Spring Creek Local Government Corporation
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Transcript of Spring Creek Local Government Corporation
![Page 1: Spring Creek Local Government Corporation](https://reader033.fdocuments.in/reader033/viewer/2022051503/587e9bd11a28ab2a4a8b4749/html5/thumbnails/1.jpg)
ECONOMIC DEVELOPMENT
Implementation & Local Government Corporations
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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
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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
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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
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City Council Policy
Project Specific LGC
Implementation
Project Specific LGC
Implementation
ED Committee
Advisory
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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
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PREPARATION - SHOVEL READY SITES • Revised Master Plan
• Infrastructure– Pebble Creek Parkway– Sanitary Sewer– Drainage
• Signage
• Deed Restrictions
• Transfer Property
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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
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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
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RECOMMENDATIONS• Finalize Membership
– 5 Directors• 1 - Mayor
• 4 - City Council, City Officers, Employees or Community
• Future Council Meeting
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