Broken Arrow City Council
Meeting of: 04-04-17
To: Mayor and City Council
From: Finance Department
Title:
title
Approval of and authorization to provide $50,000 in matching funds for a Technical Assistance Grant through the United States Economic Development Administration
End
Background:
The City of Broken Arrow, in partnership with community organizations and educational institutions, is embarking on a new initiative to build what will be known as an Innovation District, a hub of high tech manufacturing businesses and educational facilities.
City staff are currently finalizing an application to the United States Economic Development Administration (EDA), a division of the U.S. Department of Commerce, for a Technical Assistance Grant that will help Broken Arrow define a concept plan for the district and determine what infrastructure improvements will be required to move the initative forward. The next step after the technical grant is completed will be application to EDA for funding assistance to help the City implement the design and concept chosen. Additionally, the BA Economic Development Corporation is currently recruiting high tech manufacturing companies to participate in the Innovation District.
Cost: Matching funds not to exceed $50,000.00. Funds are currently encumbered in Sales Tax Capital Improvements
Prepared By: Thomas L. Caldwell, Finance Director
Reviewed By: Legal Department
Assistant City Manager - Operations
Assistant City Manager - Administration
Approved By: Michael L. Spurgeon, City Manager
Attachments: None
Recommendation:
Approve and authorize matching funds for a Technical Assistance Grant through the United States Economic Development Administration in an amount not to exceed $50,000.00.