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Economic Development Fund

Overview

The Economic Development Fund provides support for economic development activities that benefit Raleigh. In

addition to general fund support, interlocal funds pass through this fund for City/County-approved projects including

the Saint Augustine’s University Stadium project.

The budget continues funding for the economic development initiatives of Greater Raleigh Chamber of Commerce

and the Triangle J Council of Governments and the Innovation Fund. Also funded are economic incentives for

downtown employment efforts by Red Hat and tax base increases associated with Green Square. The City

continues to support economic development partner agencies in downtown Raleigh, the Hillsborough Street

business district, and southeast Raleigh. Raleigh-based nonprofit partners are also supported through free access

to a web-based grant locator service.

Additional information regarding the Economic Development Fund may be obtained by contacting James Sauls,

Economic Development Manager, at (919) 996-2707 or via e-mail at

James.Sauls@raleighnc.gov .

Budget Highlights

Reappropriates previously unspent fund balance from the Innovation Fund ($170,000).

Budget Detail

ACTUALS

ACTUALS

ADOPTED

ADOPTED

CHANGE

2013-14

2014-15

2015-16

2016-17

FY16 to FY17

INCENTIVE GRANTS

Citrix Economic Incentive

0

0

66,000

80,000

21.2%

PNC Arena Economic Incentives

150,000

150,000

150,000

150,000

0.0%

Green Square Economic Incentive

0

0

100,000

120,000

20.0%

Red Hat Incentive Grant

100,000

164,190

150,000

150,000

0.0%

INTERLOCAL FUNDING

Green Square Interlocal Funding

0

0

400,000

0

(100.0%)

St Aug Stadium Interlocal Funding

0

0

100,000

100,000

0.0%

DUES

0

0

0

0

0.0%

RDU Airport Authority

0

12,500

12,500

12,500

0.0%

Triangle J COG

124,462

121,120

115,000

125,000

8.7%

OFFICE OF ECONOMIC DEVELOPMENT AND INNOVATION

Innovation Fund

0

30,000

100,000

270,000

170.0%

Event Sponsorships

1,500

0

30,000

30,000

0.0%

OTHER

Small Business Loan Program

2,729

0

0

0

0.0%

Grant Locator Service

5,939

2,990

3,500

3,500

0.0%

To Sidewalk Fund

0

27,500

0

0

0.0%

Contractual Services

0

32,791

0

0

0.0%

TO ARTS

Capital City Band Expo

1,350

See Agencies

See Agencies

See Agencies

Wakefield Band Expo

1,350

See Agencies

See Agencies

See Agencies

OTHER OUTSIDE AGENCIES*

676,380

511,078

559,944

505,792

(9.7%)

TOTAL

$1,063,710

$1,052,169

$1,786,944

$1,546,792

(13.4%)

*See Other Outside Agency Grants budget page for details.

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