More than $100,000 is what Scottsdale is paying to the Greater Phoenix Economic Council for the entity’s regional economic development marketing services.
The annual contract will continue a partnership between the two entities --- one officials contend drives jobs and tax revenue to the city. At a meeting late last month, Scottsdale City Council adopted resolution No. 11825, which approved a contract with the economic council.
The Greater Phoenix Economic Council --- GPEC --- is a public-private partnership driven by performance. Since 1990, Scottsdale has partnered with the council, along with Maricopa County, 22 other communities and more than 160 private-sector investors to promote the region’s competitive position and attract jobs.
Ultimately, the pact enables strategic economic growth and provides increased tax revenue for Scottsdale, according to a city staff report penned by Economic Development Director Rob Millar.
Originally, GPEC was created as a result of communities within the greater Phoenix area desiring to provide a more cost-effective approach to regional economic development marketing. GPEC has a robust research department and business attraction team, which generates new business prospect leads for its member communities, the staff report stated.
The contract between Scottsdale and GPEC will allow the city to continue to benefit from new business prospect opportunities during the coming fiscal year and utilize the research and marketing support offered.
As a community member, Scottsdale has the opportunity to provide input into the annual GPEC Action Plan, and receives monthly updates throughout the year regarding DPEC’s performance targets.
The cost of this program is determined utilizing the Arizona Office of Economic Opportunity 2019 population estimates, which lists the City of Scottsdale as having a population of 247,944 and calculated at a per capita rate of $0.4897 for a total of $121,418, Mr. Millar stated in the staff report.
“In the past five years, GPEC has directly assisted with 25 business locates in Scottsdale,” Mr. Millar said.
“These businesses represent 2,837 new jobs region wide, $204.6 million in capital investment, $347.9 million in total consumer spending and $30.1 million in new direct revenue.”
Mr. Millar’s reported added, according to GPEC’s economic impact calculations, Scottsdale has received a return on investment from its relationship with GPEC of 56:1 over this period.
The contract between the two entities further supports and expands Scottsdale’s economic development efforts by broadening the city’s national and international reach by collectively marketing the Phoenix Metro region.
“The funds necessary to undertake these initiatives are the result of regional cooperation and membership with GPEC,” Mr. Millar said.