2/10/10 - Kent State Intergovernmental Collaboration Forum - Joint Economic Development District...

Economic Achievement through Mutually Beneficial

Collaborations

Join Economic Development Districts

JEDDs

Economic Development

It’s all about jobs!!

• Other considerations:

Being Development Ready

Retail Attraction

Industrial Attraction

Planning

Incentive Programs

Promotional & Marketing Materials

ED Impact: City of Kent

90% of the revenues that fund our city services, e.g., police, fire, snow plowing, pothole repair, finance, etc., comes from income taxes.

Our total annual budget is in the $37- 38 million dollar range- currently a little higher due to the Crain Avenue Bridge projects and bike trails. Income taxes from employees of local Kent businesses account for roughly 29%, or well over 10 million, in annual revenues.

Jobs

1 minimum wage job in the City limits contributes as much to our general fund as someone paying property taxes on a $146,000 home.

Joint Economic Development Districts

Increasing the tax base, investment & commercial activity

Old City Growth Model- Annexation

Townships cannot pass an income tax, JEDDs allow for win-win

Can increase infrastructure (water, sewer, & utilities) to a district.

Allows for increased joint marketing and promotion of new sites- investment!

Steps to Creating a JEDD

Communication & Collaboration with Neighboring Community- Unanimous Elected Officials Support Important

Negotiate Contracts- Agreement, Boundaries (Large tracts are easier), By-Laws

Sign-up: Voluntary & Conscription

Filing and Amendments

JEDD Area Maps- District Defined

Creating/Operating a JEDD

JEDDs- Joint Economic Development Districts

JEDD revenues have been experiencing continued growth, over $983,8760 in new revenues from the Franklin Township JEDD since February 2007, as businesses and employment continues to increase along the SR 59 corridor, predominantly from the Wal-Mart Plaza (Hibbet Sporting Goods, Good Will Store, Radio Shack additions). The Brimfield JEDD generated $146,791 since December or 1995.

Distribution Examples

Franklin Kent JEDD (since February ’07)

• City: $541, 132 Township: $442,744

Brimfield Kent JEDD (since December ’05)

• City: $80,735 Township: $66,056

• .5% Maintenance Set-Aside

Marketing the JEDDs Districts

Questions & Answers

• Dan Smith, Economic Development Director, City of Kent

• Ken Penix, Township Administrator Franklin Township

• Thank You