Income (Transfer from City Sales Tax)
Sales Tax / Total Income
|Debt Service / Loan Payment||$23,200.00|
|Training / Travel||$3,500.00|
|Website Design and Maintenance||$3,500.00|
|Map for Zoning||$3,500.00|
*This budget was approved by the Development Corporation at a meeting on Aug. 6, 2012 and recommended to the Peñitas City Commission which approved the budget as submitted on Sept. 18, 2012 at a Special Called Meeting at which a quorum was present.
Type A & B Economic Development Corporations Overview
The Development Corporation Act of 1979 gives cities the ability to finance new and expanded business enterprises in their local communities through economic development corporations (EDCs). Chapter 501, 504, and 505 of the Local Government Code outline the characteristics of Type A and Type B EDCs, authorize cities to adopt a sales tax to fund the corporations and define projects EDCs are allowed to undertake.
Type A EDCs - Developing Industries
Type A EDCs are typically created to fund industrial development projects, such as business infrastructure, manufacturing and research and development. Type A EDCs can also fund military base realignment, job training classes and public transportation.
For businesses interested in learning more about Penitas information and demographics, visit the Interactive Map.
You can also learn more at City of Penitas, TX - Community Retail Dashboard .