistance of some sort, municipalities across the country use economic development incentives to assist small businesses, primary employers, and developers. Having recently transitioned to a Home Rule municipality, Erie has the opportunity to craft and adopt a townwide economic incentive program that can catalyze the local economy. Factors that make starting, expanding, retaining, and recruiting businesses difficult include the skyrocketing cost of development, increase in commercial property taxes, inflationary pressures, and regulations. The ability to provide support with some of these up-front costs, by providing a wider variety of economic incentive programs, could prove invaluable in supporting existing businesses and attracting new businesses that fulfill the market needs of Erie.
This presentation will provide background information and an overview of economic i...
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