For contracts over $150,000, what is the additional preference for businesses that are also City Businesses?

The additional preference for businesses that are also City Businesses for contracts over $150,000 is set at 4%. This preference is designed to encourage and support local businesses in their participation in city-funded projects, ensuring that a portion of the contracts awarded is directed towards those businesses that contribute to the local economy. The intention behind this preference is to enhance local economic development and provide competitive advantages to City Businesses, which may also result in job creation and community investment.

In the context of procurement processes, establishing a higher preference percentage signals the city's commitment to investing in its local workforce and resources, thereby fostering sustainable economic growth within the community. This particular figure reflects a strategic approach in public contracting aimed at leveraging local capabilities while ensuring value for the city’s expenditures.