The Independence Council for Economic Development (EDC) was created, in part, to assist the City of Independence (City) in expanding and diversifying the economic base of Independence through the attraction and retention of business and industry. The current agreement was entered into in 2019, covering a period of April 1, 2019 to June 30, 2020. This Agreement is renewed each year thereafter for an additional one-year term from July 1 to June 30 each year, unless terminated by either party. All compensation for the services of the EDC is subject to annual appropriation by the City.
A key strategy as the City continues to build its financial sustainability is to seek out operating efficiencies and eliminate redundancies. An opportunity exists to enhance our local economic development program while increasing efficiencies so that resources dedicated to business retention and recruitment can be maximized.
This proposal calls for economic development services of the City to be under the umbrella of the Independence Chamber of Commerce, of which economic development is one of the six core missions for the organization. This will reduce the duplication of operating expenses and staffing such as accounting & financial management, marketing, and administrative support services which are already existing with the Chamber. The EDC and Ennovation Center, which Is currently understaffed, would become part of a staff of nine whom all would help support the goals and objectives for the economic development program. The City's financial obligation would be reduced from $180,000 to $140,000, while the Chamber of Commerce would provide in-kind support totaling at least $105,000.
The economic development program would be under the supervision of the Chamber Board of Directors and managed by the Chamber President/CEO. The appointed board member serving as economic development chairperson would oversee an advisory committee which would be established and made up of representatives of the City of Independence and private sector investors.
With limited financial resources, maximizing the use of every dollar will result in a more efficient and effective economic development program and will support the goal of growing our local economy through the creation of jobs and attraction of private capital Investment.
Approved as amended during the meeting.