Res 2022-094R/Amending the City's Economoc Development Policy among other things to expand available incentive category for new and existing business reallocate scoring matrix points and update definitions

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CityofSan Marcos Economic Development Policy AdoptedDecember 17, 2013 (Resolution 2013-185R) Amended January 5, 2016 (Resolution 2016-03R) Amended February 2, 2016 (Resolution 2016-15R) Amended May 3, 2022 (Resolution 2022-94R) 1. General Purpose & Objectives The City of San Marcos (the City) encourages and supports high quality new business development and the expansion of its business community through retention, expansion, and recruitment endeavors. San Marcos is a complete community of diverse and inclusive neighborhoods that protects and celebrates the San Marcos River and the City’s other rich natural and historical assets; retains its small-town feel, charm, and quality of life; and leverages growth to continue building a sustainable community that benefits existing and new businesses and residents. The purpose of this Economic Development Policy (the Policy) is to establish standards and guidelines that will govern the granting of incentives to facilitate economic growth. The City of San Marcos is a vibrant community with a strong workforce pipeline and robust infrastructure network to support business growth, and, as such, financial incentives should not be necessary in most cases. The City encourages the use of incentives only as necessary to fill gaps and support business developments that would otherwise not select San Marcos as the location to locate or expand their operations. This Policy is designed to promote capital investment and job creation in the City of San Marcos that fill targeted industries and align with community values. This Policy may not address every type of project for which incentives may be requested, and the City of San Marcos reserves the right to evaluate projects on a case-by-case basis, in the best interest of the City. Additionally, nothing within this Policy shall imply or suggest that the City of San Marcos is obligated to provide incentives to any applicant. Mission Statement. To encourage the development of a diverse economy in San Marcos through technical and financial assistance to businesses that invest in the community to enhance the lives of San Marcos residents. Goals. The goals of this policy are: 1. Provide formal guidance on incentives. 2. Support intentional growth in the City of San Marcos and a create a stable tax base through economic diversification. 3. Provide consistency and set expectations to the process for both applicants and decision makers. 1