DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
FY 2017 Budget for the San Antonio Economic Development Corporation (SAEDC)
SUMMARY:
An Ordinance approving the SAEDC FY 2017 Budget (attached) as required by the Bylaws of SAEDC incorporating $200,000 into the SAEDC Budget which was appropriated and approved in the City's FY 2017 Budget. The SAEDC Board approved the SAEDC FY 2017 Budget on September 22, 2016, for consideration by City Council.
BACKGROUND INFORMATION:
City Council approved the creation of 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 Human Development Committee (Councilman Joe Krier), Chair of the Transportation, Technology and Utilities Committee (Councilman Ray Lopez) and three citizens at-large appointed by City Council (Mike Dwyer, Juan Landa and Marianne Watson).
The City Council may elect to invest funds through the SAEDC in certain economic development projects when the City can potentially achieve a return on investment when the SAEDC secures an equity position in a project. Since May 2010, City Council and the SAEDC Board have approved funding for the SAEDC to undertake five economic development projects that include: (1) InCube Labs; (2) the South Texas Research Facility at the UT Health Science Center at San Antonio; (3) Innovative Trauma Care, Inc.; (4) StemBioSys, Inc.; and (5) Parlevel Systems, Inc.
ISSUE:
The SAEDC Bylaws require approval of the annual SAEDC Budget by City Council. The SAEDC Budget includes cash inflows of $200,000 from the City's FY 2017 General Fund and $300,000 remaining from the City's Economic Development Incentive Fund approved by City Council in FY 2014 for ...
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