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Roles and Responsibilities. City Economic Development staff should coordinate business attraction outreach efforts. Priority: HIGH. This program will ideally be implemented upon completion of Action 1.16. Costs and Sources of Funding. This program will likely require significant investment for initial development of targeted marketing strategies and collateral materials such as advertisements for different media. brochures. displays, etc. The estimated start-up costs are MEDIUM. On -going costs will vary depending on the outreach methods used. A concerted outreach effort would likely require significant augmentation of the Economic Development budget for promotional activities, at an expenditure level of MEDIUM or greater. Action 1.15: Continue the Economic Development Agency The Citv has recently formed an Economic Development Agency. which operates under a joint powers agreement between the City of San Leandro and the San Leandro Redevelopment Agency. The Economic Development Agency adopts its own budget. and has the authority to issue debt. incur obligations, receive federal and state grants, and establish fees as necessary to carry out its activities. The Economic Development Agenc, receives financial support form both the City and the Redevelopment Agency. The Agency also has the authority to make loans and grants to private parties in order to encourage private development to produce jobs and tax revenue. The City has adopted guidelines for applications for financial assistance. which state that the Agency may provide financial assistance to commercial and industrial businesses. including loans and ,grants to property owners to expand. renovate. remodel or enhance the economic productivity of their propem . Roles and Responsibilities. Finance and Economic Development staff fill the staff function of the E.D.A.: with the Cite Manager serving as executive director. The City Council functions as the board of directors for the E.D.A. Priority: HIGH. This is an existing program. Costs and Sources of Funding. Initially. the EDA will be funded by approximately $500.000. contributed by the General Fund and the Redevelopment Agency. This funding will primarily be used to capitalize loans. Other costs will include in -kind staff time. Overall. on -going costs for this program are HIGH: however. ultimately, the City's goal is that the EDA will be supported b\ allocating an increment of new revenues generated by EDA-assisted activities to the EDA. 33 241