DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT:
FY 2016 Budget and Amended and Restated Bylaws for the San Antonio Economic Development Corporation (SAEDC).
SUMMARY:
An Ordinance approving: (1) the San Antonio Economic Development Corporation (SAEDC) FY 2016 Budget of $740,150 ("SAEDC Budget") which includes $200,000 already appropriated as part of the FY 2016 City Budget and $500,000 approved in FY 2014 for the SAEDC Investment Fund; and (2) Amended and Restated Bylaws for the SAEDC to take into account changes in the City Council Committees. The SAEDC Board approved the SAEDC Budget and Amended Bylaws on September 24, 2015, for consideration by City Council as required per the SAEDC Bylaws.
BACKGROUND INFORMATION:
City Council approved the formation and Bylaws 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. The SAEDC is governed by a seven-member board of directors (Board) which consists of the Mayor, City Manager, the Chair of the Council Economic and Community Development Committee, the Chair of the Council Infrastructure and Growth Committee and three citizens at-large (Mike Dwyer, Juan Landa and Marianne Watson).
The City created the SAEDC to assist the City's Economic Development Department in facilitating economic development business recruitment and retention projects in the targeted industries, collaborate with industry and economic development partners and promote innovation through startup companies. The City may grants funds to the SAEDC for economic development projects, and if possible, the SAEDC may potentially achieve a return on investment through an equity position in the project. Since May 2010, City Council and the SAEDC Board have approved grants for four projects that promote growth in the Biosci...
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