First Reading and possible action to approve an Ordinance of the City Council of the City of Georgetown, Texas amending Section 13.04.060, titled “Economic Development Rate” of the Code of Ordinances of the City of Georgetown relating to the economic development rate in the Rate and Charges Schedule for Electricity -- Jim Briggs, General Manager, Utilities

The recruitment and retention of high quality employment opportunities for the citizens of Georgetown is a major goal of the City Council. With the continued competitive environment of economic development it is important to have adequate tools available to continue the recent success of economic development activity throughout the community. Major employment opportunities with well paying jobs and retention of existing jobs for local citizens is a critical element for the benefit of the community. Most major job creation and retention companies often consider full cost of operations as an element of competiveness. A major component of operational costs are the cost of energy as well as other factors. The City of Georgetown has had an economic development rate in the past to consider when retention or recruitment was vital to securing or retaining important jobs for the community. Recently this rate was removed due to inactivity within the rate class. Recent evaluations have indicated that this tool needed to be reinserted into the rate structure to be available for applicable uses of retention or recruitment. This proposed rate ordinance change will again place the economic development rate available for consideration by City Council as a tool for economic development. The rate typically is used for high load/high load factor (efficient) businesses or companies. These types of consuming businesses not only benefit the local economy but also benefit the entire utility rate base by increasing the efficiency of the utility system. Staff is recommending approving this economic development rate that will provide a needed tool to continue effective economic development activities in Georgetown. This adopted rate change will not change the current rate structure in any other rate class in the electric utility. The adoption is simply an addition to the current rate class schedule as published.