DEPARTMENT: Economic Development
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICT(S) IMPACTED: City-wide
SUBJECT: Inclusive Growth Administrative Policy Update: Economic Development Incentive Fund and EB-5 Policies
SUMMARY:
This briefing will provide an overview of proposed administrative updates to the Economic Development Incentive Fund (EDIF) Guidelines and the criteria used to issue EB-5 Targeted Employment Area (TEA) designation letters. In consultation with the City Attorney's Office, the Economic Development Department (EDD) is making updates to these policies to create congruence with the forthcoming SA Tomorrow Regional Center Plans and the Inclusive Growth Area (IGA), adopted by City Council in December.
BACKGROUND:
City Council creates economic development policy through the SA Tomorrow Comprehensive Plan and various authorizing ordinances, which are then carried out through investments in partnerships, development, and implementation of EDD's programs. EDD administers partnership agreements and a number of programs to achieve these established policy goals, such as the Recruitment/Retention program. To successfully secure companies and grow jobs and investment in San Antonio, a variety of incentive tools are utilized to offer an incentive proposal to a prospective company within the parameters of City Council-approved guidelines. Each resulting incentive package is brought forth for individual City Council consideration.
Inclusive Growth
On December 14, 2018, City Council adopted the 2019-2020 Tax Abatement Guidelines, which went into effect January 1, 2019. The new guidelines include a number of updates focused on inclusive growth emphasizing integration of workforce development investments for targeted populations that apply to a broader scope of employers. A segment of the target populations was determined by the creation of the Inclusive Growth Area (IGA), which is composed of zip codes exhibiting high rates of the population living below t...
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