Laserfiche WebLink
046 <br />4. County loan up to $150,000 to the EDC to cover the cost of planning <br />and private sector fundraising. An additional $15,000 will be raised <br />from the private sector for the efforts. <br />Organization's Program of Work <br />$20,000 <br />Organizational Development <br />$15,000 <br />Fundraising Assessment <br />$30,000 <br />Campaign <br />$100,000 <br />- Fundraising <br />Total Budget <br />$165,000 ($150,000 County <br />loan + $15,000 private sector) <br />• The Commissioner's strategic planning process is already underway. The Board <br />committed funding. It is expected to be completed by June 30. <br />• The program of work for the new organization is expected to cost $20,000, see <br />attached scope of work that shows cost estimate. <br />• A fundraising assessment is expected to cost $30,000. <br />• The organizational costs to create the new proposed combined corporation will cost <br />approximately $15,000. <br />• The Task Force recommends that Lee County loan the EDC up to $150,000 to cover <br />part of the cost of planning and fundraising. This will be seed funding for planning and <br />to get the fundraising process started until pledges start to be fulfilled. An annual, five <br />year repayment schedule is recommended. The loan agreement will include a clause <br />that allows for a future request that the loan, or part of the loan, be forgiven but the <br />County is under no obligation to forgive the loan. <br />5. Commit funding ongoing Economic Development Operations <br />• The Task Force feels that it will take a minimum of 9 months to get the Program of <br />Work completed, form the New Corporation and start the fundraising process. This is <br />estimated to be completed and approved by March 1, 2014, assuming the process starts by <br />June 1, 2013. This will require all of the 5 Boards to have passed the Memorandum of <br />Understanding by a supermajority before that date, but no later than May 15 Any <br />changes in these dates will result in a different timeline. <br />• The Task Force recommends that continuity must be maintained for the near future <br />and that to insure stability that the County, City, and Town agree to current levels of <br />funding of economic development at the same level for the next two years. This period of <br />time will allow the Program of Work to be completed, fundraising completed, and seed <br />funding for the new organization as it launches its first year of operations. The Task Force <br />expects that more funding will be required in the future for Lee County to expand its <br />scope of economic growth activity and for the county to become competitive in the region. <br />The public sector may have to increase funding by as much as 25 %, contingent upon the <br />organization's demonstrated success in executing required functions and growing the <br />economic base of Lee County, for the program of work to be carried out. The private <br />sector will be required to fund the new organization and grow its contribution over time <br />