The purpose of this policy is to delineate the intentions of the Coleman Economic Development Corporation (EDC) concerning funding of projects having the potential of enhancing job opportunities and the overall business environment for the greater Coleman community through the expenditure of designated tax funds in a judicious and prudent manner. In keeping with the By-Laws of the Coleman EDC, direct economic development shall mean the expenditure of such tax funds for programs that directly accomplish or aid with the accomplishment of creating identifiable new jobs or retaining identifiable existing jobs including job training and/or planning and research activities necessary to promote said job creation.
The EDC’s focus will be primarily in the areas of:
a. Business retention and expansion
b. Formation of new businesses
c. Business attraction
The EDC, through the establishment of this policy and procedure, desires to make the application process as simple as feasible for the applicants, yet at the same time ensure the proper stewardship of the tax funds used to enhance the community’s growth.
Additionally, the EDC desires to expose to the citizens of the community, whenever possible, the decisions of the EDC in an open and professional manner.
Project Funding Procedure
- Those individuals or business entities seeking consideration of funding for projects meeting the above stated criteria should contact the Executive Director of the EDC or any member of the board to inquire about the application process.
- If the potential applicant’s project meets the above criteria, an application for economic assistance must be filled out in detail and present to the Executive Director for evaluation and review.
- When the Executive Director, with the aid of the Financial Advisor, Legal Advisor and members of the board feel the application is complete it shall be assigned by the EDC President for assignment to a subcommittee of the EDC Board for further review. If the subcommittee deems appropriate the project will, with help of EDC legal counsel, be presented in the form of a performance agreement, which will then be reviewed by both the EDC and the applicant.
- Once all parties agree to the terms of the performance agreement will be presented as an agenda item of an EDC meeting for approval or denial.
- Once approved by the EDC the project is recommended to the appropriate governing entity for approval. Usually this is the Coleman City Council.
- Funding of the project will take place following the terms and specifications delineated in the performance agreement.