Rosenberg Development Corporation. Annual eport
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1 Rosenberg Development Corporation Annual eport
2 Table of Contents About the RDC...1 FY16 Executed Performace Agreements...2 Performance Agreements Summaries...3 Revenues/Expenditures...4 Capital Projects...5 Business Recruitment/Outreach Economic Indicators Goals and Objectives
3 Rosenberg Development Corporation The Rosenberg Development Corporation was created by election in It is a Type-B economic development corporation funded by a one-half cent sales tax. State law authorizes the RDC to engage in projects related to primary job creation. Primary jobs are jobs that infuse new dollars into the local economy by creating or selling a product or service that is ultimately exported to regional, state, national or international markets. The RDC is comprised of a seven-director board. Four of the members, including all officers, are appointed by the Rosenberg City Council, and the remaining three members are City Councilors. RDC Board of Directors Chris Martin, President Allen Scopel, Vice President Chuck Budnik, Treasurer Teresa Bailey, Secretary Amanda Barta, Director Lynn Moses, Director Jimmie Pena, Director 1
4 FY 16 Executed Performance Agreements CVS Cost sharing agreement in which the RDC agreed to pay half of the cost of a traffic signal at Reading Road and Spacek Road, at an amount not to exceed $192,465. The traffic signal was identified as a FY 16 CIP project. The traffic signal is now fully operational. PROJECT TEX PHARMA Prospect is currently evaluating 19.1 acres in the Rosenberg Business Park and is proposing to build a 200,000 square foot pharmaceutical manufacturing and distribution company. The project is estimated to create 300 jobs within seven years with a capital investment of 16,500,000. RDC Reimbursement: Up to $150,000. $75,000 paid upon issuance of a Certificate of Occupancy and an additional $12,500 paid for a period of six years. 2
5 Performance Agreement Summaries City Tax Abatements Tax Year 2016 Company Seatex Expansion Biotics Expansion HITEC Power Aldi Superior Tank Protection Duration of Agreement (Tax Years) % Abated Year One 100% 100% 100% 70% 50% % Abated Year Two 75% 75% 100% 70% 50% % Abated Year Three 50% 50% 50% 70% 50% % Abated Year Four 25% 25% 25% 70% 50% % Abated Year Five 25% 25% 0% 70% 50% % Abated Year Six NA NA NA 70% 50% % Abated Year Seven NA NA NA 70% 50% % Abated Year Eight NA NA NA 70% NA % Abated Year Nine NA NA NA 70% NA % Abated Year Ten NA NA NA 70% NA Capital Investment Required Primary Jobs NA RDC Incentives Tax Year 2016 Company Superior Tank TSTC ALDI Seatex Duration of Agreement (Tax Years) Type of Incentive Infrastructure Improvements Partial Property Cost Infrastructure Improvements Infrastructure Improvements Reimbursement Year One $25,000 $200,000 Year Two $8, $200,000 Year Three $8, $200,000 Year Four $8, $200,000 Year Five $8, $200,000 Year Six $8, $300,000 Year Seven $8, $300,000 Year Eight NA $300,000 Year Nine NA $300,000 Year Ten NA $300,000 Total Incentive Capital Investment Required Primary Jobs 50 Year 1 63 Year 2 76 Year 3 88 Year Years Year 1 78 Year 2 86 Year 3 95 Year Years
6 Revenues/Expenditures Classification CITY OF ROSENBERG, TEXAS ROSENBERG DEVELOPMENT CORPORATION AS OF SEPTEMBER 30, % of Amended Act. Rev/Exp Encumbered YTD Budget Budget Budget YTD Remaining Target REVENUES: 100% Sales Taxes $ 3,144,427 $ 2,829,551 $ - $ 314,876 90% Sales Taxes BTC I 623, ,671-36,670 94% Sales Taxes BTC II 501, ,904-27,757 94% Downtown Sales Taxes 41,816 28,270-13,546 68% Sales Tax Total 4,311,245 3,918, ,847 Interest Earnings 2,000 9,174 - (7,174) 459% TOTAL REVENUES 4,313,245 3,927, ,673 91% EXPENDITURES: Administration (max 10%): Office Supplies 1, % Computer Supplies 2,500 2, % Business Expense 1,700 1, % General Insurance % Education and Training 9,000 3,167-5,833 35% Other Contractual Services 249, ,709-62,791 75% Subtotal for Administration Expenses 264, ,822-70,278 73% Marketing: Outside Professional Services 12,500 12, % Postage % Freight and Express % Advertising 29,500 26,532-2,968 90% Printing and Binding 4,500 3, % Subtotal for Marketing Accounts 46,800 43, ,388 93% Memberships & Services: Business Recruitment 8,500 6,346-2,154 75% Dues, Subscriptions & Contracts 6,977 6, % RDC Memberships 50,200 49, % Subtotal for Memberships & Services Accounts 65,677 62,596-3,081 95% Professional Services: Professional Services - Engineering 35,000 35,301 - (301) 101% Professional Services - Legal 120,000 92,349-27,651 77% Subtotal for Professional Services 155, ,649-27,351 82% Business Retention & Expansion: Prospective Business Incentive 500, ,000 0% Business Appreciation Luncheon 10, ,000 0% Subtotal for Business Retention and Expansion 510, ,000 0% Infrastructure: Debt Service - Principal 617, , % Debt Service - Interest 177, , % RDC Projects Fund 3,700,000 3,670,360-29,640 99% Subtotal for Infrastructure Accounts 4,494,991 4,465,351-29,640 99% TOTAL EXPENDITURES $ 5,536,568 $ 4,892,503 $ 327 $ 643,738 88% 4
7 Capital Projects The RDC allocated a total of $3,700,000 for capital projects in the FY 16 budget. FY 16 Project Descriptions Fort Bend Transit $75,000 In April of 2015, the RDC entered into a three year inter-local agreement with Fort Bend Transit to provide expanded the bus routes through Richmond and Rosenberg. The new routes started on July 1, Fort Bend Transit average 845 riders per month. Paragon Infrastructure $3,000,000 Reimbursement for Phase One infrastructure to serve the Paragon Outlet Mall Development. The $3,000,000 is due upon Paragon receiving a certificate of occupancy after the construction of a 250,000+ square foot outlet mall. Texas State Technical College $200,000 First annual payment to TSTC towards the operation of a TSTC campus in Rosenberg. TSTC opened the 100,000+ square foot campus on August 29th of Additionally, the second building, the Brazos Center is currently under construction and will open in the Fall of Superior Tank Incentives $25,000 First annual payment to Superior Tank as part of a $75,000 performance agreement between the RDC and Superior Tank. Superior tank has now completed the expansion of its facility from 8,000 square feet to 54,000 square feet and is manufacturing steel bolted tanks in the facility. The project is anticipated to create 100 total jobs over a seven-year timeframe. Texas Master Naturalist Contributions $25,000 On-going partnership with the Texas Master Naturalist toward improvements to Seabourne Creek Nature Park. Transportation Gateway Improvements $75,000 The RDC has continued to fund $75,000 annually for enhanced maintenance of mowing and landscaping contracts along key Rosenberg Gateways. Seabourne Creek Park Nature Center $100,000 $35,000 has been allocated for a conceptual design of the Seabourne Creek Park Nature Center. Gensler, an architecture, design, and planning firm was selected to design the Nature Center. Sidewalk Improvements $200,000 Funding towards the instillation of sidewalks in the following locations: t 8th Street: From Avenue N to Avenue M t Damon Street: From Avenue K to Avenue N t Avenue N: From Louise Street to just past Radio Lane 5
8 Business Recruitment/Outreach Special Events Events attended by Economic Development staff allow staff to build direct relationships with site consultants, real estate brokers, and developers. Events include: t ICSC Annual Deal-Making Conference t Foshan Delegation Dinner and Forum t Tour of Port of Freeport t NAIOP Annual Fall Event t Team Texas Recruitment Events t Gateway to the Amercia s Conference t Hwy 36A Trade Delegation t GHP Export Luncheon t TEDC Annual Conference Business Recruitment The RDC works with several initial Economic Development Organizations to help supplement our Recruitment Efforts: t Greater Fort Bend Economic Development Council: Fort Bend County Economic Development Organization t Team Texas: Statewide economic development marking association which serves as an outreach program of the Texas Economic Development Council. t Texas One: The marketing arm for the Governor s Office of Economic Development. Outreach Updating stakeholders on activity occurring in Rosenberg is an important component for the RDC. This year staff provided presentations at the following events: t Fort Bend Commercial Realtors t Rosenberg Rotary t Central Fort Bend Chamber Breakfast in the Bend t Greater Fort Bend EDC t Central Fort Bend Chamber Infrastructure Conference t Greater Houston Partnership Regional Council t DNRHBZ- Hog Wild Conference t Exchange Club of Sugarland 6
9 Business Recruitment/Outreach Business Appreciation Luncheon The RDC continues to host the Business Appreciation Luncheon to recognize local businesses and to thank businesses owners for their investment in Rosenberg. The next Business Appreciation Luncheon will on November 15th and feature economist Dr. Ted Jones. Public Awareness/Marketing Select print advertisements, an updated demographic profile and a retail market profile were created and targeted to site selectors/brokers, developers and companies looking to relocate or open new locations. Significant print advertisements include the Fort Bend Chamber s Fort Bend County Economic Profile and the Greater Houston Partnership s Houston 2016 Economic Development Guide. The RDC partnered with the Greater Fort Bend EDC on a countywide map project, and it contracted with Marion Montgomery Agency on a promotional video which is displayed on our website and used in presentations. 7
10 Economic Indicators Commercial Development The number of new commercial buildings opening in FY 16 set a record of 201, a 36 percent increase over last year s then-record of 147. Commercial Occupancy Permits Issued Market / Inventory Office 312,418 SF Retail 4,054,704 SF Industrial 2,263,172 SF Commercial Property Square Footage 1-Year Change (Q4 FY15 to Q4 FY16) 18,124 SF 6.20% Increase 102,312 SF 2.59% Increase 75,472 SF 3.45% Increase Commercial Property Occupancy Rates 5-Year Change (Q4 FY 11 to Q4 FY16) 51,718 SF 19.8% Increase 136,505 SF 3.48% Increase 155,421 SF 7.37% Increase Commercial Property Inventory Office, retail and industrial absorbtion rates continue to climb, with office inventory increasing 6.2 percent in FY 16 and almost 20 percent since FY 11. The industrial occupancy rate rebounded in FY 16, with a 1.7 percent increase after a 3.8 percent drop in FY 15. Market / Inventory Office 92.0% Retail 94.0% Industrial 95.9% 1-Year Change (Q4 FY15 to Q4 FY16) Down 1.6% From 93.6% Up 1.5% From 92.5% Up 1.7% From 94.2% 5-Year Change (Q4 FY 11 to Q4 FY16) Up 5.3% From 86.7% Up 8.9% From 85.1% Down 1.8% From 97.7% 8
11 Economic Indicators Sales Tax Receipts After increasing five straight years to a high of $16,563, in FY 15, sales tax receipts dipped in FY 16 to $13,961,934.56, in large part due to a decline in industrial sales with the drop in energy prices. Hotel Occupancy Sales Tax Receipts Hotel Occupancy Tax revenue for FY 16 is projected through 11 months at $514,472, percent below the $650,000 budgeted. The decline in Hotel Occupancy Tax revenue is likely a result of falling energy prices and current roadway construction. 800, , , , , , , , Hotel Occupancy Tax Revenue Revenue 0.00 FY 12 FY 13 FY 14 FY 15 FY 16 9
12 Economic Indicators Employment Total employment and labor continued to grow in FY 16, the fifth straight year of growth. The unemplyment rate, which closed out at 4.4 percent in FY 15 rose slightly to 5.0 in FY Total Employment & Labor Force Aug Aug Aug Aug Aug Employment Labor Force New Home Starts Following an all-time high of 818 new home starts in calendar year 2015, Rosenberg is on pace for almost 720 in Residential Activity (projected) Housing Starts 10
13 Economic Indicators Certified Values Net value in Rosenberg went up for the fifth straight year, increasing 13.7 percent and eclipsing the $2 Billion mark at $2,199121,566. Both residential and non-residential values improved. Residential value represents percent of the total value at $1,026,346,467. Non-residential value climbed to $1,172,775,
14 Goals and Objectives Goal 1 Facilitate Business Recruitment Efforts. Strategies: t Strategy 1: Formalize Incentive Plan t Develop formal incentive plan to determine competiveness in the Houston Market. t Evaluate increasing minimum standards in RDC Incentive Guidelines. t Strategy 2: Business Attraction / Lead Sources t Increase level of membership in Texas One Program and Team Texas Program. Leverage membership of the two organizations to reach a broader audience. t Continue to network with Governor s Office of Economic Development and Tourism and Greater Houston Partnership. t Annually attend ICSC Conference in Dallas to promote Retail and Commercial Development Opportunities in Rosenberg. t Establish improved relationships with the Port of Freeport. t Utilize Google Analytics to track amount of visits to website and track the location of page views. t Finalize Creation of new RDC Website. t Partner with Fort Bend Global Initiatives on conducting prospect & consulate visits that promote Foreign Direct Investment Opportunities (FDI) t Shift towards utilizing a Customer Relation Management (CRM) System, to better track the generation of leads, business retention visits, and contract compliance. t Strategy 3: Promotion of Available Property t Coordinate with Rosenberg Planning Department on adding GIS Data to available property list. GIS layers should include utility infrastructure, floodplain, rail lines/spurs and pipelines. t Add Rosenberg Business Park and Walsh Road Industrial Park to the Texas Economic Development Council lists of certified sites. Continue to promote Rosenberg Business Park and Walsh Road Industrial Park as shovel-ready sites. t Regularly attend Fort Bend Society of Commercial Realtor Meetings to promote available property in Rosenberg. Continued on Page 13 12
15 Goals and Objectives Goal 2 Continue Business Retention and Expansion Efforts. Strategies: t Strategy 1: On-Going Business Retention Visits t Continue to carry-out RDC Business Retention plan with 15 Business Retention Visits a quarter. t Strategy 2: Maintaining Database of Rosenberg Companies t An important component of the program will be collecting information on the business community for use in measuring the scope of the City s economic activity. t Strategy 3: Survey Existing Rosenberg Businesses t Utilize a survey to learn about business climate, labor/training needs, marketing and trade, finance and banking, regulatory issues, barriers to growth, satisfaction with public services or facilities, past utilization of and satisfaction with local business assistance programs; overall marketing conditions, prospects for next five years. t Strategy 4: Workforce Initiative t Information gleaned from the survey regarding the existing companies labor needs can be used to develop a strategy with the existing education and workforce development organizations. Economic Development Staff plans to regularly meet with representatives from TSTC to discuss the training needs of the top Rosenberg employers. t Partner with TSTC on expanding its presence in Fort Bend County. t Strategy 5: Business Appreciation t Continue to host annual business appreciation luncheon. t Continue to host periodic economic development partnership meetings. 13
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