COLLEGE STATION BUSINESS DEVELOPMENT CORPORATION (4B CORP.)

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Presentation transcript:

COLLEGE STATION BUSINESS DEVELOPMENT CORPORATION (4B CORP.)

4B CORPORATION WHAT IS IT? §Mechanism for pursuing economic development areas not currently addressed by existing entities §Non-profit organization §Used by 358 cities statewide §Authorized by state law §Handles administrative functions upon Council approval

HISTORY §Milestone for Strategic Issue #2 (1998) §Direction to proceed with Corp in Sept 1998 §Art of Inc approved by Council in Jan 1999 §Board Members appointed in June 1999 §Draft By-Laws and Agreement for Services

WHO DOES WHAT IN ED? §Chamber -Existing business retention & expansion §COG -Workforce Development -Revolving Loan Fund §EDC -Recruitment of new manufacturing, distribution, technology business §SBDC -Small business loans and counseling

WHO DOES WHAT IN ED? (Con’t) §City Department -Recruit retail, commercial, tourism dev. -Redevelopment projects -Special capital projects (garage & conf cntr) -Liaison to EDC & Chamber (contracts, negotiations, development process, business center dev & marketing)

ROLE OF 4B CORPORATION Recommendations to Council and staff on: §Incentives §Policy development §Marketing §Business center development §Special capital projects and funding admin. §Other ED projects at Council request

ROLE CON’T Some areas not currently addressed by other entities: §Retail §Hotel/Motel §Entertainment §Tourism facilities §Retirement Communities §Large Commercial

COUNCIL CONTROLLED -Adopts Articles of Incorporation -Adopts and amends By-laws -Appoints board members -Adopts budget -Prior approval of all contracts, plans, docs -Staff reports to city manager

STEPSTO BE TAKEN BY CITY COUNCIL §Bylaws & Agreement for Services considered by Council §If Bylaws are approved, hold joint workshop to define objectives