Title
Planning and Building Department, Economic Development Division, recommending the Board authorize a revised sunset date for Board Policy J-7 - Economic Development Incentives from April 30, 2020 to April 30, 2022.
FUNDING: N/A
Body
DISCUSSION / BACKGROUND
Both the County’s Strategic Plan and General Plan include Economic Development Elements. The Economic Development Element of the County General Plan adopted by the Board on July 19, 2004 includes policies to encourage economic development and specifically provides for the development of incentives to encourage development of particular business sectors.
The purpose of policy J-7 - Economic Development Incentives is to:
A. Identify targeted business sectors that have the highest potential for growth and will offer the highest economic impact through the use of incentives.
B. Identify economic incentive options.
C. Establish a formalized analysis, fair process, and transparent review of economic development incentives for businesses starting in, expanding in, or relocating to El Dorado County.
D. Ensure any and all incentives offered to job-creating firms in El Dorado County offer benefit to the goals of the County as well as the business.
In an effort to continue the County’s investment in Economic Development, to further implement the County’s General Plan, and to maintain economic development tools to soften the economic impacts that will likely result from COVID-19, staff is recommending the Board revise the sunset date of Policy J-7 - Economic Development Incentives, from April 30, 2020 to April 30, 2022.
ALTERNATIVES
The Board could decide to not revise the sunset date of Policy J-7, and allow the Policy to sunset on April 30, 2020. The Board could also make additional revisions to Policy J-7.
PRIOR BOARD ACTION
At the December 17, 2013 Board of Supervisors meeting (Legistar Number 13-1579, Item 7), the Board directed staff to prepare an Economic Development Incentive Policy to include incentive tools designed to attract, support and expand economic development within El Dorado County. The use of incentives is referenced in the Economic Development Element of the 2004 General Plan and is a common economic development practice.
On February 11, 2014, (Legistar Number 14-0171, Item 33), the Board approved Policy J-7, Economic Development Incentives. The J-7 Policy is an overall statement of intent that the County will consider economic development incentives as part of a broader strategy of business attraction. The policy indicates that detailed procedures to implement the policy will be developed.
On February 10, 2015 (Legistar Number 14-0171, Item 6), the Board extended Policy J-7 with an expiration of the policy at the end of nine months (November of 2015). Due to the drafting of the County's Economic Development Strategic Plan and the need for greater policy research the J-7 Policy was allowed to expire in November of 2015, its adopted sunset date.
On April 19, 2016 (Legistar Number 14-0171, Item 31), the Board reinstated Policy J-7 with a new sunset date of April 18, 2017.
On April 11, 2017 (Legistar Number 14-0171, Item 3), the Board revised Policy J-7 and extended the policy through April 18, 2020.
OTHER DEPARTMENT / AGENCY INVOLVEMENT
Chief Administrative Office
CAO RECOMMENDATION
It is recommended that the Board approve this item.
FINANCIAL IMPACT
There is no financial impact with extending the sunset date. Any incentives provided as a result of this Policy would undergo a thorough cost-benefit analysis prior to issuance.
CLERK OF THE BOARD FOLLOW UP ACTIONS
Update the Board Policy Manual to amend Board Policy J-7.
STRATEGIC PLAN COMPONENT
Economic Development - This action furthers the Strategic Plan goal of retaining, developing and attracting businesses that provide economic sustainability and quality job creation.
CONTACT
Tiffany Schmid, Director
Planning and Building Department