DEPARTMENT: Economic Development
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT: FY 2019 Budget for the San Antonio Economic Development Corporation (SAEDC).
SUMMARY:
An Ordinance approving the SAEDC FY 2019 Budget (attached) as required by the Bylaws of SAEDC incorporating $200,000 into the SAEDC Budget appropriated and approved in the City's FY 2019 Budget for the benefit of the SAEDC. The SAEDC Board approved the SAEDC FY 2018 Budget on September 18, 2018, 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 (President), City Manager, Chair of the Economic and Workforce Development Committee (Councilwoman Rebecca Viagran), Chair of the Transportation Committee (Councilman Rey Salda?a) and three citizens at-large appointed by City Council (Mike Dwyer, Chris Rosas and Sylvia Lopez).
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 through the SAEDC securing an equity position in a project. Since May 2010, City Council and the SAEDC Board have approved funding for the SAEDC to undertake seven economic development projects.
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 2019 General Fund Budget and $100,000 in carryover funds from an appropriation in FY 2018 by City Council for the SAEDC Investment Fund for future projects. Cash outflows in the SAEDC Budget include potential future projects, SAEDC operating expenses (such as the Executive Director's salary), outside legal counsel, professional se...
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