DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
FY 2018 Budget for the San Antonio Economic Development Corporation (SAEDC).
SUMMARY:
An Ordinance approving the SAEDC FY 2018 Budget (attached) as required by the Bylaws of SAEDC incorporating $300,000 of funding appropriated and approved in the City's FY 2018 Budget for the benefit of the SAEDC, of which $200,000 will be used for operating expenses and $100,000 was allocated for the SAEDC Investment Fund. The SAEDC Board approved the SAEDC FY 2018 Budget on September 19, 2017, for consideration by City Council.
BACKGROUND INFORMATION:
City Council approved the creation of SAEDC on May 13, 2010, as a nonprofit Type B corporation pursuant to the authority of the Development Corporation Act in the Texas Local Development Code. The SAEDC was 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 Council Economic and Workforce Development Committee (Councilwoman Rebecca Viagran), Chair of the Council Transportation Committee (Councilman Ray Saldana) and three citizens at-large appointed by City Council (Mike Dwyer, Juan Landa and Marianne Watson).
The City Council may approve funds for the SAEDC to help facilitate certain economic development projects on behalf of the City, particularly when the City has the opportunity to secure an equity position for a potential return on investment. Since May 2010, City Council and the SAEDC Board have approved funding for the SAEDC to undertake seven economic development projects that include: (1) InCube Labs; (2) the South Texas Research Facility at UT Health Science San Antonio; (3) iTrauma Care, Inc.; (4) StemBioSys, Inc.; (5) Parlevel Systems, Inc.; (6) HelpSocial, Inc.; and (7) bioAffinity Technolog...
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