TOWN STAFF REPORT RECOMMENDATIONS
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Discuss, consider and act to approve and recommend approval to Town Council for the Westlake Development Corporation, Inc. Fiscal Year 2025-2026 Budget.
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STAFF: Jason Alexander, AICP, CEcD, Deputy Town Manager
BACKGROUND:
Established pursuant to the provisions set forth in Chapters 501 and 505 of the Texas Local Government Code, as amended (i.e., the “Development Corporation Act”), the purpose and the function of the Westlake Development Corporation, Inc. (the “WDC”) is the “the promotion and development of new and expanded business enterprises” because “the existence, development, and expansion of business, commerce, industry, higher education, and job training are essential to the economic growth of this state and to the full employment, welfare, and prosperity of residents of this state.”
Accordingly, to fulfill its purpose and its function --- as well as to enlarge the tax base, increase employment opportunities, and elevate the quality of life for the Town of Westlake (the “Town”) --- the WDC must propose an annual budget and make recommendation on the proposed budget to the Town Council for their review, consideration, and possible action.
The proposed budget outlines the key priorities and initiatives for the WDC --- which includes: (i) providing economic development incentives; (ii) funding economic development plans, policies, and strategies that will generate optimal value from both the effective and efficient development and use of land as well as the installation of supporting infrastructure (e.g., roads, sewer, water, et cetera); and (iii) promoting the Town of Westlake as the premier community of choice for working, living, and gathering.
DISCUSSION:
As a Type B Development Corporation, as defined by the Development Corporation Act, the WDC may only prepare and propose an annual budget that satisfies the statutes of the Development Corporation Act and is in alignment with all applicable policies of the Town. Additionally, the annual budget should further the economic interests of the Town and realize and achieve the vision and the goals for economic prosperity as articulated in the Strategic Plan.
The WDC is funded through voter-approved half-cent (0.5) portion of the sales and use tax revenues collected by the Town and the earned interest. The proposed expenditure of funds --- the budget --- are in complete alignment with the Development Corporation Act, the applicable policies of the Town, and the Strategic Plan, with an emphasis on the following key priorities, initiatives, and activities:
• Recruiting and selecting a retail broker to assist with restaurant and retail attraction, retention, and expansion to satisfy the needs of the Town’s residents and businesses (i.e., $250,000.00).
• Funding a Future Land Use Plan that will ensure that the development (and the future redevelopment) of the Town is consistent with its values and expectations for growth while ensuring that the economics and the value generated from development will continue to elevate the quality of life, preserve the distinct aesthetic character of the Town, and reinforce the community as a magnet for corporations with regional, national, and global prestige (i.e., $200,000.00).
• Increasing the Town’s presence at economic development conferences and retail shows (i.e., $14,100.00).
• Providing economic development incentives to attract, to retain, and to expand businesses currently operating or seeking to operate within the Town (i.e., $30,000.00).
FISCAL IMPACT:
Funded through a voter-approved half-cent (0.5) portion of the sales and use tax revenues collected by the Town, the proposed budget leverages anticipated funds to support a menu of programs and services that are intended to accelerate the economic development efforts and growth of the Town. The proposed budget must be presented to the Town Council for their review, consideration, and possible action as part of the adoption of an overall budget for the Town.
STAFF RECOMMENDATION:
The Office of the Town Manager recommends approval of the proposed budget for Fiscal Year 2025-2026 as presented.
WESTLAKE ECONOMIC DEVELOPMENT CORPORATION ACTION / OPTIONS:
1) Motion to approve;
2) Motion to approve with additional conditions (please state additional conditions in motion);
3) Motion to deny; OR
4) Motion to table (must table to a specific date).
ATTACHMENT(S):
1) EXHIBIT “A” - Proposed Budget for Fiscal Year 2025-2026