19G - ED ACCOMPLISHMENTS AND EFFORTS

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i ll- To: Mayor and City Council Date: August 16, 2016 /p From: David Cavazos, City Manager ° �" OAJ Subject: ECONOMIC DEVELOPMENT ACCOMPLISHMENTS AND EFFORTS This memo provides an update on Economic Development accomplishments and efforts in the last two years. Public /Private Partnerships • The City, in partnership with the industrial property owners in the Warner industrial Community, has formed an Assessment District to fund roadway improvements within their boundary. The City and property owners will fund equally the costs to replace damaged concrete curbs, gutters, sideways and deteriorated pavement. As part of a Settlement Agreement with the South Main Merchants, the City will be investing over $4.7 million in the corridor for public improvements such as new shade trees, street lighting, bus shelters, and enhanced crosswalks. Gensler, a design firm, was hired by the S. Main Merchants to prepare a South Main Visioning Plan which was approved by the City in July 2016. An additional $2.5 million from former redevelopment bonds will also be received and invested into the S. Main corridor. It is anticipated that these improvements will be completed within the next 3 -5 years. 19G -3