(a) Duties of the Montgomery County Economic Development Corporation. Beginning no later than July 1, 2021 and each fourth year thereafter, the Montgomery County Economic Development Corporation (Corporation) must submit a draft Economic Development Strategic Plan to the Executive and the Council. The draft Economic Development Strategic Plan should include relevant economic development measures and input from partner agencies and organizations, such as the Planning Board and the County’s Workforce Development Organization.
(b) Duties of the Executive. Beginning no later than September 1, 2021 and each fourth year thereafter, the Executive must submit to the Council any recommended revisions to the draft Economic Development Strategic Plan submitted by the Corporation.
(c) Duties of the Council.
(1) After receiving the draft Economic Development Strategic Plan from the Corporation, the Council must hold a public hearing on the draft Plan.
(2) Beginning on December 1, 2021 and each fourth year thereafter, the Council must adopt, by resolution, an Economic Development Strategic Plan.
(d) Contents of the Plan. The Economic Development Strategic Plan should be consistent with the Council’s Economic Development Platform approved by Resolution No. 19-300 and must include metrics to assess the County and its partners’ ability to address relevant economic development measures including:
(1) creation of jobs;
(2) growing wages;
(3) identifying and supporting strategic industries;
(4) retention and attraction of new companies and employers;
(5) growing the tax base;
(6) supporting and increasing entrepreneurial activity; and
(7) other actions necessary to promote economic development in the County.
(e) Two-year Update. Beginning no later than July 1, 2023 and every fourth year thereafter, the Corporation may submit amendments to the approved Economic Development Strategic Plan based on new information since the Council adoption of the previous Plan. The Executive may comment and the Council may approve, after holding a public hearing, an amended Economic Development Strategic Plan.
(f) Outcomes. The desired outcomes of the Economic Development Strategic Plan should include:
(1) a thriving and diversified economy;
(2) racial equity and social justice;
(3) greater innovation; and
(4) environmental sustainability, including a reduction in climate change.
(g) Reporting. The corporation must report to the Council periodically on the implementation of the Strategic Plan. (2021 L.M.C., ch. 12, §1.)
Editor’s note—2021 L.M.C., ch. 12, § 2, states: Sec. 2. Transition. The Corporation must submit the first draft Economic Development Strategic Plan to the Executive on or before December 31, 2021. The County Executive must submit comments to the first draft Plan to the Council on or before January 31, 2022, and the Council must adopt, by resolution, a first Economic Development Strategic Plan on or before April 15, 2022.