The City recently completed the 2019 Annual Economic Development Report. Conducted annually, this report completes an accountability review of all recipients of Economic Development Funds to ensure compliance with existing agreements and to collect performance information. The report covers companies receiving funds from the 1994 half-cent city-wide sales tax (MEDOFAB), the 2002 half-cent Riley County “Roads and Jobs” sales tax (RICOED), and the 2012 renewal of the half-cent Riley County sales.
A few highlights from the recent 2019 Annual Report:
- For every $1 the City spent or committed towards economic development since 1995, approximately $8.89 in private sector and other investments were made. If you factor in the full $1.25 billion dollar federal investment for the National Bio Agro Defense Facility, that ratio jumps to $56.92 for every $1 invested.
- Reporting companies have created a total of 1,542 net new jobs, or 10% over the projected total.
- Annually, the City transfers 35% of Economic Development sales tax dollars to the Bond and Interest Fund to reduce the mill levy impact. In 2019, the City transferred $1,043,552 which resulted in a 1.814 mill reduction.
- An additional $9 million of Economic Development Funds have been committed for future infrastructure projects.
Coming up in December, the City Commission, City Staff, along with members of the Manhattan Area Chamber of Commerce and K-State’s Institute for Commercialization will give a city-wide economic development update.
Read the complete 2019 report at https://cityofmhk.com/266/Annual-Economic-Development-Reports
