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The Mayor and City Council shall discuss and possibly take action on approving a Public Service Award Agreement and Scope of Services with the Maricopa Economic Development Alliance for FY12-13 and expenditure of up to $25,000 from Non-Departmental, Program Awards (10010000-53380).Disucssion and action.
AGENDA ITEM DESCRIPTION
What is an economic development corporation (EDC)?
EDC’s are community organizations that work for commercial revitalization, which includes retail and industrial development. The majority of EDC’s are nonprofits, although they can also form as for-profits or public entities. They are run by a community-based Board of Directors and seek to attract public and private investment in targeted areas. They are tax exempt corporations, and if structured appropriately, can buy, sell and hold land; manage properties; and form legal partnerships. The advantage of these organizations is their ability to work on projects and obtain a variety of funding, while remaining non-political.
History of the Maricopa Economic Development Alliance
Shortly after City’s inception, it laid out a strategic vision and framework for the City’s development of a sustainable local economy. A key component of that strategy was defining the tools that Maricopa would need to put into place so that it can perform in a competitive regional environment. One of the key tools that the City assisted in creating was the Maricopa Economic Development Alliance (MEDA), a 501 (c)(3) organization dedicated to advancing economic growth in the City. The inspiration for this organization began in 2008. In January 2009, The Maricopa City Council facilitated the formation of MEDA through the passage of a City resolution. In Spring 2009, its Articles of Incorporation were prepared and filed. Summer 2009 saw the creation of Bylaws, formation of a volunteer Board and on December 16, 2009, MEDA received a letter indicating it had been granted tax exempt status by the IRS. Since then,...
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