TOWN STAFF REPORT RECOMMENDATIONS
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Economic Development Incentive Policy of the Westlake Development Corporation, Inc.
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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 Office of the Town Manager, the Department of Finance, and the Department of Planning and Development would like to receive guidance and direction on the formation of an economic development incentive policy that will complement economic development efforts, improve financial forecasts and projections, and reinforce a development review and approval process that is predictable and timely.
DISCUSSION:
N/A.
FISCAL IMPACT:
N/A.
STAFF RECOMMENDATION:
N/A.
WESTLAKE DEVELOPMENT CORPORATION ACTION / OPTIONS:
N/A.
ATTACHMENT(S):
None.