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Figure 1 shows the major steps to Austin's incentive process, beginning in the top left with a prospective <br />development, and ending in the bottom right with the vote by City Council. The Economic Growth and <br />Redevelopment Services Office implements the City of Austin Economic Development Policy as directed <br />by the Austin City Council. The Office manages the City's 6 firm -based and 1 project -based active <br />economic development agreements. Austin claims to be quite selective with their incentives and reserves <br />them for companies with a potentially large impact on the local economy. <br />After an initial evaluation of the company, the prospect completes a business information form and <br />minority participation plan. Austin adopted this addition to its incentive policy in 2005 regarding minority <br />participation. Any company receiving incentives is offered three options for complying with the policy: they <br />can incorporate the City's MBEAVBE goals based on its ordinance; they can provide historical data <br />demonstrating success in achieving diversity in contracting and hiring of minorities; or it can provide a <br />plan for establishing goals for diversity. <br />The City then performs a review to ensure that the prospect meets two minimum requirements. The firm <br />must locate in the Desired Development Zone and the firm must comply with water quality regulations on <br />all current projects and during the term of the incentive agreement. <br />931 Page <br />