09/25/2017 - Laserfiche WebLink

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OpL �atlg!Ls No sooner than 90 days after the November 201.7 eiection but no later than 90 days prior to funding of ED operations shifting from Type A sales tax to the general revenues of the city, the city will approve and implement a plan regarding the conversion/retention of ED staff (including compensation & benefits), office and other operating expenses, and the physical location of the operations. The ED director willi report directly to the city manager, consistent with the city charter. This conversion may occur at any time; state law requires an EDC to have a board, but does not require staffing, The ED director and office will broaden its responsibilities to include all types of economic development, as needed and appropriate for the city, including industrial, manufacturing, retail, office, residential, mixed use, etc., consistent with existing and future city needs, goals, and capabilities,. Road nee maintenance tax use & d — ------------- - State law (Section 327.008 of the Texas Tax Code) allows municipalities to collect up to a quarter -cent sales and use tax exclusively "to maintain and repair municipal streets or sidewalks existing on the date of the election to adopt the tax." if approved and collected, this tax would be set aside in a separate Road Maintenance Fund, which would be used to pay for materials, contractors, and certain qualified types of capital equipment. The fund would be self -balancing, and any monies unexpended at the end of a fiscal year would be reserved in that fund for future qualified expenses. Anticipated revenues are approximately $1.4 million annually, so the practical effect of this change would be to increase the amount spent on city streets, aileys, and sidewalks by approximately $800,000 per year. Total street assets depreciate in an amount of approximately $1.97 million annually, which approximates the amount of money the city should spend annually on its streets. Another way of assessing street needs is the identification of $38.5 million in unfunded street repair projects (the equivalent of 27.4 years of the new tax's likely net revenues). These revenues are not the same as recently approved bond funds, which are intended for longer term capital replacement of streets instead of short-term, simple street maintenance. The optional sales tax requires voter approval every four years. Board The city shall create an Economic Development Advisory Board (see attached), which shall act in an advisory capacity to the city staff and council in matters pertaining to economic development. The board shall include seven members appointed to staggered two-year terms, and may include up to two council members, who would serve abbreviated one-year, terms. The board shall be created and begin meeting no later than 90 days prior to any conversion from Type A sales tax funding to city funding. Members of the then -current PEDC board of directors shall be eligible to serve on the new advisory board, and encouraged to apply to help provide continuity.