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Recruitment Profile City of Sherman City Manager Page 2 Sherman enjoys a diversity of residents, with an average household income of $44,016 and a median age of34,6. Its residents are 13.5 percent African American and 6 percent Hispanic sur- name, The Hispanic proportion of its population is rapidly growing within the community, Sherman's economic life is centered upon several commercial and retail areas along its major thor- oughfares that include two major US highways, 75 and 82, as well as State Highway 91 that serves as a business corridor and link to Lake Texoma, There are fourteen motels and four bed and break- fast operations in the community and excellent fa- cilities for meetings and conventions. Sherman' major industrial employers include B- Line Systems, Fisher Controls, Folgers Coffee, Johnson & Johnson Medical, Libby-Owens-Ford, MEMC Southwest, Raytheon and Texas Instru- ments. Non-industrial major employers include Cigna, Wilson N, Jones Memorial Hospital and the Sherman Independent School District. Johnson & Johnson Medical The City's economic growth is enhanced by a Section 4A sales tax, primarily earmarked for eco- nomic development projects. The Sherman Economic Development Corporation administers the sales tax proceeds. SEDCO's Board of Directors is appointed by the City CounciL Strong sales tax proceeds, a municipal utility system with exceptionally high capacity, excellent location and transportation arteries, and the airport facilities at Grayson County Airport and the Sherman Mu- nicipal Airport have made Sherman a leader in economic and commercial success and positioned the community for further success in the 21" Century. Public education is provided by the Sherman Independent School District, which operates a high school (9-12th grades), a middle school (7-8th grades), an intermediate school (5-6!h grades) and six elementary schools. Higher education in Sherman includes Austin College, a highly regarded regional liberal arts college, and Grayson Community College. Within an hour's drive, there are several other higher educational institutions, including Texas A&M University at Commerce, University of North Texas, Texas Woman's University, and Southeastern Oklahoma State Uni- versity, all offering programs through the doctoral leveL Sherman represents a wide variety of residential options, with a typical range fÌ'om $100,000 to $250,000 for single-family homes, The cost of living in the Sherman/Dennison area compares very favorably with other metropolitan areas of the state. Sherman's tax rate of 40 cents per hun- dred evaluation is one of the lowest of any city of its size in Texas. This advantageous tax rate is facilitated by the lack of municipal debt.