Public Hearing: YES ☐ NO ☒ Department: Chief Executive Office
SUBJECT:
Title
Commission District(s): All Commission Districts
Authorization for DeKalb County (the “County”) to outsource the Office of Economic Development to become the staff of DeKalb Development Corporation (“DDC”), an affiliate of Decide DeKalb Development Authority (“Decide DeKalb”) and to provide up to one million nine hundred seventy-five thousand ($1,975,000) dollars of additional annual funding to Decide DeKalb for DDC’s operations
Body
Information Contact: Jacob D. Vallo, Chief Development Officer
Phone Number: 470-484-7253
PURPOSE:
The County desires to outsource the Economic Development office to DDC, a mission-driven affiliate of Decide DeKalb. DDC will undertake real estate acquisition, pre-development, capital raising, development partnerships, and asset management in areas of DeKalb County where catalytic investment is needed.
NEED/IMPACT:
Some DeKalb County communities have seen sustained disinvestment, where market conditions do not support private development on conventional terms. DDC will serve as an entity dedicated to pursuing catalytic projects with extended timelines, lower returns, and greater risk than the private market will accept. Initial funding will support start-up costs, operations and pre-development activity.
FISCAL IMPACT:
Up to $1.975 million per annum
RECOMMENDATION:
Recommended Action
Authorize the CEO to execute the necessary documents, in a form approved by the County Attorney.