Information on upcoming
Economic Development Corporation (EDC) Election
The Meadows Place Economic Development Corporation (EDC) was established to examine the various ways in which idle commercially zoned property within the City could be made more attractive for business development. The goal of the EDC is to attract financially secure businesses which could add to the City’s property tax base, generate sales tax revenue, and have a value-added benefit to the residents.
Travis Tanner and Bob Graf have been gathering information for us regarding the May 8th proposal to convert our Economic Development Corporation (EDC) from a Type 4A to a Type 4B. Hopefully, this will explain the reasons why the EDC Board and your City Council feel this proposal is worthy of your consideration. Due to the legislative changes, the 4B option is now more small town friendly and allows broader use of funds for our city’s economic development. To learn more about our EDC, go to the City’s website, look under Public Information, and you will see a bullet for Economic Development. If you have any questions, please feel free to contact us.
Type 4A-4B EDC Comparisons
4A Economic Development sales tax is primarily intended to encourage manufacturing and industrial development, but may not be used for certain infrastructure improvements, maintenance, and operation costs.
4B Economic Development sales tax provides cities with a much wider range of uses for the tax revenues because it is intended to give communities an opportunity to undertake projects for quality of life improvements. It still can be used to promote economic development but some of its additional uses can be for:
- Street, water, and sewer facilities
- Public safety facilities
- Drainage and related improvements
- General municipally owned improvements
- Maintenance and operating costs associated with projects
- And any other project that the board determines will contribute to the promotion or development of new or expanded business enterprises that create or retain primary jobs