Page 274 - Benbrook FY20 Approved Budget

CITY OF BENBROOK 2019-20 ANNUAL BUDGET

BENBROOK BOARDS AND COMMISSIONS
ECONOMIC DEVELOPMENT CORPORATION

ESTABLISHMENT

The Economic Development Corporation was established as the Benbrook Industrial Development Authority by the City Council in 1980. The
Authority was converted to a 4B Corporation in 1995.

PURPOSE

The purpose of the Economic Development Corporation is to plan and fund projects that promote economic development within the City, using
financial resources including the half-cent sales tax for economic development.

DUTIES

The duties of the Economic Development Corporation are: (1) to prepare an economic development plan for approval by the City Council, (2)
to prepare an annual budget of projected revenues and expenditures for approval by the City Council, (3) to fund projects that promote
economic development such as infrastructure improvements to attract or retain business or to improve business areas, (4) to prepare an annual
progress and financial report for City Council, and (5) to perform any other duties assigned to the Corporation by the City Council.

POWERS

The powers of the Economic Development Corporation are to make bylaws and policies for itself subject to City Council approval. The
Corporation also has the power to fund projects in accordance with the approved plan, budget, and State law. The Board has the power to
retain its own staff and offices.

BOARD OF DIRECTORS

The Economic Development Corporation Board of Directors is comprised of seven directors appointed by the City Council. Qualifications
include being a registered voter and a resident of Benbrook.

TERMS

The Economic Development Corporation Board of Directors has two-year terms. Places 1, 3, 5, and 7 are appointed in odd-numbered years;
Places 2, 4, and 6 are appointed in even-numbered years.

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