TO:
Honorable Mayor and Members of the City Council
THROUGH:
Mark Danaj, City Manager
FROM:
Nadine Nader, Assistant City Manager
Andy Sywak, Economic Vitality Manager
SUBJECT:Title
Discuss Formation of a Manhattan Beach Economic Development Advisory Council (EDAC) and Report Back to City Council (Assistant City Manager Nader/Economic Vitality Manager Sywak).
DISCUSS AND PROVIDE DIRECTION
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Recommended Action
RECOMMENDATION:
Staff recommends that City Council:
1. Authorize the formation of the Economic Development Advisory Council (EDAC).
2. Provide feedback on the attached bylaws that would govern the structure of the EDAC.
3. Provide direction on who shall serve as members of the EDAC.
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FISCAL IMPLICATIONS:
As staff will administer the EDAC using current resources, there are no anticipated additional costs to forming this council.
BACKGROUND:
City Council requested staff to explore the creation of an Economic Development Advisory Council (EDAC) for the City of Manhattan Beach. A similar council was created by the City of El Segundo with its purpose to “provide support and guidance to staff and to advise the City Council on business attraction and retention as well as the implementation of the City’s Economic Development Program.” Officials in El Segundo have reported that their EDAC has been a useful resource in providing guidance on marketing programs, examining development code changes, welcoming new businesses and addressing their concerns.
The EDAC in Manhattan Beach would serve a similar purpose, helping to brainstorm ideas for ensuring economic vitality that are in line with preserving our small beach town character, as well as vetting current proposals. Initially, the EDAC would utilize the Urban Land Institute report, the recently completed city-wide hotel study and the forthcoming Downtown Specific Plan as guiding documents for its recommendations. In the immediate future, the group could also advise on the findings of our hotel Request for Qualifications (RFQ) and the drafting of proposals for a Sepulveda Boulevard / Rosecrans Avenue Specific Plan.
Membership in the EDAC could be open to both residents and non-residents; however, non-residents should be actively engaged in a business operating out of Manhattan Beach. The members of the EDAC should represent a broad spectrum of the business community in town to best represent the city’s diverse commercial interests.
DISCUSSION:
In order to launch the EDAC, Manhattan Beach resident, Larry Kosmont, was approached to brainstorm a list of possible members to present to the City Council. Mr. Kosmont is uniquely qualified to offer direction to the formation of such a group with a 40-year career encompassing public/private financial structuring and management of real estate and public finance transactions exceeding $12 billion. He has an extensive track record as a public/private real estate consultant and public finance advisor.
Working with the City’s Economic Vitality Manager, a draft of bylaws has been created with Mr. Kosmont’s guidance that would govern the structure of the EDAC. These bylaws stipulate that there will be regular meetings of the EDAC that will be open to the public, and that all documents pertaining to the EDAC will be distributed to the City Clerk as part of the public record.
PUBLIC OUTREACH/INTEREST:
Mr. Kosmont has conducted outreach to the following six individuals who have all expressed interest in serving on the EDAC:
• Edward D. Fox, Chairman and CEO, Vantage Property Investors
• Greg Vena, SVP of Acquisition and Development, Rich Development Enterprises
• Rudy Salo, Attorney and Partner in Public Finance Practice Group, Nixon Peabody LLP
• Brett Lightner, Senior Executive, Caliber Home Loans
• Russ Lesser, Former Mayor and Councilmember of Manhattan Beach and President of Body Glove
• Jeff Schumacher, CEO at Boston Consulting Group Digital Ventures
The Council may decide, now or in the future, to expand outreach for membership in the EDAC to the various business sectors in Manhattan Beach. This could include civic/professional associations.
LEGAL REVIEW
This report has been approved as to form by the City Attorney.
Attachment:
MB EDAC Bylaws Draft