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<br />from the Economic Development Tax Increment Fund and $10,000 from the Economic Development Reserve Fund-- <br />to this important economic development effort. <br /> <br />FISCAL IMPACT: <br /> <br />The City would commit $10,000 in existing monies in the Economic Development Tax Increment Fund and $10,000 <br />in existing monies from the Economic Development Reserve Fund: Both Assistant City Manager Wales and <br />Development Director Y oshiszaki believe the Metro Riverside International Trade Center can contribute to the <br />Riverside's economic development and support the use of the aforementioned funds. U.S. Department of Commerce <br />statistics show that for every $1 billion in increased exports, 20,000 new jobs are created. <br /> <br />ALTERNATIVES: <br /> <br />Not approve this expenditure of funds, thereby missing an opportunity to increase international exports and, in turn, <br />local economic development. <br /> <br />RECOMMENDATION: <br /> <br />The Finance Committee recommends that the City Council approve the expenditure of $20,000 for the Metro <br />Riverside International Trade Center. <br /> <br />Prepared by: <br /> <br />Concurs with: <br /> <br />" <br /> <br />Ronald O. Loveridge <br />Mayor <br /> <br /> <br />"I} ~ <br />{"&L;J ~ ~ - <br />Mafeen Kane . <br />Cha ,Finance Committee <br /> <br />~d/ <br /> <br />Concurs with: <br /> <br />Concurs with: <br /> <br />~)E.~ <br />Joh E. Holmes <br />City Manager <br /> <br />ffP- <br /> <br />I~ <br /> <br />Robert C. Wales <br />Assistant City Manager <br /> <br />Concurs with: <br /> <br />Certifies availability of funds: <br /> <br />Q~" _ X ,Ku-'-'y/ <br /> <br />f:et Yoshizaki <br />evelopment Director <br /> <br />~ <br />City Attorney <br />City Clerk <br /> <br />!ft4? l!1----;r <br /> <br />Jerry Rogers <br />Finance Director <br /> <br />12-2 <br />