What is the purpose of an economic development corporation?
An economic development corporation is an organization whose mission is to promote economic development within a specific geographical area. The function of these entities is to assist businesses within their respective geographical area to get started, and also to succeed and grow, helping to develop economic growth.
What is an EDC in Texas?
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).
What is a 4B corporation?
The MCDC-4B is a non-profit, tax exempt Texas Corporation, which is a separate entity from any other board or commission of the City of Magnolia, and provides leadership and funding for projects that enhance and preserve Magnolia’s excellent quality of life.
How are economic development corporations funded?
A significant portion of funding comes from local government and through state and federal grants, such as the U.S. Department of Housing and Urban Development’s Community Development Block Grant. There are also city-level funding opportunities for CDCs.
Where does EDC money come from?
User and Admission Fees. Some EDCs operate public facilities such as arenas and stadiums as projects and receive revenues from user fees and/or admission ticket sales.
Who made economic development corporation?
President Corazon C. Aquino
The present form of the NEDA was organized by President Corazon C. Aquino on July 22, 1987, through Executive Order No. 230.
What is a 313 Agreement?
Chapter 313 allows a school district to offer a temporary, 10-year limit (ranging from $10 million to $100 million) on the taxable value of a new investment project in manufacturing, and certain environmentally friendly energy projects.
What is a home rule city in Texas?
The Home Rule Amendment gave cities with over 5,000 inhabitants the power to adopt their own charter after an election, thereby giving them the power of self- government. Presently, with very few exceptions, cities in Texas are classified as general law or home rule.
How do you form CDC?
In order to establish a CDC you should do a community assessment to identify the needs in the targeted area. You will also need to recruit volunteers, establish a board and by laws, file tax documents and open a bank account.
Are economic development corporations non profit?
The theory behind recognizing economic development corporations as exempt under IRC 501(c)(3) is that although services are provided directly to for- profit businesses, the ultimate good received by the general public outweighs the private benefit accorded to the direct beneficiaries.
How much did EDC make?
All in all, EDC’s five year span in sin city has hauled in nearly 2 million fans and funneled $1.3 billion into the local economy.