BACKGROUND
The Sachse Economic Development Corporation's (EDC) Treasurer prepares a report each month to update the Board concerning the current year's budget monitoring. This month's report consists of the summary EDC report presented to the City Council covering December 2023. Also included is a preliminary line-item report and balance sheet for January 2024.
RECOMMENDATION
Accept the monthly revenue and expenditure report for the period ending December 31, 2023.
BACKGROUND
Announcements are made at this time for informational purposes only.
POLICY CONSIDERATION
There are no policy considerations affiliated with this item.
RECOMMENDATION
Receive any reports and presentations by the Sachse Economic Development Corporation President, Board Members, Executive Director, and staff regarding items of community interest; special events; announcements and activities; office, industrial, commercial, or retail business retention; and marketing projects.
BACKGROUND
At the August 17, 2023, EDC Board meeting, the Board approved a Local Business Grant Program. During the FY 2024 budget process, $100,000 was allocated to the local business grant account code.
OVERVIEW
The Local Business Grant program is officially live. Staff would like to update the EDC Board on efforts made in preparation of this program launching, as well as discuss future efforts to promote the program.
POLICY CONSIDERATION
There are no policy considerations affiliated with this item.
RECOMMENDATION
Receive an update on the Sachse Local Business Grant Program.
BACKGROUND
At its meeting on January 18, 2024, the Board held a discussion on the Sachse business visitation program. Staff is returning to the Board this month to provide an update on the program, including some steps that have already been taken based on the feedback previously received.
OVERVIEW
Economic Development staff has primarily been conducting informal business visits since 2021. Staff is now working with the EDC Board to establish a more defined program with identifiable targets.
POLICY CONSIDERATION
There is no policy consideration at this time.
RECOMMENDATION
Receive an update on the Sachse Economic Development business visitation program.
BACKGROUND
Beginning in August of 2021, the Sachse Economic Development Corporation began discussing the identification and selection of the City's target business sectors, as was recommended by the goals, objectives, and priorities of the Sachse Economic Development program at that time. Staff had been talking with consulting firms to assist in such a study. The Board directed staff to begin compiling data internally as opposed to starting the effort with a consulting firm.
Staff and the EDC Board worked over several meetings and ultimately identified the target business sectors for Sachse.
OVERVIEW
After discussion at several meetings, the EDC Board approved a revised goals and objectives document at the May 18, 2023, meeting. The newly adopted goals document references the following item:
Re-evaluate target industries and sectors, contemplating a professional services contract for a target industry analysis/cluster analysis.
As the City approaches kicking off the FY25 budget process, staff is bringing this item back to the Board to obtain feedback relative to pursuing a strategic plan update.
In initial discussions internally, staff has contemplated broadening the scope of this effort to include a more robust economic development strategic plan, put together with professional consultants, to guide efforts for the Sachse economic development program over the next few years.
POLICY CONSIDERATION
There are no policy considerations affiliated with this item.
RECOMMENDATION
Discuss pursuing an economic development strategic plan.