The city of Sherwood will continue its relationship with the Sherwood Chamber of Commerce in helping to provide support for an economic development program next year.
At its Dec. 16 meeting, the Sherwood City Council adopted an agreement to provide assistance to the chamber for 2014.
"The city council agrees that a vibrant economic development program is essential to the public health, safety and welfare and to that end an amount to be determined on an annual basis to the chamber to assist the city with economic development efforts," reads the agreement.
In the agreement, the city states that it lacks both the staff and resources to adequately pursue economic development efforts.
"Pursuant to Arkansas law it is required that a formal contract be developed between the city and the chamber to establish that the city is not merely making a contribution to general Chamber operations, and that the city will receive unique benefits from this contractual agreement," adds the agreement.
In the contract, the agreement will begin on Jan. 1.
"The city shall pay and the chamber agrees to accept, a sum to be determined annually as consideration for the activities, services and other matters, set forth in this agreement," according to the contract.
In the agreement, the chamber is agreeing to provide an office for economic and industrial development and make the facilities available to the city.
The chamber also will provide a full-time, professionally qualified economic development director who will consult with the city on a frequent and regular basis.
In the agreement, the city and chamber agree that the city has no financial interest in the chamber.
The chamber is also agreeing that its relationship with the city will be as an independent contractor.
"The chamber shall be deemed as an independent contractor in every respect and shall take all steps at its own expense, and pursuant to the use of its materials, and its methods of operation, on tasks requested by the city," according to the agreement.
The chamber also is agreeing to provide the city with quarterly reports that will illustrate the chamber’s activities that have led to business development, jobs created, capital investment committed or federal/state economic development dollars received.