Subject
Presentation and approval of Rockville Economic Development Inc.'s (REDI) Accomplishments for FY 2009 and Goals for FY 2010
Recommendation
Receive a briefing from the Sally Sternbach, the Executive Director of Rockville Economic Development, Inc. (REDI), regarding REDI's recent accomplishments and REDI's FY2010-2011 Work Plan. Approval of the new Work Plan is also recommended.
Discussion
The current agreement between the City of Rockville and Rockville Economic Development, Inc. (REDI) requires that REDI prepares and presents an annual work plan to the Mayor and Council for approval, accompanied by a summary of the prior year's activities and accomplishments. The documentation is attached below. The FY 2010 Work Plan includes a series of strategic initiatives aimed at achieving milestones and objectives in the following goal areas:
- Build Rockville's Economy for the future
- Attract new businesses to Rockville
- Retain and support Rockville's existing business base
- Support the revitalization of Rockville programs and Initiatives
Mayor and Council History
The Mayor and Council receive a briefing every year from REDI staff and board members. The last presentation was November 24, 2008.
Boards and Commissions Review
The Board of Directors of REDI approved the Work Plan recommended for approval by the Mayor and Council at its June 26, 2009 meeting.
Fiscal Impact
REDI receives annual grant funding from the City as an outside agency. Although REDI is considered an outside agency, they are not required to submit an application for grant funding, and are not included in the formal outside agency grant application review process each year. Instead, REDI and the City have a contract through FY 2010 that specifies the amount of the City's annual grant (FY 2010 is the third year of a three year contract). The City's FY 2010 grant contribution to REDI totals $517,500, a 4.8% increase over FY 2009.
Next Steps
Subject to Mayor and Council approval, REDI will commence completion of the goals described in the Work Plan for FY 2010.
Attachments
2009-2010 REDI Strategic Initiatives for Approval
2008-2009 REDI Strategic Initiatives
Summary of Accomplishments for FY 2009 and Goals for FY 2010
Department Head:
Claire Funkhouser, City Clerk/Treasurer
Approved on: 07/27/2009
City Manager:
Scott Ullery, City Manager
Approved on: 07/28/2009
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