041508 Economic DevelopmentSGA
Reserve for
Economic Development
5%
Contingencies
Town Center
Special 1%
Mission: The mission of the department is to
Services
District
create, implement, and maintain economic and
Operating
15%
business development programs and partnerships
23%
that encourage and facilitate new business
Town Center
investment and job creation. The department also
TIF
encourages and assists in the retention and
56%
Reserve for Contingencies Town Center
expansion of existing businesses and international
Operating
trade opportunities.
Town Center TIF
Program Impacts
Special Services District
SGA
•Marketing Travel
2007 20082009% 2010
Actual Change
AdjustedProposedProposed
Director’s
$2,530,958$2,175,552$2,145,145(1%)$2,158,291
Office
•Advertising and
Special
Website Initiatives
Services $699,839$1,095,632$1,480,37735%$1,466,718
District
Reserve for
0$283,564$133,564(53%)$187,830
Contingencies
•Minority and
Town Center
$3,154,622$3,033,870$5,296,56775%$5,381,054
TIF
Women Owned
SGA’s
--$500,000-$500,000
Business Initiatives
Total
6,385,419$6,588,618$9,555,65314$9,693,893
Results for 2007
•33 New Business Locations
•38 Business Expansions/Retentions
•1,184 New Jobs
•875 Retained Jobs
•1,778,252 new square feet
•$258,533,700 Capital Investment
Economic Development Operating Budget Allocation
$2,145,145
FY 2009 Projections
Minority Initiatives
.95
Total
Books and Subscriptions
.28%
Lease and Rental
Food and Food Services
Office Supplies
.35%
Misc.
.28%
.24%
.28%
Dues and Memberships
.71%
Professional Improvement
Computer Supplies
.73%
.12%
Telecommunciations
.99%
Amphitheater Maint
2.39%
Internal Services
2.12%
Travel
3.46%
Contractual Services
.47%
Advertising and PR
17.20%
Personnel and Fringe
69.59%
Personnel and Fringe $1,468,713Advertising and PR $363,084Contractual Services $10,000Travel $73,000
Internal Services $44,812Amphitheater Maint $50,000Telecommunciations $15,000Professional Improvement $18,033
Dues and Memberships $15,000Office Supplies $5,000Lease and Rental $7,4038Books and Subscriptions $6,000
Food and Food Services $6,000Misc. $6,000Computer Supplies $2,500Minority Initiatives $20,000
The Economic Development
Department is Three Businesses
In One
? Business Development and Marketing
? New Business Development and Attraction
? Existing Business Retention and Expansion
? Women and Minority Business
? Oceana Land Use Conformity
? Public Private Partnerships
? Military Economic Development Advisory Committee (MEDAC)
? Staff Support for Virginia Beach Development Authority
(VBDA)
? Manage VBDA Parks & Sites
? Manage VBDA Finances
? Develop & Implement VBDA Projects
? Implement Other City Projects
Discussion Items
•Economic Vitality Strategy
–Council Priority Identified “Growing the Local Economy”
–Target Markets
–Alignment of Resource towards highest priority
–Global Business Marketing
–Workforce Development
–Women and Minority Business Development
–Military Economic Development Advisory Committee (MEDAC)
–Special Projects
Town Center
•
Dome Site
•
Headquarters Hotel
•
Burton Station SGA
•
Pembroke SGA
•
Resort Area SGA
•
Questions