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$100 Million Economic Development Fund
December 5, 2011
Agenda
- Recap
- Drill Down on Administration
- Administration of the Fund
- Funding Decision Process
- Cuyahoga County Community Improvement Corporation
- Future
- Cash flow
- Rollout Plan
$100 Million Economic Development Fund December 5, 2011 Agenda - - PowerPoint PPT Presentation
$100 Million Economic Development Fund December 5, 2011 Agenda - - PowerPoint PPT Presentation
$100 Million Economic Development Fund December 5, 2011 Agenda Recap Drill Down on Administration Administration of the Fund o Funding Decision Process o Cuyahoga County Community Improvement Corporation o Future Cash flow o
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Recap
- $100M for Economic Development
- In proposed budget
- January implementation
- Multiple strategies
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Recap
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Staffing / Administration
- In proposed
budget
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Funding Decision Process
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Application Review and Recommendation
- Determines eligibility
- Completes loan packages
- Coordinates staff funding evaluations
- Programs have different requirements and are
evaluated differently
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Evaluation Criteria
- Potential for Follow-
- n Funding
- Job
Creation/Retention
- Exports Expected
- Potential for Patents
Files
- Expected Program
Income
- Expected Payroll
Growth
- Skilled Workforce
Growth
- Tax Revenue
Increase
- Leverage
- Potential for
Catalytic Results
- Potential for Place
Creation
- Community’s
participation in Business Collaboration Agreement
- Credit
- Acres/Square
Footage Returned to Productivity
- Impacted Residents
- Reuse of Existing
Public Infrastructure
- Export Potential
- Workforce
Development
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CCCIC
- Existing Community Improvement Corporation used
as loan review by the county
- Authorized by O.R.C. Title XVII, §1724 and §1702 and
with Cuyahoga County Resolution #237321 (July 29, 1982)
- For sole purpose of advancing economic development
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CCCIC Composition
- 5 elected or
appointed officials in the county
- 6 private sector
appointments (GCP)
Affiliation - Expertise County – Budget Director County – Workforce Investment Board County – County Council County – Cleveland Economic Development County – Suburban Economic Development Private – Private – Private – Private – Private – Private –
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Individual Deal Review
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Wrap
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$100 Million Economic Development Fund
December 5, 2011
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The Protocol
Participate Collaborate
- Maintain economic
development PoC
- Share economic
development goals and incentives
- List available properties
- Agree to not “actively
pursue” businesses already in the county
- Inform home community
if incentivizing a move
- Discuss revenue sharing
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The Protocol
Does Not Does
- Limit cities’ ability to
- ffer incentives
- Punish non-
participating communities
- Limit competition or
business retention
- Promote reserving
incentives for attraction
- Incentivizes
participation among communities
- Make efficient use of
public time and resources
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Impact of the Protocol
- Fundamental to county and economic
development partner strategies
- Evaluation consideration for individual deal review
- Not a litmus test