Apr 13, 2022 Economic Development Partnership Board on 2022-04-13 11:00 AM
April 13, 2022 Economic Development Partnership Board 167353
Meeting Details
| Meeting Date: | April 13, 2022 |
|---|---|
| Board: | Economic Development Partnership Board |
| Video ID: | 167353 |
| Has Transcript: | Yes |
|---|---|
| Has Agenda: | Yes |
AI Summary by Dentron 3000
Meeting Summary: Economic Development Partnership Board Date: April 13, 2022 Location: Development Service Center Training Rooms, Denton, Texas
Key Topics and Discussions - Approval of the February 9, 2022 meeting minutes. - Appointment of new members to the Downtown Economic Development Committee following recent resignations and leadership changes. - Annual report and one-year contract renewal for Hickory and Rail Venture LLC, operator of the Stoke co-working space. Discussion covered program metrics, lease status, event programming, and a proposed entrepreneur expo/pitch contest with a $10,000 prize pool. Staff outlined tracking methods, including 3-, 6-, 9-, and 12-month follow-ups for prize recipients. - Updates to the City of Denton’s economic development incentive policies and evaluation matrix, including the addition of industry codes 711 (performing arts) and 512 (music production) to the creative strategic growth area. - Detailed discussion on incorporating living wage and minimum wage considerations into the incentive evaluation matrix. The board reviewed City Council’s prior suggestions ($15/hr threshold or $21/hr encouragement), regional wage comparisons, total compensation versus base wages, and potential impacts on small businesses and local workforce development. - Receipt of the February 2022 Prospect Activity Report for informational purposes. - The US Aviation workforce training program presentation was deferred to a future meeting.
Motions, Votes, and Outcomes - Motion to approve the February 9, 2022 minutes: Passed unanimously. - Motion to appoint Tracy Long and Rita Maloney to the Downtown Economic Development Committee: Passed unanimously. - Motion to approve the one-year contract renewal with Hickory and Rail Venture LLC for Stoke operations and recommend approval to City Council: Passed unanimously. - Motion to recommend updated incentive policies and evaluation matrix to City Council, incorporating a living wage encouragement model based on the MIT Living Wage Calculator for Texas: Passed unanimously.
Decisions Made - February 9, 2022 minutes were approved. - Tracy Long and Rita Maloney were appointed to the Downtown Economic Development Committee. - The board approved the one-year contract renewal with Hickory and Rail Venture LLC, including $143,170 in financial support, and directed staff to forward the recommendation to City Council. - The board declined to implement a hard minimum wage threshold for incentive eligibility. Instead, it adopted a recommendation to use an encouragement model tied to the MIT Living Wage Calculator for Texas, with point allocation scaling between the living wage for one adult/zero children (~$14.01/hr) and two adults/two children (one working) (~$19.31/hr). - The board approved the addition of industry codes 711 and 512 to the creative strategic growth area.
Action Items or Next Steps - Staff to forward the Stoke contract renewal recommendation to City Council. - Staff to incorporate the board’s recommendations regarding the incentive policies, evaluation matrix, and living wage encouragement model into the formal recommendation to City Council. - Staff and Stoke management to implement tracking and follow-up assessments for pitch contest participants at 3, 6, 9, and 12-month intervals. - The US Aviation workforce training program presentation will be scheduled for a subsequent meeting. - The February 2022 Prospect Activity Report was received for board review; no further action required.
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