TOWN STAFF REPORT RECOMMENDATIONS
title
Discuss, consider and act to approve and recommend approval to Town Council for the Westlake Development Corporation, Inc. Fiscal Year 2025-2026 Budget.
body
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 o...
Click here for full text