Economic Achievement through Mutually Beneficial Collaborations Join Economic Development Districts JEDDs
Jun 20, 2015
Economic Achievement through Mutually Beneficial
Collaborations
Join Economic Development Districts
JEDDs
Economic Development
It’s all about jobs!!
• Other considerations:
Being Development Ready
Retail Attraction
Industrial Attraction
Planning
Incentive Programs
Promotional & Marketing Materials
ED Impact: City of Kent
90% of the revenues that fund our city services, e.g., police, fire, snow plowing, pothole repair, finance, etc., comes from income taxes.
Our total annual budget is in the $37- 38 million dollar range- currently a little higher due to the Crain Avenue Bridge projects and bike trails. Income taxes from employees of local Kent businesses account for roughly 29%, or well over 10 million, in annual revenues.
Jobs
1 minimum wage job in the City limits contributes as much to our general fund as someone paying property taxes on a $146,000 home.
Joint Economic Development Districts
Increasing the tax base, investment & commercial activity
Old City Growth Model- Annexation
Townships cannot pass an income tax, JEDDs allow for win-win
Can increase infrastructure (water, sewer, & utilities) to a district.
Allows for increased joint marketing and promotion of new sites- investment!
Steps to Creating a JEDD
Communication & Collaboration with Neighboring Community- Unanimous Elected Officials Support Important
Negotiate Contracts- Agreement, Boundaries (Large tracts are easier), By-Laws
Sign-up: Voluntary & Conscription
Filing and Amendments
JEDD Area Maps- District Defined
Creating/Operating a JEDD
JEDDs- Joint Economic Development Districts
JEDD revenues have been experiencing continued growth, over $983,8760 in new revenues from the Franklin Township JEDD since February 2007, as businesses and employment continues to increase along the SR 59 corridor, predominantly from the Wal-Mart Plaza (Hibbet Sporting Goods, Good Will Store, Radio Shack additions). The Brimfield JEDD generated $146,791 since December or 1995.
Distribution Examples
Franklin Kent JEDD (since February ’07)
• City: $541, 132 Township: $442,744
Brimfield Kent JEDD (since December ’05)
• City: $80,735 Township: $66,056
• .5% Maintenance Set-Aside
Marketing the JEDDs Districts
Questions & Answers
• Dan Smith, Economic Development Director, City of Kent
• Ken Penix, Township Administrator Franklin Township
• Thank You