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Planning and Building Department, Economic Development Division, recommending the Board consider the following:
1) Approve and authorize the Chair to sign Agreement 8279 with Growth Factory for the provision of accelerator services, with a not-to-exceed amount of $100,000 and a term of two (2) years effective upon execution;
2) Authorize the Planning and Building Director to execute any further documents determined necessary related to Agreement 8279, including amendments which do not increase the not-to-exceed amount or term of the Agreement, contingent upon approval by County Counsel and Risk Management; and
3) Approve and authorize the Chair to sign a budget transfer amending the Fiscal Year 2023-24 Adopted Budget increasing revenue and appropriations by $500,000 in the Economic Development budget and increase in Transient Occupancy Tax budget with $500,000 in transfers out. (4/5 vote required)
FUNDING: Transient Occupancy Tax Funds.
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DISCUSSION/BACKGROUND
The County’s adopted Strategic Plan contains five (5) main strategic goals, including Economic Development with a focus on enabling a prosperous and vibrant community. This element is now known as Thriving Economies. The Economic Development component further identifies goals and priorities to retain, develop, and attract businesses that provide economic sustainability and quality job creation, invest in infrastructure needs to maintain competitiveness, and nurture the County and Community’s business friendly environment.
To further support the County’s Strategic Plan, the Board has adopted several economic-development related policies. Policy J-7, Economic Development Incentives, offers various incentives, one of which provides a one-time commitment of up to $500,000 of Transient Occupancy Tax (TOT) funds to support small businesses or entrepreneurs that have been accepted into a cohort of an approved incubator or accelerator. These funds will provide technical assistance, support, training,...
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