06.16.20 Work Session - Laserfiche WebLink

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City Council Meeting Minutes June 16, 2020 group. 3. Business Retention and Expansion (BRE) • Vital component to any economic development strategy • Existing businesses account for greatest numbers of net new jobs to communities • More difficult to attract new companies • Learn about their needs, opportunities and challenges • New Director of BRE to join GSMP next week Mr. Guilietti noted that our regions has 40 times the number of patents issued in Texas. Mr. Giulietti provided the GSMP Economic Impact to our region: Study conducted by Impact DataSource of GSMP supported and announced projects from 2010 to 2019 • 39 companies assisted (relocated or expanded) • 5,441 direct new jobs • $544 million in capital investment • Local taxing jurisdictions are projected to add $9.6 million in sales tax revenue and $35 million in property tax revenue over a 10 -year period • Estimated $2.9 billion in annual economic output Wages are going up. In summary: The main goal of economic development is to improve the economic well being of a community • Competition is fierce for business recruitment/expansion - site selection is about site elimination • Incentives are a necessary, valuable and compelling tool • GSMP focuses on primary employers that import dollars into the region and create spin-off jobs • GSMP is guided by its board and a collaborative economic development strategic plan • Business Retention and Expansion (BRE) is vital to the strategy • Data indicates that San Marcos is growing, and residents are benefiting Mr. Giulietti mentioned that Barbara Thomason is the new director of Business Retention and Expansion. Council Member Rockeymoore expressed his appreciation and work done by the GSMP. He asked Mr. Giulietti what work force means to him. Mr. Giulietti City of San Marcos Page 9