Title
Approval of a Resolution Establishing an Economic Development Incentive Policy.
Presented by Alice Wakefield, Director of Community Development
Body
Item Summary:
The purpose of the Roswell Economic Development Incentive Policy is to provide incentives for the retention and/or expansion of existing businesses and to encourage the location or relocation of new targeted businesses within the City. The appropriate purpose and use of incentives is to broaden and diversify the tax base, create new job opportunities for the citizens, and promote the economic growth and welfare of the City. This policy will complement incentive programs currently offered by the State of Georgia.
This policy implements one of the tasks identified in the Strategic Economic Development Plan. This policy will provide waiver or reduction of building permit fees, exemption of impact fees pursuant to the Zoning Ordinance, waiver of business registration fee up to $7,130 up to three years and expedited permitting. The prospect or expanding business must provide at least 50 full time jobs and provide a capital investment of $15 million. Each project will be evaluated on an individual basis by an Economic Development Incentive Committee made up of the Roswell Business Alliance, the City Administrator, the Director of the Finance and the Director of the Community Development.
Committee or Staff Recommendation:
On August 29, 2012, the Community Development and Transportation Committee recommended placing this Item on the September 12, 2012 Mayor and Council Agenda.
Financial Impact:
Based on a fiscal impact analysis for one business using the incentives, the lost fee revenue of approximately $31,000 would be offset by an increase of approximately the same amount in property taxes. Within 5 years, the cumulative estimated gain for one business that met this criteria would be $131,710.
Presented by:
Alice Wakefield, Director of Community Development