Title
Council for Economic Outreach (CEO) Request for Opportunity 2010 Financial Contribution (B)
This item involves a request from the Council for Economic Outreach (CEO) for the City of Gainesville to financially participate in its Opportunity 2010 five year community and economic development initiative through a pledge of $50,000 a year for five years or $250,000.
Explanation
The Council for Economic Outreach (CEO) serves as the economic development arm of the Gainesville Area Chamber of Commerce. Its mission is to promote the development and diversification of Alachua County as a regional center for quality employment opportunities.
Recently, CEO embarked upon its Opportunity 2010 campaign to raise funds for efforts designed to accelerate economic growth and development in the City of Gainesville and Alachua County. The campaign has set a goal of raising $2.95 million dollars from private and public sources over the next five years.
The thrust of the Opportunity 2010 campaign is to help forge stronger partnerships between the public, private and corporate sectors of the Gainesville/Alachua County area; expansion of the community's tax base; the dissemination of information regarding emerging local, state and regional economic development issues; and improvement of the area's quality of life.
The proposed five year ($2.95 million) and annual ($590,000) budget of the campaign involves an emphasis placed upon expansion of the existing business base, growth of new business opportunities and attraction of business external to the area. The majority of the annual and five year budget allocation is targeted at the growth of new business opportunities via an emphasis placed upon entrepreneurship and workforce development.
Fiscal Note
The FY 2006 budget for the City's Economic Development Department is approximately $548,000. Roughly 54% of this budget is allocated from the General Fund for personnel and operational expenses; the remaining 46% is allocated from the Economic Development Fund for the operation and maintenance of the Gainesville Technology Enterprise Center (GTEC).
Recommendation
Recommended Motion: The City Commission: 1) direct staff to include an allocation of $50,000 for the CEO Opportunity 2010 Campaign in the FY 2007 and FY 2008 Economic Development Department budget; and 2) direct staff to formulate performance objectives associated with this allocation tied to implementation of the Innovation Zone to include marketing of the Zone to development interests and capturing of innovative economy opportunities within the Zone.
Alternative Recommendation : The City Commission: 1) deny the Council for Economic Outreach (CEO) request for a funding allocation associated with the Opportunity 2010 Campaign.