Economic Development

Economic Development Committee

The City of Lakeway has a committee of volunteers focused on helping review and plan for future development in the City of Lakeway. A large focus of their work will be the RR 620 corridor as expansion plans progress, along with other potential projects in the area. A committee objective is to provide strategic analysis of what economic development is needed for Lakeway, which will provide financial strength to the City while maintaining the quality of life expected by its citizens. Serving as a liaison between the existing business community and city management will also be a priority.

Background

The need for an Economic Development Committee was identified as a recommendation in the 2020 City of Lakeway Comprehensive Plan. Before that Plan, commercial development in Lakeway had never been managed in a strategic manner. It was understood that a committee was needed to evaluate the potential commercial additions to the City as well as the needs of the existing businesses, all while meeting the community aspirations established in the 2020 Comprehensive Plan. CLICK HERE to view the 2020 Comprehensive Plan.

An interim committee called the Economic Development Advisory Committee was formed in 2020 charged with putting together the goals and mission of a permanent standing committee. CLICK HERE to review the presentation and report from that interim committee, which was adopted by City Council in October 2020 when the standing Economic Development Committee was approved.

Current Activities

A number of activities are underway, or in planning, by the committee intended to understand the future economic needs of the City and to research opportunities that may become available.

The Retail Coach consulting firm has completed an analysis of the Lakeway economic region to understand the marketing characteristics of the consumer public. This information will be valuable in understanding what commercial activity is needed in the region and what is likely to be successful. CLICK HERE to visit the City of Lakeway's Community Retail Dashboard provided by The Retail Coach.
Working with the City Planner, the committee wants to understand what impact the renovation of RR 620 will have on the current businesses along the corridor, the impact on consumer access during the renovation, and what the impact will be on City sales tax revenue during the construction. This will be valuable in accessing short term impacts and potential redevelopment opportunities in the long term.
In conjunction with the city staff, the committee wants to evaluate the present business environment in Lakeway and identify challenges that are impediments to business retention and growth. These could be steps taken to review city processes or actions required by city council. Input from the business community will be necessary.
The committee wants to evaluate the importance of sales tax collected in Lakeway and the role it plays in developing the city budget each year. It is recognized that sales tax revenue takes pressure off property taxes paid by the citizens. Finding ways to encourage consumers to buy from local businesses will reduce the leakage of sales tax revenue to other taxing entities. Public education regarding this information is the first step in developing a 'Buy Local' campaign within Lakeway.

Future Outlook

The Economic Development Committee will periodically meet with city management and, when necessary, City Council to advance the needs of the local business community. Keeping the community aware of evolving business trends will be a priority and key economic data will be posted on this website as available.

The committee may also consult with city administration regarding applications from, and the recruitment of new businesses based on their potential fit within the business landscape of Lakeway. The committee may engage in researching and planning events unique to Lakeway as well as utilization of Hotel Occupancy Tax funds.

Economic Development