Spring Creek Local Government Corporation
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Transcript of Spring Creek Local Government Corporation
ECONOMIC DEVELOPMENT
Implementation & Local Government Corporations
CITY COUNCIL DIRECTION• Establish an Economic Development Corporation
• Discussed options – Independent Non-Profit Corporation (Public or Private)– 4A or 4B Board– Local Government Corporation
• Enlisted the advice of a practitioner with experience in creating and operating corporations – City of Fort Worth
ADVICE FROM FORT WORTH
City Council
Policy
Establish Projects
LGC/TIF
Implement a Project
Layer Tools to Execute
• Utilize the most flexible tools to implement ED Efforts– Chapter 380 Agreements– Tax Increment Financing– Local Government Corporations
ECONOMIC DEVELOPMENT NEEDS• Policy Direction
• Funding Sources
• Development Efforts – Spring Creek– CS Business Center– City Hall
• Buy, Sell, Lease Property
City Council
LGC
Policy
Funding
Development
Property
City Council Policy
Project Specific LGC
Implementation
Project Specific LGC
Implementation
ED Committee
Advisory
SPRING CREEK CORPORATE CAMPUS• Purchased in two phases in 2000 and 2001
– $4.5M total– Funded by Electric & Water Utility Capital
• 384 Total Acres– 240 Developable Acres– 100 Acre Greenbelt
• 100 Additional Acres– Spring Creek Electrical Substation– Greenway– Potential 15-20 Developable Acres
PREPARATION - SHOVEL READY SITES • Revised Master Plan
• Infrastructure– Pebble Creek Parkway– Sanitary Sewer– Drainage
• Signage
• Deed Restrictions
• Transfer Property
ESTABLISHING AN LGC• File name with Secretary of State
– Filed “Spring Creek Local Government Corporation”
• Articles of Incorporation– Framework of the Corporation
• Corporate Bylaws – Purpose– Structure/Membership
LOCAL GOVERNMENT CORPORATION• Purpose of LGC
– Aiding, assisting and acting on behalf of the City:• Purchase, lease & sell real estate – with Council approval
• Implement project plan
• Grants and Loans• Issue debt with revenue source – with Council approval
• Membership– 5 Directors• 1 - Mayor• 4 - City Council, City Officers, Employees or Community
RECOMMENDATIONS• Finalize Membership
– 5 Directors• 1 - Mayor
• 4 - City Council, City Officers, Employees or Community
• Future Council Meeting