EDAB 07/16/2013 Minutes - Laserfiche WebLink

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Casselberry Economic Development Advisory Board Minutes of July 16, 2013 Meeting Page 3 Ms. Lynch concluded her presentation by stating there are several options to consider for economic development incentives and opportunities. A discussion ensued regarding economic development options available to the Board for consideration. Ms. Lynch stated there is not an estimated cost at this time for a retention pond located near the Belle Avenue properties. She also stated that the purpose of a new business welcome packet would be an informational and educational resource. It could be a tangible resource that would be given to each business that has met with the economic development team. She also stated that financing to help stalled properties and coordinated business seminars and workshops are considerations for the Board. A follow -up discussion began regarding the economic development fund. In response to the Board's questions regarding how much and how successful economic development funds are, Mr. Dudgeon stated that the City of Oviedo set aside $500,000 for their fund. He stated they have been somewhat successful, but success is determined on how the fund is structured. The City of Oviedo uses their fund for impact fee assistance which is not how staff would recommend that funds be used at this time. The Board also considered that Economic Development Staff continue to communicate and strengthen their relationship with the University of Central Florida and Seminole State College regarding economic development opportunities. A discussion ensued regarding impact fees. In response to the Board's question regarding lowering impact fees, Mr. Dudgeon stated that providing impact fee assistance doesn't always yield the type of results that municipalities hope for. The Board stated that seminars or workshops could be held in the City Commission chambers to assist existing businesses in the community. They also stated that a good way to attract new businesses is to create a list of 100 specific businesses, with the input from the Board that the City wants. This list should be supported by a map of all vacant properties within the City. They stated it is a measurable economic development strategy as opposed to community development which can be more intangible.