Page 139 - FY 24 Budget Forecast at Adoption.xlsx

ECONOMIC DEVELOPMENT DEPARTMENT

DEPARTMENT DESCRIPTION:
The Economic Development Department fosters sustainable economic growth opportunities for job creation and revenue
enhancement through comprehensive business expansion, attraction, promotion and retention programs and services. The
ultimate goal is to increase the commercial property tax base, maintain residents’ property value and improve quality of life for all
Keller residents. The Department will utilize the Economic Development Strategic Plan to assist the City of Keller in the following
areas:
• Focus on attracting top-tier businesses
• Work to ensure the strength and sustainability of existing businesses
• Expand the commercial property tax base
• Enhance retail opportunities that will assist in the increase of the local sales and use tax
• Create job opportunities through the recruitment of large employers
• Encourage patronage from those living outside of Keller

DEPARTMENT GOALS:
Attraction and Retention Activities:
1. Attract and retain quality commercial developments from a variety of target industries that maintain our residents’ property
value and improve their quality of life while ultimately increasing and/or expanding the retail, commercial and residential tax base.
2. Maintain regular contact with existing businesses through an active outreach program to identify and act on retention and
expansion opportunities.
3. Oversee the Keep it in Keller (KIIK) program to promote and support local businesses. Continue ongoing shop-local campaign
and maintain the www.keepitinkeller.com website that provides information for residents and visitors alike.
4. Pursue Accredited Economic Development Organization (AEDO) status.

DEPARTMENT OBJECTIVES:
1. Identify key retail and restaurant entities to target with the aid of the Retail Coach and actively pursue locating them on key
parcels in Keller.
2. Procure reservations for the Retail Live Austin, NTCAR, TEDC and IEDC annual events.
3. Establish a new BRE Program and partnership with the Keller Chamber of Commerce.
4. Pursue IEDC training for both the Director and Specialist.
5. Pursue at least six (6) business recruitment trips for unique regional and national commercial opportunities of target industries
to locate to Keller.
6. Implement new Façade Improvement Grant Policy and marketing process.
7. Pursue CEcD Testing for Accreditation for Director.

SERVICE LEVEL ANALYSIS:
FY 2023-24
FY 2021-22 FY 2022-23 FY 2022-23 Adopted
Performance Indicators Actual Budget YE Proj. Budget
Net New Businesses 21 20 30 20
Recruited Businesses Opened 6 3 2 3
Retail Occupancy Average Rate** 95% 95% 96% 96%
Office Occupancy Average Rate** 94% 92% 90% 90%

Sales Tax Revenue $ 17,573,303 $ 16,797,140 $ 18,092,689 $ 18,642,985
** As indicated by third party consultant

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