Title
AN ORDINANCE APPROVING A PUBLIC SERVICE AGREEMENT BY AND BETWEEN LEE’S SUMMIT ECONOMIC DEVELOPMENT COUNCIL. AND THE CITY OF LEE’S SUMMIT, MISSOURI, FOR SERVICES TO BE PROVIDED TO THE CITY AND AUTHORIZING THE CITY MANAGER TO EXECUTE THE SAME BY AND ON BEHALF OF THE CITY. (F&BC 4/17/17)
Body
Issue/Request:
AN ORDINANCE APPROVING A PUBLIC SERVICE AGREEMENT BY AND BETWEEN LEE’S SUMMIT ECONOMIC DEVELOPMENT COUNCIL. AND THE CITY OF LEE’S SUMMIT, MISSOURI, FOR SERVICES TO BE PROVIDED TO THE CITY AND AUTHORIZING THE CITY MANAGER TO EXECUTE THE SAME BY AND ON BEHALF OF THE CITY.
Key Issues:
The Lee's Summit Economic Development Council (LSEDC) serves as a non-profit organization with the mission of supporting and promoting business and economic development in the Lee's Summit community. The City of Lee's Summit enters into a PSA with the LSEDC for the purpose of furthering the City's efforts to promote business and economic development in the community, which in turn supports a healthy tax base that provides for city services. Annually the City appropriates funding from the Business and Industry (B&I) Fund, therefore enters into a PSA to formalize the services provided by LSEDC and funding provided to accomplish the stated goals.
The proposed term of the agreement covers calendar years 2017 through 2020 and is subject to annual appropriation by the City Council. The 2017/2018 funding request is an increase of approximately $25k, or 10%, above historical annual funding amounts of $250,911.
With this increase, the B&I Fund is expected to have expenses in excess of revenues creating a small deficit of approximately $4k. However, the B&I Fund has a reserve balance suffecient to absorb the increase in funding. Without additional revenue growth, future funding requests will need to be carefully reviewed to ensure the sustainability of financial resources.
Proposed City Council Motion:
FIRST MOTION: I move for second reading of AN ORDINANCE APPROVING A PU...
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