Minutes 06-23-2022 Retreat - Laserfiche WebLink

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9 information does not include the cost of economic development to the community like increased traffic or costs to schools. She said the Board isn't seeing the full cost benefits and to keep that in mind. She clarified that she is not saying the investments in economic development are not needed. Lydian Altman said it doesn't sound like there is an appetite on the Board to go through a process to change the allocation at this point. She said she hears some commissioners expressing concern for the quantification of benefits that are not reflected in the materials and how that impacts the return on what is invested. Chair Price said she takes issue with the materials not showing any of the benefits. She said when Steve Brantley comes to the Board with a project, he reports back periodically about the incentives, the tax revenue over time, the jobs created, etc. She said the information might not be as granular as Commissioner Hamilton is thinking, but the Board does receive some feedback on investments. Commissioner Hamilton said she agrees with Chair Price that they have seen those benefits, but her point is the Board doesn't see the full picture of benefits that schools provide, or some of the costs involved with economic development. Commissioner Richards asked if the Board could receive a scorecard on economic development. She said she thinks this would help the Board, as well as community members, see the full impact of economic development. She said the county had one of the largest job growth numbers in the state this year, but this type of information is not widely known or advertised. She proposed a quarterly or biannual report that would demonstrate the benefits of economic development investments. Lydian Altman said she wrote down "visible scorecard to demonstrate benefits for economic development, schools, and community at large" on the "next steps" sheet. Commissioner Richards said she thinks schools is a separate topic. Lydian Altman identified another next step from the discussion of potentially reaffirming the resolution from 2011. Chair Price proposed the Board do this in September since it has already been ten years since the last resolution. Commissioner Bedford said there is another potential next step of looking into how to identify costs of economic development. Commissioner Fowler said those are typically called externalities. Lydian Altman summarized the three identified next steps. Chair Price said externalities are typically some of the trade-offs of development. Commissioner Hamilton read a portion from the county website regarding Article 46 and school funding allocations. She asked if Article 46 proceeds have been calculated out of the county's allocation to schools. Travis Myren and Bonnie Hammersley said only the general fund allocation is calculated in the county's school funding percentage. Lydian Altman asked if Commissioner Hamilton would like this to be part of next steps. Commissioner Hamilton said when the Board reaffirms the resolution, she would also like to make sure that this is included. Lydian Altman asked if there were additional ideas for next steps, or if staff needs additional direction. Travis Myren said externalities are tough because they are difficult to monetize. Commissioner McKee asked what is meant by externalities, because he thinks this word might be vague or have differing understandings for residents. Commissioner Fowler said it is the cost to the community. Commissioner McKee said using the phrase "cost to the community" would be clearer than externalities to residents.