About Economic Development
Economic development can be described as a process that influences growth and restructuring of an economy to enhance the economic well being of a community. In the broadest sense, economic development encompasses three major areas:
1. Policies that government undertakes to meet broad economic objectives including inflation control, high employment, and sustainable growth.
2. Policies and programs to provide services including building highways, managing parks, and providing medical access to the disadvantaged.
3. Policies and programs explicitly directed at improving the business climate through specific efforts, business finance, marketing, neighborhood development, business retention and expansion, technology transfer, real estate development and others.
The main goal of economic development is improving the economic well-being of a community through efforts that entail job creation, job retention, tax base enhancements and quality of life.
Departmental Mission, Primary Goals, and Strategic Objectives
The mission of the Economic Development Department is to assist our existing businesses, attract new business, and stimulate capital investment in the City of Red Oak.
To achieve these purposes, the City of Red Oak has formed both an Industrial Development Corporation (Type A) and an Economic Development Corporation (Type B).
The primary goal of the Economic Development Department is to retain existing jobs and create new well-paying jobs that facilitate employment growth and provide a stable tax base.
Industrial Development Corporation (ROIDC)
The primary goal of the ROIDC is to leverage local Type A sales tax revenues to improve the long term economic well-being and overall quality-of life for the Red Oak community by creating and/or retaining primary jobs and providing a stable tax base.
The strategic objectives of the ROIDC include, but are not limited to:
1. Assisting in the creation of primary jobs to raise the community’s overall standard of living and boost local income.
2. Actively assisting our existing businesses and industries with retention and expansion opportunities to retain primary jobs and stabilize the local economy.
3. Proactively identifying and recruiting new primary businesses and industries into Red Oak to enhance the local tax base.
4. Developing and marketing preferred business and industry expansion sites in Red Oak.
5. Funding land acquisition, construction, and operation of park facilities to improve the overall quality-of-life for the community.
6. Supporting and assisting our local educational and training institutions in developing a highly skilled workforce.
ROIDC Meeting Schedule
The ROIDC is scheduled to meet at 7:00 pm on the fourth (4th) Monday of the month. Meetings are held in accordance with pending industrial development opportunities. The ROIDC meetings are held in the City Council Chambers of the Red Oak Municipal Center, 200 Lakeview Parkway.
Economic Development Corporation (ROEDC)
The primary goal of the ROEDC is to leverage local Type B sales tax revenues to promote and enhance the Red Oak community in order to facilitate private capital investments.
The strategic objectives of the ROEDC include, but are not limited to:
1. Actively support our existing businesses and industries with retention and expansion opportunities.
2. Proactively identify and recruit new commercial and retail businesses into Red Oak.
3. Develop and market preferred business and commercial expansion sites in Red Oak.
4. Diversify the local economy and funnel the investment of new revenues into Red Oak.
ROEDC Meeting Schedule
The ROEDC is scheduled to meet at 7:00 pm on the fourth (4th) Thursday of the month. Meetings are held in accordance with pending economic development opportunities. The ROEDC meetings are held in the City Council Chambers of the Red Oak Municipal Center, 200 Lakeview Parkway.