City of San Antonio - File #: 14-2315

• File #: 14-2315
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 10/9/2014
• Posting Language: An Ordinance approving the proposed FY 2015 Budget for the San Antonio Economic Development Corporation. [Carlos Contreras, Assistant City Manager; Rene Dominguez, Director, Economic Development]

Date	Ver.	Action By	Action	Result
10/9/2014	1	City Council A Session	Motion to Approve	Pass

DEPARTMENT: Economic Development


DEPARTMENT HEAD: Rene Dominguez


COUNCIL DISTRICTS IMPACTED: Citywide


SUBJECT: FY 2015 Budget for the San Antonio Economic Development Corporation (SAEDC).


SUMMARY:

This is an Ordinance approving: (1) the SAEDC FY 2015 Budget of $959,020 (SAEDC Budget), as required by the Bylaws of the SAEDC; and (2) a Second Amendment to the Economic Development Grant Agreement between the City and SAEDC (Second Amendment) incorporating $300,000 to the SAEDC Budget, which was appropriated and approved in the City's FY 2015 Budget. The SAEDC Board approved the SAEDC Budget and Second Amendment on September 26, 2014, for consideration by City Council.

BACKGROUND INFORMATION:

City Council approved the creation of the SAEDC on May 13, 2010, as a nonprofit corporation established for the purpose of helping promote economic development projects in targeted industries and areas of the City. SAEDC is governed by a seven-member board of directors (Board) which consists of the Mayor, City Manager, Chair of the Economic and Community Development Committee (Councilman Ray Lopez), Chair of the Infrastructure and Growth Committee (Councilman Rey Saldana) and three citizens at-large (Mike Dwyer, Juan Landa and Marianne Watson).

The City may invest funds through SAEDC in certain economic development projects and potentially achieve a return on investment from the SAEDC's equity position in a project. Since May 2010, City Council and the SAEDC Board have approved investing in four projects to include: (1) InCube Labs; (2) the South Texas Research Facility at the UT Health Science Center at San Antonio; (3) Innovative Trauma Care, Inc.; and (4) StemBioSys, Inc.


ISSUE:

The SAEDC Bylaws require approval of the SAEDC Budget by City Council. The SAEDC Budget includes an FY 2015 appropriation of $300,000 from the City's General Fund and $500,000 from the City's Economic Development Incentive Fund approved by City Council in ...