To approve the addition of the Retail Revitalization Program policy statement to the City of Plano Economic Development Policy for Economic Development Incentives; and providing an effective date. Adopted Resolution No. 2024-2-1(R)

On October 23, 2023, staff presented Council with draft parameters for a retail revitalization grant program.  On January 22, 2024, staff discussed the draft policy statement for Retail Revitalization Program with Council.

The attached Policy Statement for the Retail Revitalization Program augments the City’s Policy Statement for Economic Development Incentives Program.  It is intended to establish a set of tools that can be shaped into a grant that will achieve the City’s strategic goal of keeping residential and commercial areas economically viable. Moreover, it completes one vital portion of the Council’s initiatives on continuing improvements and innovation throughout the City by formalizing the City’s role in revitalizing four-corner retail.

This item's impact on the Economic Development Incentive Fund is indeterminable at this time and will depend on the number and types of grants awarded. Each individual grant award recommendation is subject to separate Council action and approval.

Approval of this item supports the City's Strategic Plan Critical Success Factors of Safe, Vibrant neighborhoods and Residential and Commercial Economic Vitality.