Rochester City Council has agreed to pay nearly half of Fulton Economic Development Corp.’s budget this year.
During a public meeting last week, Rochester City Council voted to fund $107,526 of FEDCO’s $238,673 budget in 2018. County officials were asked to contribute the same amount during an earlier executive session – a meeting public access experts have now called a violation of Indiana’s Open Door Law.
Terry Lee, executive director of FEDCO, presented the service agreement at both meetings and discussed what both entities can expect on a return for their investment. He put in a request for $215,052 in County Economic Development Income Tax funds, the city and county splitting that evenly.
Lee detailed about the corporation’s work plan and its five goals for 2018.
Those goals include: preparing and developing a workforce; promoting the retention and expansion of current industries; providing entrepreneurial development programs that help start and grow new business ventures; marketing the county and attracting new businesses; and working to develop Fulton County downtowns, transportation assets and infrastructure.
FEDCO plans to advocate for workforce development by supporting increases in education attainment levels and the number of students obtaining certifications in the fields of science, technology, engineering and math.
The corporation is to arrange at least 20 manufacturer visits to schools and will send letters to state and federal elected officials in support of fully funded after-school programs for kindergarten through eighth-grade.
The corporation is also to: host one event to increase awareness and enrollments in the state’s Workforce Ready Grant; support regionwide grant applications that support workforce development initiatives; and post job listings on its website.
To encourage business retention and growth, Lee or a FEDCO board member is to make at least 20 visits to manufacturing companies in 2018. Those visits are to conduct needs assessments, while providing employers links to programs, resources, partnerships and more.
Promoting small business in 2018, FEDCO is expected to lend at least $50,000 in small-interest loans, award $7,000 in training funds and continue offering its business planning and management course. To attract new business, FEDCO is to continue working with local leadership. The corporation is also to work with the Fulton County Chamber of Commerce and Rochester Downtown Partnership to address areas of leakage that have been identified through market research.
To promote downtown development, Lee is to serve as ex officio member of Rochester Downtown Partnership’s Economic Vitality Committee. The committee’s goal is to stimulate investment in downtown property by retaining existing business and identifying opportunities for new business.
Other FEDCO tasks in 2018 include following any developments to make U.S. 31 a limited-access highway, expanding marketing of the Fulton County Airport and promoting population growth and quality of life initiatives.
Mayor Ted Denton, who stressed the importance of having an economic development presence moving forward, told Lee he’d like him to report monthly to the city council.
Fulton County Commissioners and the county council are expected to further discuss the county’s proposed agreement with FEDCO at upcoming meetings. Commissioners meet 6 p.m. Feb. 20 and the county council meets 6:30 p.m. Feb. 21. Both meetings are held at the Fulton County Office Building.
Lee reports that FEDCO has received $1,286,000 in CEDIT funds from 2010 to 2017. During that time, it’s believed the corporation helped facilitate $15 million in new private investment and the creation of 129 new jobs.