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Item 4C CITY OF S0UTHLA1<-, E MEMORANDUM August 30, 2016 TO: City Council FROM: Kenneth M. Baker, Sr. Director of Planning and Development Services SUBJECT: Item 4C - CP16-005, Ordinance 1161, Consider adoption of Southlake Economic Development Plan, an element of the Southlake 2035 Comprehensive Plan (1St Reading) Action Requested: Consider 1s' reading approval of the Economic Development Plan (CP-16-005, Ordinance 1161), an element of the Southlake 2035 Plan. Background Information: It is important for the City of Southlake is to sustain a strong and healthy economy. A healthy economy is the foundation of a livable city. In Southlake, it is critical that a dynamic and sustainable economic environment be fostered and maintained. Vibrant commercial and office sectors make it possible to maintain a stable tax rate, meet service level expectations and even offer targeted tax relief through tools such as the homestead exemption. The purpose of the Southlake 2035 Economic Plan Development plan is to provide a blue print to ensure that economic development occurs in a successful manner and is aligned with the goals of the city. The plan accomplishes this through a series of recommendations that lay outs efforts, programs and departmental work plan initiatives. The development of the plan was overseen by the Community Enhancement and Development Corporation (CEDC). City Council appointed this board to oversee the development of the plan. One of the primary goal of the CEDC is monitor the implementation of the Economic Development Plan. CP16-005 Page 1 The CEDC is also currently working on the Tourism Master Plan and it is expected that the Planning and Zoning Commission will consider later this year. In City Council's packet please find a copy of the plan and an audio PowerPoint which provides a summary of the plan's components and recommendations. The City is beginning adoption of the Southlake 2035 Plan. This plan is the first component of the Southlake 2035 plan to be considered for adoption Financial Considerations: None. Strategic Link: The Economic Development Plan relates primarily to the following focus areas (FA) and strategies of the City's strategy map. FA — Quality Development FA — Partnerships and Volunteerism C4 —Attract & keep top-tier businesses to drive a dynamic & sustainable economic environment Citizen Input/ Board Review: The CEDC held three meetings on the Plan which are listed below. All meeting were open to the public. • March 2, 2016 • April 26, 2016 • June 28, 2016 The CEDC approve (7-0) the proposed Southlake 2035 Economic Development Master Plan as presented at its June 28, 2016 meeting. A SPIN meeting on the proposed plan was held on August 9, 2016. The Planning and Zoning Commission held a public hearing on the proposed Economic Development Plan at its August 16, 2016 meeting and recommended approval (4-0). Attachment A - Proposed 2035 Economic Development Plan Attachment B - August 9, 2016 SPIN report CP16-005 Page 2 ORDINANCE NO. 1161 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS, ADOPTING THE ECONOMIC DEVELEOPMENT PLAN AS AN ELEMENT OF THE SOUTHLAKE 2035 COMPREHENSIVE PLAN AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Southlake, Texas is a home rule city acting under its charter adopted by the electorate pursuant to Article XI, Section 5 of the Texas Constitution and Chapter 9 of the Local Government Code; and WHEREAS, Section 11 .06 of the Southlake City Charter provides for the adoption and updating of a Comprehensive Master Plan and its components; and WHEREAS, the City Council desires effective Economic Development programs and policies that attract & keep top-tier businesses to drive a dynamic & sustainable economic environment; and NOW, THEREFORE, BE IT ORDIANED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS: SECTION 1 Pursuant to Section 11 .06 of the Southlake City Charter, the Comprehensive Master Plan, of which the Economic Development Plan is a component, may be submitted in whole or in part from time to time to the Council for their adoption, accompanied by a recommendation by the Planning and Zoning Commission, and shall contain a planning consideration for a period of at least ten (10) years. The Economic Development Plan is noted by written description in Exhibit "A". SECTION 2 The different elements of the Comprehensive Master Plan, as adopted and amended by the City Council from time to time, shall be kept on file in the office of the City Secretary of the City of Southlake, along with a copy of the minute order of the Council so CP16-005 Page 3 adopting or approving same. Any existing element of the Comprehensive Master Plan which has been heretofore adopted by the City Council shall remain in full force and effect until amended by the City Council as provided herein. SECTION 3 This ordinance shall become effective on the date of approval by the City Council and subject to the City Council motion as indicated on Exhibit "B". PASSED AND APPROVED on the 1st reading day of , 2016. CITY OF SOUTHLAKE By: Laura Hill, Mayor ATTEST: Lori Payne City Secretary PASSED AND APPROVED on the 2nd reading day of , 2016. CITY OF SOUTHLAKE By: Laura Hill, Mayor ATTEST: Lori Payne City Secretary CP16-OOS Page 4