1996-05-15-Minutes - Laserfiche WebLink

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226 President Cecil recognized' Councilman Charles Neeley and asked him to speak to the Board. Mr. Neeley stated that he would like to speak to the Board regarding optimism and the secret to a better way of life in this community. He commended the members for serving on this Board, and discussed that the boardmembers were key elements to a better way of life in this community. President Cecil stated the next item on the agenda was the development of the Annual Budget for fiscal year 1996/1997. The Board instructed Mr. Anderson and Mr. Vest to work together to develop the budget figures for the Board to be presented for approval at the June meeting. President Cecil asked Mr. Vest to discuss this item. Mr. Vest said the Texas Economic Development Council has formed a Sales Tax Committee comprised of people employed in communities with an Economic Development Sales Tax. He said this was done as the request of Senator Bill Ratliff. He said this will be an important issue in the next legislative session. He said the Dallas Chamber is calling for the Texas Senate to limit sales tax communities and allow usage of the monies only to develop infrastructure and not for economic development promotion nor industry retention or attraction. He said the Sales Tax Committee at T.E.D.C. decided to study the situation and find out exactly how the sales tax dollars are being used in the State of Texas since this legislation was passed in 1989. Texas A & M said they would perform an in depth study of how the communities that passed the sales tax used the money, and also interview industry that have been attracted to this state through the sales tax dollars. He said the Sales Tax Committee of the T.E.D.C. has asked all the sales tax co.ramunitles to support this program by making some sort of' monetary contribution to pay for this study. He said that the Texas A & M study will cost $40,000.00 and will include a presehtation of all the information to the Texas Legislature in an effort to support what has been accomplished through the economic development sales tax. Afser discussion by the boardmembers, President Cecil said he felt that it would be appropriate for the board to consider a donation to this effort. He said that with a total cost of $40,000.00 for the study that he felt that $1,000.00 would be an appropriate donation. Boardmember Dick Amis made a motion, seconded by Boardmember Fendley that the Board donate $1,000.00 for the study to be done by Texas A & M. President Cecil called for questions from the Board and there were none. Resoluticn No. 96-002, donating to the Texas Economic Development Council Inc, $1,000.00 to fund a comprehensive study by Texas A & M University to determine if the impact of the economic development sales tax on Texas cities is a positive one and directing Director of Finance, W.E. Anderson to issue payment was presented. The Board voted unanimously to adopt the resolution.