Annually, the City of Manhattan completes an accountability review of all recipients of Manhattan Economic Development Opportunity Funds in order to ensure compliance with existing agreements and to collect performance information. The report covers companies receiving funds from a thrice-approved half-cent sales tax. At Tuesday's City Commission work session, staff presented the report summary for calendar year 2017 with an update for some 2018 mid-year activities. A few key highlights from the 2017 report are:
- For every $1 the City spent or committed towards economic development since 1995, approximately $9.36 in private sector and other investments were made. These figures do not include future capital investments that are anticipated for projects that are still in progress.
- Reporting companies have created a total of 1,463 jobs, or 2% over the projected total.
Additionally, some infrastructure projects throughout the City are funded by Economic Development Funds. In 2017, $295,442 was spent on infrastructure projects at the Manhattan Regional Airport. An additional $6.6 million of funds have been committed for future infrastructure projects. Fore more information, a history of Annual Economic Development Reports are available on the City's website.