TITLE
Recommendation to authorize City Manager, or designee, to execute all documents necessary to enter into an agreement with the Long Beach Economic Partnership, a non-profit organization of Long Beach, CA, to provide services and financial support for economic development activities in the City of Long Beach;
Authorize City Manager, or designee, to execute all documents necessary to receive and expend one-time donation funding from the Long Beach Economic Partnership in the amount of $18,500, for capital improvements to Admiral Kidd Park; and
Increase appropriations in the General Fund Group in the Parks, Recreation and Marine Department by $18,500, offset by donation revenue. (Citywide)
DISCUSSION
At its meeting on January 16, 2018, the City Council authorized an agreement with the Downtown Development Corporation (DDC) to provide services and financial support for economic development activities in the City of Long Beach (City). In July 2019, the DDC changed its name to the Long Beach Economic Partnership (LBEP) and elected a new Board of Directors. The LBEP is a registered non-profit public benefit corporation formed to: (a) help attract investment to Long Beach that creates jobs, expands existing businesses, recruits new businesses, and promotes development; (b) market and brand the City to workers, investors, and entrepreneurs; (c) invest in the improvement of commercial corridors throughout Long Beach to enhance the built environment and economic environment; and (d) respond to unforeseen economic opportunities as they present themselves.
A formal agreement between the LBEP and the City is requested to allow the LBEP to solicit donations, apply for grants, and reimburse the City for unbudgeted programs and services that advance economic development goals. Through its agreement with the City, the LBEP Board of Directors will review the activities of the LBEP, approve the distribution of funds, and maintain a strict ethic of independence to avoid co...
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