File #: 19-0145    Version: 1 Name: Resolution Master Agreement for Regional Economic Development
Type: Resolution Status: Passed
File created: 4/5/2019 In control: City Council Legislative Session
On agenda: 4/24/2019 Final action: 4/24/2019
Title: Resolution to Approve Master Agreement with the Hampton Roads Economic Development Alliance for Regional Economic Development
Indexes: , Economic Vitality
Attachments: 1. Agreement
Related files: 19-0144
Title
Resolution to Approve Master Agreement with the Hampton Roads Economic Development Alliance for Regional Economic Development

Purpose
PURPOSE/BACKGROUND:
The Hampton Roads Economic Development Alliance ("HREDA") is the regional marketing organization for 11 Hampton Roads cities and counties, including Hampton. HREDA is funded by the public and private sector. The public sector contributes a pro rata share annually based on each localities' population. The City of Hampton's contribution for FY20 is projected to be $134,669, and has been incorporated in the City Manager's Recommended Budget for Fiscal Year 2020.

Discussion:
HREDA is one of 46 Accredited Economic Development Organizations ("AEDO") in the nation that is also recognized by the International Economic Development Council. It mission is to market Hampton Roads as the primary region of choice for economic investment and business expansion, to serve as the area’s lead regional economic development and marketing organization to recruit, and to encourage new and expanded business development, and a talented business employment pool to locate in Hampton Roads. More specifically, HREDA will, in close collaboration with its investors (i) identify and target national and international companies for recruitment to Hampton Roads; (ii) aggressively market the competitive advantages of Hampton Roads to the world; (iii) develop and promote a global image for Hampton Roads; (iv) maintain a regional economic development information, research, and resource center; (v) help existing companies with their expansion needs when requested by the locality or the company; and (vi) conduct needs assessments on regional economic development issues and support regional efforts that lead to a broad and diversified economic base.
Impact:
HREDA, in conjunction with the 11 cities and counties it represents, has as its "Strategic Industry Clusters" the following industries: Shared Services, Information Technology, Advan...

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