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C~SE #5: <br /> <br />DISCUSSION KEGAKDING FUNDS ALLOCATED FOR ECONOMIC DEVELOPMENT <br />ACTIVITIES IN 1987 AND 1988 BUDGET FOR ECONOMIC DEVELOPMENT <br />By: COnLmun£ty Development Director Anne Norris <br /> <br />Background: <br /> <br />As you know, during the 1987 budgeting process, the City Council allocated <br />approximately $50,000 to be used for economic development activities. The <br />Council directed that these funds be used for the following activities: <br /> <br />a) Inventory of commercial and industrial property <br />b) Developer's packet/promotional packet <br />c) Advertising and promotional activities <br />d) Study of Hwy. #10 <br />e) Revolving loan fund <br /> <br />In addition, the Council allocated approximately $18,000 to be used for <br />contracted economic development services. <br /> <br />The City is currently using Community Development Block Grant funds to fund the <br />Highway 10 Corridor Study and to establish a revolving loan fund. <br /> <br />Observations: <br /> <br />To date, the majority of the money allocated for 1987 economic development <br />activities has not been used or appropriated for any specific activities. <br />The Economic Development Commission should establish a plan for using these <br />funds if they wish to return to the City Council with a request for <br />additional funds for economic development activities in 1988. <br /> <br />Recommendation: <br /> <br />Commission Action: <br /> <br />Will be based on your discussion. <br /> <br />Review Checklist: <br /> <br />Administrator <br />Attorney <br />Engineer <br />Community Development Director <br /> <br />X <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />Other <br /> <br /> <br />