TITLE
Recommendation to authorize City Manager, or designee, to execute documents necessary to establish an agreement with the Long Beach Downtown Development Corporation, a non-profit organization located in Long Beach, CA, to provide services and financial support for economic development activities in the City of Long Beach. (Citywide)
DISCUSSION
The Long Beach Downtown Development Corporation (DDC) was created in 2011. The DDC 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) facilitate real estate development through innovative public/private partnerships; (c) support, expand and grow businesses through innovative loan and incentive programs; (d) contribute to the overall economic health of the City; and, (e) respond to unforeseen development economic opportunities as they present themselves. The DDC provides funding for projects that advance economic opportunities citywide.
A formal agreement between the DDC and the City is requested to allow the DDC to solicit donations, apply for grants, and reimburse the City for unbudgeted programs and services that advance economic development goals, with prior written approval of the City Manager or designee. Through its agreement with the City, the DDC Board of Directors will review the activities of the DDC, approve the distribution of funds, and maintain a strict ethic of independence to avoid conflict of interest when raising funds that advance economic opportunities for workers, investors, and entrepreneurs throughout Long Beach.
The DDC is organized and operated exclusively for charitable and educational purposes within the meaning of section 501(c)(3) of the Internal Revenue Code of 1986 (or the corresponding provisions of any future United States Internal Revenue Law). No part of the income or assets of the DDC benefit any of its directors, tru...
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