$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 Rollout Plan o

Recap • $100M for Economic Development • In proposed budget • January implementation • Multiple strategies

Recap

Staffing / Administration • In proposed budget

Funding Decision Process

Application Review and Recommendation Determines eligibility • Completes loan packages • Coordinates staff funding evaluations • Programs have different requirements and are • evaluated differently

Evaluation Criteria Potential for Follow- Skilled Workforce Collaboration • • on Funding Growth Agreement Job Tax Revenue Credit • • • Creation/Retention Increase Acres/Square • Exports Expected Leverage Footage Returned to • • Productivity Potential for Patents Potential for • • Files Catalytic Results Impacted Residents • Expected Program Potential for Place Reuse of Existing • • • Income Creation Public Infrastructure Expected Payroll Community’s Export Potential • • • Growth participation in Workforce • Business Development

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 o

CCCIC Composition • 5 elected or Affiliation - Expertise appointed officials in County – Budget Director the county County – Workforce Investment Board County – County Council • 6 private sector County – Cleveland Economic Development appointments (GCP) County – Suburban Economic Development Private – Private – Private – Private – Private – Private –

Individual Deal Review

Wrap

$100 Million Economic Development Fund December 5, 2011

The Protocol Participate Collaborate • Maintain economic • Agree to not “actively development PoC pursue” businesses already in the county • Share economic development goals • Inform home community and incentives if incentivizing a move • List available properties • Discuss revenue sharing

The Protocol Does Not Does • Limit cities’ ability to • Promote reserving offer incentives incentives for attraction • Incentivizes • Punish non- participating participation among communities communities • Limit competition or • Make efficient use of public time and business retention resources

Impact of the Protocol • Fundamental to county and economic development partner strategies • Evaluation consideration for individual deal review Not a litmus test o