Some Type A and Type B projects require the creation or retention of primary jobs. The term primary job means “a job that is ... available at a company for which a majority of the products or services of that company are ultimately exported to regional, statewide, national, or international markets infusing new dollars into the local economy;” and is included in specified North American Industry Classification System (NAICS) sector codes.
No, the city is not required to hire any new employees.
No, the board members of a Type A or Type B corporation are not paid. The directors serve without compensation but are entitled to reimbursement for actual expenses.
The EDC would own the land or property. However, the board can choose to convey the property to a business or an institution of higher education for economic development purposes.
The state retains 2 percent of the total amount of all local sales and use taxes. The proceeds are used to cover the administrative costs associated with collecting local sales tax. The collection of two percent is assessed overall and is not unique to economic development sales tax.
There are no fees assessed by the Comptroller's office in setting up or implementing the sales tax.
No, once the Type A or Type B sales tax is approved by the voters at an election, the boundaries where the tax is collected automatically expand with the boundaries of the city.
An EDC may undertake projects outside city limits so long as it is clear that the city benefits from the project. If an EDC undertakes a project outside city limits, it must receive permission to do so from the governing body of the entity with jurisdiction in that area. For example, if an EDC locates a project beyond the city limits, it should seek approval from the county's commissioners court.